Medical Packaging Market Growth Trends and Market Forecast
Dublin, October 22, 2021 (GLOBE NEWSWIRE) – The “Medical Packaging Market – Global Industry Analysis (2017 – 2020) – Growth Trends and Market Forecast (2021 – 2025)” the report was added to ResearchAndMarkets.com offer.
The global medical packaging market is expected to experience an increase in the coming years. As COVID-19 continues to wreak havoc in the pharmaceutical industry, it will generate a strong demand for premium quality medical packaging. Players in the global medical packaging market are increasingly focusing on manufacturing packaging materials that are lightweight, efficient and exceptionally durable.
According to the research report, the global medical packaging market is expected to reach US $ 113.68 billion by 2025, up from US $ 75.17 billion in 2019. The market is expected to register a CAGR of 7.4% between forecast years 2021 and 2025.
Key Market Insights:
- Vial and Syringe Packaging Companies Increase Capacity to Adapt to COVID-19 Challenges
- North America will represent an additional $ 8.63 billion opportunity by the end of 2025
- Plastic is estimated to account for around 3 / 5th of the global medical packaging market with projections to create the biggest additional opportunity by the end of 2025
- In terms of volume, bottles are estimated to account for the largest market share of 34%, thanks to economical price and wide usage.
Manufacturers of medical packaging invest in research and development processes that can create sustainable solutions for the pharmaceutical industry.
The report finds that the changing and increasing medical needs will provide the global market with a huge growth opportunity during the forecast period. The report’s claim is supported by the Association for Packaging and Processing Technologies (PMMI), which indicates that drug use reached 4.7 trillion doses in 2020 worldwide. This figure is up 25% compared to 2015, validating a growth indicator. Advances in medical science to treat various types of diseases and manage various conditions are expected to bode well for the global medical packaging market. From specialty drugs to medical devices, the market is poised to provide solutions for all purposes in accordance with ISO9000: standard for quality management and PSO9000: standard for pharmaceutical packaging materials. According to the author, the specialty drugs segment is expected to generate 40% growth in the global medical packaging market.
The report indicates that the vials segment will capture the lion’s share of the global medical packaging market at 32%. The convenience of storing chemicals in bottle form and their durability through the use of recyclable materials are expected to play in favor of this market segment. Bottles have been used to store pharmaceutical liquids historically. Usually made with glass, they offer excellent barrier properties. The use of vials is also used to store tablets and capsules, as glass remains non-reactive at temperature extremes, making it an ideal choice for medical packaging solutions.
The medical packaging market is expected to thrive in Asia-Pacific, as the region has a huge population, poor medical infrastructure, and hence a large gap between medical needs and unmet demand. In 2019, the region held a 46% share of the global market. The strong interest of the Indian government in modernizing facilities and access to health care is expected to give this regional market a definite boost. For example, the 2021 Union budget allocated 2.23 lakh INR crores for health and wellness initiatives. This is 137% more than the previous year.
The medical packaging market is also expected to have a huge impact in the developed region of North America, led by the United States. According to studies, the United States spends about 17.8% on health care. Analysts predict its national health spending will rise to $ 4.3 trillion by 2023. All of these trends point to an increased need for medical packaging as health care gains in importance.
Some of the major players operating in the global medical packaging market are Westrock Company., Amcor plc, Becton, Dickinson and Company, Mondi Group, Berry Global Group, Inc, Ardagh Group SA, Nipro Corporation, Sealed Air Corporation, West Pharmaceutical Services, Inc., Catalent, Inc. and UDG Healthcare.
Main topics covered:
2. Market overview
3. Global Packaging Industry Outlook, 2020
4. Analysis of price trends and future projects, 2017 – 2025
5. Global Medical Packaging Market Outlook, 2017-2025
6. North America Medical Packaging Market Outlook, 2017-2025
7. Europe Medical Packaging Market Outlook, 2017-2025
8. Asia-Pacific Medical Packaging Market Outlook, 2017-2025
9. Latin America Medical Packaging Market Outlook, 2017-2025
10. Middle East & Africa Medical Packaging Market Outlook, 2017-2025
11. Competitive landscape
- Amcor Plc
- Ardagh Group SA
- Becton, Dickinson and company
- UDG Healthcare plc
- Global Berry Group, Inc
- Sealed airline
- Catalent, Inc.
- West Pharmaceutical Services Inc.
- Mondi Plc Group
- Gerresheimer AG
- Constantia Flexibles Group GmbH
- Nipro Company
For more information on this report, visit https://www.researchandmarkets.com/r/7akxut
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