New York, Aug. 28, 2019 (GLOBE NEWSWIRE) -- The increase in the demand for Bioplastic Material, the rising popularity of Bi-Axially Oriented Films, and the elevated demand for Sustainable Packaging Solutions has resulted in boosting the medical packaging films market.
The global medical packaging films market is forecast to reach USD 8.58 Billion by 2026, according to a new report by Reports and Data. Different market factors are supporting the market expansion. One of the mentionable factors being the continuous focus on R&D activities by various market players. The emphasis on R&D activities has resulted in the development of products like- the antibiotic films which emits ozone or smart films that are effective in emitting antioxidants, absorbs gases. Changing consumer preference and increasing environment concerns among consumers is another mentionable factor which are opening up new avenues for the operation of the market. The changing consumer preference has resulted in an increasing demand for bioplastic material. For catering to such changing consumer preference and stay relevant to market demand, key players are launching new products. As an instance, in 2018, Amcor, a mentionable market player had innovated two sustainable packagings, namely- PolyInert laminates and AluFix Retort Xtra, which has gained popularity for its efficacy and enhanced consumer convenience.
Different inorganic strategies opted by market players have also resulted in spurring the growth of the overall market. In August 2018, Bemis Company, Inc. (US) was acquired by Amcor Limited in an all-stock combination. Such initiatives help in enhancing R&D capacities and increase their geographical presence, which, in a way, helps in the expansion of the overall market.
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Further key findings from the report suggest
- The medical packaging films market held a market share of USD 5.70 Billion in the year 2018 with a growth rate of 5.1% during the forecast period.
- In context to Product type, the High Barrier Film segment generated the highest revenue of USD 2.74 Billion in 2018 with the second-highest growth rate of 5.4% during the forecast period. Factors like increasing demand for healthcare products with extended shelf life along with the minimal scope of bacterial contamination, and effectiveness of this type of product in providing with an effective barrier from gas, moisture, water results in its increased preference in healthcare & pharmaceutical industry and contributes to the revenue generated by this segment.
- In context to Film Structure, the Coextrusions segment held the largest market share of 56.0% in 2018, with the second-highest growth rate of 5.2% during the forecast period. The occupied market share by the Coextrusions segment is attributed to its ability to provide with multilayer film structure at a lower cost as compared to other film structure. The applicability of this film structure on varied materials like polyvinyl chloride, polypropylene, is another factor contributing to its occupied market share.
- In context of Application, the Bags segment occupies the largest market share of 65.0% in 2018, with the fastest growth rate of 5.6% during the forecast period. The extensive requirement of medical bags in healthcare sector contributes to the segment's occupied market share. Its growth rate is the result of the increasing demand for low-cost packaging in the pharmaceutical and healthcare industry.
- In regards to region, North America occupies the second-largest market share of 27.0% in 2018 with the second-highest CAGR of 5.3% during the forecast period. Presence of several key players in this region like Glenroy, 3M Company, DuPont along within well-established pharmaceutical industry and increasing geriatric population are some of the mentionable factors contributing to the region’s occupied market share.
- Key participants include Berry Global Group, Renolit, Dowdupont, Amcor, Polycine GmbH, Weigao Group, 3M, Covestro AG, Wipak Group, and Glenroy.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the medical packaging films market according to Product Type, Material, Film structure, Application, and Region:
Product Type Outlook (Revenue, USD Billion; 2016-2026)
- Thermoformable Film
- Metallized Film
- High Barrier Film
- Others
Material Type Outlook (Revenue, USD Billion; 2016-2026)
- Polypropylene (PP)
- Polyethylene (PE)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Others
Film structure Type Outlook (Revenue, USD Billion; 2016-2026)
- Laminations
- Coextrusions
- Single films
Application Type Outlook (Revenue, USD Billion; 2016-2026)
- Tubes
- Bags
- Others
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Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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