The Global Medical Packaging Market is expected to grow at a CAGR of 6.3% during the forecasted period 2017-2023.
According to a recent study published by the Market Research Future analysts, the global medical packaging market is growing at a moderate growth rate; mainly due to rising demand for the packaging materials from the pharmaceuticals and medical device manufacturing industries. Rise in the development of the diseases, and increasing need for the medication and healthcare services have boosted the medical industry also ultimately pushing the packaging industry as rise in the production of drugs and other medical products will increase the need for the packaging materials.
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On the other hand, medical packaging market is also struggling with some hurdles in a way of its growth. Majority of the packaging is made from the plastic material which is non degradable and keeps stacking in the environment causing pollution. Biodegradation is one of the major factor that may hamper the growth of this market. Moreover, packaging errors is a major factor that increases the patient safety issues. For instance, about 1.5 million adverse events are reported annually in United States due to inadequate or confusing labelling on the packages of over-the-counter drugs. Such factors also hinder the growth of the medical packaging market to an extent.
Apart from that, healthcare cost reduction in the major markets coupled with cost sensitiveness due to rising competition in the market space may hamper the companies’ growth prospects in this market.
Global Medical Packaging Market – Competitive Analysis
The market for medical packaging is well established market with number of companies operating in this market. There are large number of companies involved in the development of the packaging material, and services for the various types of medical devices, pharmaceutical products, drugs, and implants among others.
Medical packaging market is huge and diversified among different products, and types of packaging. Various companies are involved in the manufacturing of specific types of medical packaging such as blister packaging, individual-wrap packages, multi-compartmental trays, water-soluble packaging, pouches, and cartons. These companies have adapted the strategies in order to strive in this very big and competitive market, and to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by market players to achieve growth in the medical packaging market.
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The global market consist of players such as 3M Company (U.S.), Amcor Limited (Australia), Avery Dennison Corporation (U.S.), Bemis Company (U.S.), CCL Industries Inc. (Canada), Constantia Flexibles Group GmbH (Austria), E. I. du Pont de Nemours and Company (U.S.), Sonoco Products Company (U.S.), WestRock Company (U.S.), and others. These are some of the prominent players at the forefront of competition in the global medical packaging market.
- Report Prologue
- Market Introduction
- Research Methodology
- Market Dynamics
- Market Factor Analysis
- Global Medical packaging Market, by Material
- Global Medical packaging Market, by Type
- Global Medical packaging Market, by Application
- Global Medical packaging Market, by End User
- Global Medical packaging Market, by Region
- Company Landscape
- Company Profiles
- MRFR Conclusion
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