global medical packaging market is expected to grow at a CAGR of 6.3% during forecasted period 2017-2023

“medical packaging market”
Market Research Future published a half cooked research report on “global medical packaging market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 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.

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.

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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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Global Medical Packaging Market – Regional Analysis

Healthcare is one of the top priorities for everyone, all around the world. It is also tied to crucial requirements for safe and effective medical packaging. In-depth research study shows that recent healthcare developments are dramatically increasing the life expectancy, and new treatments are increasing the quality of life. However, this progress has created overwhelming economic challenges for companies looking to enter this dynamic market space.

The Americas dominate the global medical packaging market owing to the presence of a huge consumer base, large patient population, high disposable income of people, increased healthcare spending, and increasing government support for research & development.

Europe holds the second largest share of the global medical packaging market. Increase in the patient population leads the market of medical packaging in this region. Cardiovascular disease is one of the major disease category that has affected the European population in last few years. According to the European Heart Network (2017), cardiovascular disease (CVD) are responsible for 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU) per year. Moreover, in 2015, 11.3 million new cases diagnosed with CVD in Europe and 6.1 million new cases of CVD in the EU. Increasing number of patients with these diseases drives the demand for quality equipment and drugs. Thus, medical packaging plays an important role in avoiding exposure of the drugs to external environments such as microorganism in order to maintain the quality of equipment and drugs.

Asia Pacific is the fastest growing medical packaging market across the globe. Asia is becoming one of the major hub for the manufacturing of drugs, and other medication, and increase in drug production in this region has significantly affected the growth of the medical packaging market in this region. Moreover, rapidly developing the economy, increasing healthcare expenditure, and the government’s initiatives for research & development projected to drive the market in China and India over the forecasted period.

The Middle East and Africa hold the least share of the global market due to limited availability of medical facilities, limited access to the healthcare resources, and less development in the pharmaceutical sector.

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The Americas dominate the global medical packaging market owing to massive development in the medical sector, increase in the pharmaceutical industries, and growing government support to research institutions. Furthermore, increased chronic diseases such as, asthma, cancer, COPD, diabetes in this region drive the growth of this region. According to the WHO, in 2015, around 30.3 million people of all age group had diabetes, which is 9.4% of the U.S. population. These rising in patient population enhance the demand of quality devices and drugs for treatment, thus, medical packaging play an important role in order to provide quality treatments.

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