New York , Feb. 07, 2024 (GLOBE NEWSWIRE) -- The global medical packaging films market size is projected to grow at a CAGR of over 7% from 2023 to 2033. The market is expected to garner a revenue of USD 10 billion by the end of 2033, up from a revenue of USD 6 billion in the year 2022. The market growth is attributed to the proliferating demand for bioplastics and bi-axillary-oriented films for pharmaceutical product packaging. The incidence of chronic disease conditions among people across the world is predicted to hike the market size. According to the report in 2021, nearly 50% of the bioplastic material is used for packaging across the globe which constitutes over 1 million tons of bioplastic production.
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Further, the soaring disposable income of people along with rapid urbanization is estimated to propel the market trends in the coming years. The increasing need for safe packaging of medical products to safeguard from climatic changes, oxidation, contaminants, chemical, and physical changes, control sterility, and prolong shelf life is anticipated to fuel the market growth. The percentage of waste produced by the medical sector is also estimated to boom the market trend owing to the need for eco-friendly packaging. As per the statistical data, each year over 7.8 billion tons of plastic waste is dumped into the ocean that comes from packaging.
Medical Packaging Films Market: Key Takeaways
- Market in North America region to propel the highest growth.
- The bags & pouches segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Expanding Medical Expenditure and Healthcare Spending is Outlined to Boost the Growth of the Medical Packaging Films Market
The medical expenditure and healthcare spending of people across the world is reckoned to hike the market growth. The prevalence of genetic disorders and other seasonal diseases is fostering, which is impelled to fuel the market trends during the forecast period. The flourishing number of inpatients led to a rise in the number of hospitals and clinics worldwide and is likely to add to the market expansion. As of 2021, nearly 24,000 hospitals have been enrolled through the Ayushman Bharat Scheme in India.
Medical Packaging Films Industry: Regional Overview
The global medical packaging films market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Advances in Medical Technology and Augmenting Population of Old Age People are Predicted to Propel the Market Growth in the North America Region
The North America region market is protruding to garner a share of 42% in the forecast period on account of the growing elderly population. Enhancing research and development in medical technology to improve the packaging quality is promoting market growth in the region. Besides, the increasing demand for sustainable packaging materials is intended to strengthen the market size. Braskem is one of the top plastic manufacturing companies in the U.S. which produces over 400 million pounds of Green PE every year which reduces about 2 billion CO2.
Escalating Production of Pharmaceutical and Medical Products is Estimated to Fuel the Market Expansion in the Asia Pacific Region
The Asia Pacific region market is outlined to hold a second-largest market share of 29% by the end of 2033. The market growth of the region is attributed to the multiplying products in the medical field owing to the sprouting of new products in the pharmaceutical sector. The enlarging number of pharmaceutical industries that produce innovative medical products with advanced technology is envisioned to shoot up the market trend. The export value of medical devices such as ventilators, PPEs, diagnostic kits, sanitizers, and surgical gloves in India from 2021 to 2022 was USD 2923.16 Million as per the Engineering Export Promotion Council of India.
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Medical Packaging Films Market Segmentation by Application
- Bags & Pouches
- Tubes
- Sachets
- Blisters
- Others
The bags & pouches segment of the medical packaging films market is assessed to secure a notable share during the forecast period. The spreading use of catheters, dressings, syringes, gloves, and other medical apparatus is antedated to intensifying the market segment trend. As per the 2021 statistical data, globally more than 100 million urinary catheters are utilized per year with over 27 million urethral catheters being sold per annum in the United States. The accelerating number of disposable items utilized in hospitals and clinics is amplifying market segment size. Growing diagnostic centers that need bags and pouches for sample collections are evaluated to mount the market segment growth.
Medical Packaging Films Market Segmentation by Material
- Polyethylene
- Polyamide
- Polypropylene
- Polyvinyl Chloride
- Others
The polypropylene segment in the medical packaging films market is expected to acquire a market share of 32% in the coming years. The demand for sterile products in the medical sector is determined to extend the market segment growth. The number of sterile products such as dental haemostatics, laminaria tents, dental yarns, tissue adhesives, and surgical wound closures imported across the world in 2022 was 2565 tons increasing from 2457 tons in 2021 as per the survey. The size of the polypropylene market segment is on the rise as a result of its cost-effectiveness, durability, and resistance to heat and steam released during the sterilization process.
Medical Packaging Films Market Segmentation by Film Type
- Co-Extruded
- Formable
- High Barrier Films
- Others
Medical Packaging Films Market Segmentation by End-Use
- Pharmaceuticals
- Medical Devices
A few of the well-known market leaders in the global medical packaging films market that are profiled by Research Nester are RENOLIT SE, 3M Company, Winpak Ltd., KP Holding GmbH & Co.KG, Mondi plc, Honeywell International Inc., Amcor Limited, Toray Plastics (America), Inc., DuPont de Nemours, Inc., Glenory Inc., and others.
Recent Development in the Market
- 3M Company introduced a novel matrix system called 3M Filtek Matrix under its 3M Oral Care. The new custom design allows dental patients to enhance their smile with less invasive procedures, less stressful, less expensive, and a high prediction rate for dentists. Also, unlike traditional methods matrix systems require no or little tooth reduction.
- Amcor Limited plans to enhance its healthcare packaging capabilities with an investment to develop a new thermoforming ability packaging for medical products. The new packaging is introduced in the company’s Silgo and Ireland healthcare facility in Europe.
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