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Medical Packaging Market Projected to Expand at a CAGR of 7% During 2019- 2027

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Research Nester recently published report titled Medical Packaging: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the medical packaging in terms of market segmentation by product type, by baggage type, and by regions.

The global medical packaging market is segmented based on material into film, fabric and tyvek; by type into container, vial, tray and pouches; by applications into medical, research, diagnostics and plastic industries; by end-users into hospitals, clinics and forensics, and by regions. The global medical packaging market is estimated to grow at a CAGR of around 7% over the forecast period i.e. 2019-2027.

Increase in population and their health requirements, increase in prevalence diseases, continual attempts of consumers, manufacturers, and governments to increase the level of infection control, and increasing favorable healthcare policies are the major factors driving the growth of the global medical packaging market.  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.

North America medical packaging market is anticipated to witness a fast growth during the forecast period. This growth is attributed to an excellent healthcare infrastructure and government initiatives in this region.  The strong presence of pharmaceutical and medical device manufacturers in the United States, as R&D investments of regional pharmaceutical companies have grown consistently over the past 15 years.

Increasing Geriatric Population.

Increasing geriatric population, as a result of increased life expectancy rates globally, is creating a scope for medical device manufacturers and pharmaceuticals. The advent of novel products, attributed to advancements in the fields of biopharmaceutical and biology, supported by the requirements for better compliance, is expected to drive the growth of the market. Governments across regions, globally, are making affordable healthcare mandatory, considering the need for healthcare access across all age groups, especially the aging population. For instance, the Affordable Care Act in the United States has allowed for almost 30 million more US citizens to obtain insurance.

However, 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 medical packaging market. Moreover, packaging errors is a major factor that increases the patient safety issues.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key players of the global medical packaging which includes company profiling of Amcor Limited, Chesapeake Limited, DuPont, Klöckner Pentaplast Group, MeadWestvaco Corporation, Mitsubishi Chemical Holdings Corporation, Bemis Company Inc., West Pharmaceutical Services, Inc., 3M Company and Other Prominent Players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global medical packaging that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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