New York, July 17, 2023 (GLOBE NEWSWIRE) -- The global healthcare packaging market size is projected to expand at ~10% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 225 billion by the end of 2035, up from a revenue of ~USD 125 billion in the year 2022.The growth of the market can primarily be attributed to the expanding health expenditure as well as the growing number of hospitals and patients globally, which are driving the rising demand for medicines and medical equipment.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4633
According to the World Bank statistics, health expenditure worldwide amounted to USD 1,121.9 per capita in 2019. Moreover, the unbidden outbreak of COVID-19 as well as a surge in the vaccination procedure against the disease are projected to boost market growth owing to the growing production of medical containers such as trays, inserts, tubs, lids, and liners for the safe and quick shipment and delivery of the coronavirus vaccines and test kits globally.
Healthcare Packaging Market: Key Takeaways
- Market in North America to propel the highest growth
- Plastic segment to garner the highest growth
- Market in Europe to grow at the highest rate
Rising Demand for Sustainable Packaging to Boost Market Growth
The rising spending on the research & development (R&D) of medicines as well as the growing adoption of sustainable packaging practices, along with the rising concern about environmental problems amongst the regulatory bodies and the masses, are expected to escalate the healthcare packaging market in the forecasted period. It was observed that about USD 1.5 trillion was spent on the R&D of medicines worldwide in 2021. Additionally, the pharmaceutical industry worldwide generated revenues of around USD 1 trillion in 2021, which depicts the flourishment of the pharma companies with the rising demand for their products. Furthermore, the increasing demand for environmental and eco-friendly packaging and sustainable packaging material for health, wellness, and self-care products, as well as the rising volume of diagnostics testing in home settings, with the packaging being a key source of brand communication and usage instructions, are also expected to fuel market growth.
Healthcare Packaging Market: Regional Overview
The market is further broadly categorized into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing R&D Expenditure in the Pharmaceutical Industry to Drive Growth in the North America Region
The healthcare packaging market in the North American region is estimated to garner the largest revenue by the end of 2033. The growth of the market is backed by the presence of giant pharmaceutical manufacturers in the region, as well as the growing R&D expenditure in the pharmaceutical and healthcare sectors in the region, which is estimated to propel the market growth in the upcoming years. For instance, the R&D expenditure of the U.S. pharmaceutical industry amounted to over USD 100 billion in 2021. Additionally, the total health expenditure of the United States was about USD 11,000 per capita in 2019. Furthermore, the growing digital revolution, along with rising online purchases and the increasing popularity of brands online, is expected to elevate market growth in the region. It was observed that the percentage of consumers who purchased over-the-counter (OTC) drug products online in the US grew by ~44% in 2020, the sustainability of which in the long term depends on its packaging.
Request Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4633
Growing Drug Exportation to Drive Growth in the Europe Region
The healthcare packaging market in Europe is estimated to garner the highest CAGR by the end of 2033. The rising advancement in medical technology and healthcare solutions, as well as the growing use of high-tech tools to increase productivity, proliferating exports of drugs, and growing investment in sterile packaging and biodegradable packaging for medical devices in the region, are projected to influence the growth of the market in the region over the forecast period. It was found that Europe was the top exporter of pharmaceutical drugs in 2021, with total shipments amounting to nearly USD 307 billion, or ~72% of the total exports. Moreover, Amcor, a global leader in developing and producing responsible packaging solutions, announced on April 2022, an investment to establish new thermoforming capabilities for medical packaging in its healthcare packaging facility in Sligo, Ireland. This type of packaging solution is expected to boost the European medical device segment, which is projected to grow at an annual rate of over 4%, reaching more than USD 170 billion by 2027.
Healthcare Packaging Segmentation by Material Type
- Glass
- Polyethylene
- Metal
- Plastic
- Paper & Paperboard
- Others
The plastic segment is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be facilitated by the increasing demand for blue wraps in hospital settings together with the rising utilization of single-use medical devices such as medical tubing, and oxygen masks, made from PVC, which can be easily recycled and is known for its versatility, cost efficiency, resistance to microbes, and convenience for the end-user. An American study report conducted in 2018 stated that more than 15% of hospital waste was recyclable plastic, most likely equivalent to 766 million lbs. of annual plastic waste generated, of which blue wrap represents over 200 million lbs. Furthermore, with the growing polyethylene demand globally which in 2019, reached ~50 million tons, its share in the packaging industry is growing at a faster pace. It is highly chemically resistant, inexpensive, and can endure various environmental hazards. This, as a result, is expected to boost segment growth.
Healthcare Packaging Segmentation by Product
- Vials & Ampoules
- Bottles & Containers
- Cartridges & Syringes
- Caps & Closures
- Others
The vials & ampoules segment is anticipated to hold the largest revenue by the end of 2033. The factors applicable to the growth of the segment include growing advances in research and development in the drug packaging industry along with the proliferating sale of drugs together with biologics and other biologically derived drug products. It was discovered that prescription drug sales are expected to reach USD 1 trillion by 2026. With the rising need for the protection of pharmaceuticals and chemicals from air and contaminants, there is a growing demand for preservation and safety packaging solutions that combine high airtightness, reliability, a lower risk of breakage, and convenient delivery to the end user, which in turn is expected to propel the growth of the segment in the coming years.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4633
Healthcare Packaging Segmentation by Application
- Medical Supplies
- Medical Devices & Equipment
- In-Vitro Diagnostic Products
- Others
Healthcare Packaging Segmentation by Administration Mode
- Dermal
- Inhalable
- Oral
- Injectable
- Others
A few of the well-known market leaders in the healthcare packaging market that are profiled by Research Nester are Toray Industries, Inc., Amcor Limited, Dunmore Corporation, Gerresheimer AG, CCL Industries Inc., DS Smith Plc, Winpak Ltd., Huhtamäki Oyj, Berry Global, Inc., Sealed Air Corporation, and other key market players.
Recent Development in the Healthcare Packaging Market
- Toray Plastics (America), Inc. unveiled the Torayfan OPP label film portfolio and Toray Label Film (TLF) at the Labelexpo Americas 2022. These label films consist of moisture resistance, and an excellent ink adhesive new label material such as TLFC clear film in 48, and TLFM matte film in a 59 gauge.
- Amcor Limited launched High Shield laminates and is focused on expanding its pharma packaging portfolio by adding more sustainable packaging solutions for pharmaceuticals.
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
