According to a recent study published by the Market Research Future analysts, the global medical packaging market size is growing at a moderate growth rate; mainly due to rising demand for the packaging materials from the pharmaceuticals and medical device manufacturing industries. The rise in the development of diseases, and the increasing need for the medication and healthcare services have boosted the medical industry also ultimately pushing the packaging industry as rising in the production of drugs and other medical products will increase the need for packaging materials.
On the other hand, the medical packaging market size is also struggling with some hurdles in a way of its growth. The majority of the packaging is made from plastic material which is nondegradable and keeps stacking in the environment causing pollution. Biodegradation is one of the major factors that may hamper the growth of this market. Moreover, packaging errors are a major factor that increases patient safety issues. For instance, about 1.5 million adverse events are reported annually in the United States due to inadequate or confusing labeling on the packages of over-the-counter drugs. Such factors also hinder the growth of the medical packaging market size to an extent.
Apart from that, healthcare cost reduction in the major markets coupled with cost sensitiveness due to rising competition in the market space may hamper the companies’ growth prospects in this market.
The global medical packaging market size is expected to grow at a CAGR of 7.55% during the forecasted period 2021-2030.
Global Medical packaging market – Competitive Analysis
The global market consists of players such as:
- 3M Company (U.S.)
- Amcor Limited (Australia)
- Avery Dennison Corporation (U.S.)
- Bemis Company (U.S.)
- CCL Industries Inc. (Canada)
- Constantia Flexibles Group GmbH (Austria)
- I. du Pont de Nemours and Company (U.S.)
- Sonoco Products Company (U.S.)
- WestRock Company (U.S.)
- others
These are some of the prominent players at the forefront of competition in the global medical packaging market size.
The market for medical packaging is a well-established market with a number of companies operating in this market. There is a large number of companies involved in the development of the packaging material, and services for the various types of medical devices, pharmaceutical products, drugs, and implants among others.
The medical packaging market size is huge and diversified among different products, and types of packaging. Various companies are involved in the manufacturing of specific types of medical packaging such as blister packaging, individual-wrap packages, multi-compartmental trays, water-soluble packaging, pouches, and cartons. These companies have adopted the strategies in order to strive in this very big and competitive market and expand their global presence and increase their market share.
Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by market players to achieve growth in the medical packaging market size.
Global Medical packaging market – Regional Analysis
Healthcare is one of the top priorities for everyone, all around the world. It is also tied to crucial requirements for safe and effective medical packaging. In-depth research study shows that recent healthcare developments are dramatically increasing the life expectancy, and new treatments are increasing the quality of life. However, this progress has created overwhelming economic challenges for companies looking to enter this dynamic market space.
The Americas dominate the global medical packaging market size owing to the presence of a huge consumer base, large patient population, high disposable income of people, increased healthcare spending, and increasing government support for research & development.
Europe holds the second-largest share of the global medical packaging market size. An increase in the patient population leads the market of medical packaging in this region. Cardiovascular disease is one of the major disease categories that has affected the European population in the last few years. According to the European Heart Network (2017), cardiovascular disease (CVD) is responsible for 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU) per year. Moreover, in 2015, 11.3 million new cases were diagnosed with CVD in Europe and 6.1 million new cases of CVD in the EU. An increasing number of patients with these diseases drives the demand for quality equipment and drugs. Thus, medical packaging plays an important role in avoiding exposure of the drugs to external environments such as microorganisms in order to maintain the quality of equipment and drugs.
The Asia Pacific is the fastest-growing medical packaging market size across the globe. Asia is becoming one of the major hubs for the manufacturing of drugs, and other medications and the increase in drug production in this region has significantly affected the growth of the medical packaging market size in this region. Moreover, rapidly developing the economy, increasing healthcare expenditure, and the government’s initiatives for research & development are projected to drive the market in China and India over the forecasted period.
The Middle East and Africa hold the least share of the global market due to the limited availability of medical facilities, limited access to healthcare resources, and less development in the pharmaceutical sector.
Get More Information on Medical Packaging Market Research Report – Global Forecast Till 2030 @ https://www.marketresearchfuture.com/reports/medical-packaging-market-845
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