Rockville, MD, April 25, 2023 (GLOBE NEWSWIRE) -- The global medical packaging market is set to reach a valuation of US$ 94.0 billion in 2023 and is expected to grow at a CAGR of 7.4% during the forecast period of 2023–2033.
The global medical packaging market is growing due to the increasing demand for healthcare services, the rising prevalence of chronic diseases, and the growing use of medical devices. The increasing focus on sustainable and eco-friendly packaging solutions is also driving innovation in the medical packaging industry.
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The increasing adoption of flexible packaging solutions, which offer a number of benefits over traditional rigid packaging solutions is gaining traction in the medical packaging market. Flexible packaging is lighter, more cost-effective, and offers superior protection against contamination and damage during transport and storage.
The growing pharmaceutical logistics industry is also a prominent factor driving the demand for specialized medical packaging solutions. These solutions are necessary to ensure the safe and timely delivery of medical products to end users. As pharmaceutical logistics continue to expand, the need for innovative and reliable medical packaging is expected to increase, leading to growth in the medical packaging market.
Key Takeaways from Market Study
- The global medical packaging market is projected to grow at 7.4% CAGR and reach US$ 192.0 billion by 2033
- The prominent players operating in the market are 3M, Amcor Plc, Ardagh Group S.A., Becton, Dickinson and Company, UDG Healthcare plc, Berry Global Group, Inc., and Sealed Air Corporation
- North America and East Asia collectively represented a market share of 41.6% in 2022
- By application, bottles have an estimated market share of 33.0% in 2023 and are expected to rule the market during the forecast period
- Under material segment, plastic/polymer accounted for a market share of 44.0% in 2022
“Growing Pharmaceutical Logistics & Last Mile Delivery Services to Drive Medical Packaging Market During the Forecast Period” says a Fact.MR analyst.
Key Companies Profiled in This Report
- 3M
- Amcor PLC
- Berry Global Inc.
- DuPont Company
- Dickinson and Company
- West Pharmaceutical Services Inc.
- Wipak Group
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Market Growth Stratagems
Manufacturers are implementing ground-breaking strategies such as investment in research and development, partnership and collaborations with other companies and institutions, and adoption of sustainable and environmentally friendly packaging solutions to meet changing customer preferences and regulatory requirements, which provide them with a competitive edge and enhanced customer base. The players are also focusing on mergers and acquisitions to their position in the market.
For instance, in December 2021, Amcor acquired Nampak Flexibles Europe, one of the leading producers of flexible packaging solutions for the food and beverage, pharmaceutical, and healthcare industries. The acquisition is expected to expand Amcor's medical packaging capabilities and customer base in Europe.
Segmentation of Medical Packaging Industry Research
- By Material :
- Plastics/Polymers
- Polyethylene
- Polyvinyl Chloride
- Polypropylene
- Polyethylene Terephthalate
- Others
- Glass
- Metal
- Others
- Plastics/Polymers
- 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 & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the material (plastics/polymers (polyethylene, polyvinyl chloride, polypropylene, polyethylene terephthalate, and others), glass, metal, and others), application (bottles, trays, syringes/ampoules/vials, blister packs, bags & pouches, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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Metal Packaging Coatings Market Size: The global packaging coating market is anticipated to be valued at US$ 3.5 billion in 2023 and it is anticipated to grow at a CAGR of 6.8% to reach US$ 6.8 billion by the end of 2033.
Medical Flexible Packaging Market Latest Trends: The global medical flexible packaging market is estimated at USD 25.7 Billion in 2022 and is forecast to surpass USD 40.9 Billion by 2032, growing at a CAGR of 4.7% from 2022 to 2032.
Pharma Blisters Packaging Market Demand: The pharma blister packaging market is estimated to reach US$ 10.5 Bn in 2022 and is projected to reach US$ 19 Bn by 2032, at a 6% CAGR from 2022-2032.
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