NEWARK, Del, April 11, 2023 (GLOBE NEWSWIRE) -- The global medical packaging market was worth US$ 38.63 Billion in the year 2022 and is expected to reach US$ 75.29 Billion by the year 2032 at a CAGR of 6.9% between 2022 and 2032.
The medical sector is majorly driven by progress in bioscience and medicine. It also needs to be noted that the medical industry does act as key asset to the global economy as it’s amongst the key assets and has an ample of scope of improvization at periodic intervals.
A few biotechnology-driven drug therapies exist in an unstable liquid form and are tabled as dry powder dosages or lyophilized forms. The lyophilized drugs do ask for specialized packaging to render optimal performance, thereby resulting in novel opportunities for the OEMs (original equipment manufacturers).
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Medical packaging could be in the form of rigid bottles, flat pouches, standup pouches, blister packs, and sachets. Packaging companies are emphasizing on incorporating administration aids, dispensing mechanisms, tamper-evident properties, sustainable material, and counterfeiting measures into packaging for enhancing the safety and functionality.
Gerresheimer AG is offering the glass bottles made out of PCR glass since the last few years. Plus, it’s offering bottles made out of BIO-PET (resins consisting of sugarcane plants) and R-PET. This ongoing trend pertaining to sustainable packaging is expected to pick up in the years to come.
Plastics and polymers constitute primary packaging. There are several kinds of plastic resins inclusive of PET, PE, PVC, PP, PS, and bioplastic used to manufacture pharmaceutical vials, closures, bottles, tubes, cartridges, and likewise. Paper & paperboard are used in the secondary and tertiary modes of packaging. This could be credited to low cost, exceptional printability, sustainability, and broad availability on their part.
Glass and aluminum are broadly employed in packaging semi-solid and liquid pharmaceutical formulations. Amber-colored glass is used for pharmaceutical packaging as it does absorb UV wavelengths.
Future Market Insights has etched these findings with insights in its latest market study entitled ‘Medical Packaging Market’. It has its team of analysts and consultants deploying a bottom-up approach all through their primary, secondary, and tertiary modes of research.
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“Technological and scientific advancements are expected to keep the cash registers ringing for medical packaging market in the forecast period”, says an analyst from Future Market Insights.
Key Takeaways from Medical Packaging Market
- North America holds the largest market share with due to the US being home to large number of key participants.
- Europe holds a sizable market share due to extensive research being conducted on this count. There are players like CureVac and BioNTech that have been proven successful regarding their vaccines; which has prompted the other players to invest in biotech vertical in the UK, Russia, and Germany.
- The Asia-Pacific is expected to grow at a faster rate in the medical packaging market. This could be credited to India and China leading from the front; like ‘Healthy China 2020’ coupled with growing geriatric population.
Competitive Packaging
- Amcor, in April 2021, unleashed new-fangled AmSkyTM blister system to offer environmentally-friendly healthcare packaging.
- Ashfield, in January 2021, announced developing 3 business divisions to offer a plethora of opportunities for medical packaging market.
- Amcor, in April 2022, did launch more sustainable and new High Shield laminates for its portfolio of pharmaceutical packaging.
- Amcor, in June 2021, did launch ACT2100 – a heat seal coating medical packaging solution with the objective of enhancing performance in healthcare applications along with serving the packaging needs of customers’ packaging.
- Amcor, in November 2019, constructed a state-of-the-art 11-layer cast extrusion line at Winterborne Centre of Excellence for cast films at Bristol (UK), investing US$ 10.87 Million.
- Wipak, in November 2019, tabled a novel pouch especially developed to pack robotic instruments and the other long devices. The basic advantage is that the devices are rendered sterile at the time of storage and transportation.
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Who is Winning?
3M Company, Amcor Plc, Ardagh Group S.A., Becton, Dickinson and Company, UDG Healthcare plc, Berry Global Group, Inc, Sealed Air Corporation, Catalent, Inc., West Pharmaceutical Services Inc., Mondi Group Plc, Gerresheimer AG , Constantia Flexibles Group GmbH , Nipro Corporation
Key Segments Profiled in the Medical Packaging Market
By Material:
- Plastics/Polymers
- Glass
- Metal
- Others
By Application:
- Bottles
- Trays
- Syringes/Ampoules/Vials
- Blister Packs
- Bags & Pouches
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
Click Here for Medical Packaging Market 324 pages TOC Report
About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, and packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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