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PACKAGING

Medical Packaging Films Market Analysis by Material (Aluminum, Plastic, Oxides, and Others); by Film Type (Co-Extruded, Formable, High Barrier Films, and Others); by Application (Bags & Pouches, Tubes, Sachets, Blisters, and Others); and by End-User (Pharmaceuticals and Medical Devices) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • 3M company’s 3M Oral Care to launch a new custom matrix system, 3M Filtek Matrix, to facilitate less-invasive options. The system can make the restorative procedure more affordable and predictable for both patients and dentists. 

  •  Amcor Limited plans to enhance its healthcare packaging capabilities in the Europe region. An investment has been announced to make thermoforming capabilities in its facilities based in Ireland, Sligo, for medical packaging.

 

Global Medical Packaging Films Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~7%

Base Year Market Size (2022)

~USD 15,000 Million

Forecast Year Market Size (2033)

~USD 7 Billion

 

The global medical packaging films market is estimated to garner a revenue of USD 7 billion by the end of 2033 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of USD 15,000 million in the year 2022. The growth of the market can primarily be ascribed to exponential growth in global health expenditure. Based on the statistics released by the World Bank, health expenditure across the globe reached approximately 1,121.9 U.S. dollars per capita in 2019.

medical packaging market overview image

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Global medical packaging films market trends such as, rising R&D on drug discovery and booming demand for medicines globally are projected to influence the growth of the market positively over the forecast period. For instance, the oncology drugs segment was estimated to touch off around USD 100 billion in 2022. Moreover, skyrocketing consumption of medicines and growing awareness toward the safety of medicines and drugs is further expected to hike the growth of the market over the forecast period. It is observed that the consumption of anti-hypertensive drugs in OECD countries rise by around 60% from 2000 to 2019. Hence, all these factors are anticipated to push the growth of the market over the forecast period.

Global Medical Packaging Films Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Shipment of Medical Devices As of 2022, the orthopedic devices segment is anticipated to hit around USD 0.50 billion.
  • In the modern world, innovation in medical technology is at its peak and new devices are being launched back to back. Therefore, the requirement for their shipment across the globe emerges, boosting the significant demand for medical packaging films. Many of these devices are expensive and can be damaged easily while exporting and importing. Hence, such higher demand is expected to propel the market growth over the forecast period.
  • Growing Spending on Medicine Across the Globe The total spending on medicine worldwide is projected to reach approximately USD 15,00 U.S. dollars by the year 2026.
  • Escalated Utilization of Syringes and Bandages In 2020, the export volume of syringes reached around USD 100 million in the United Kingdom alone.
  • Rising Approval of Drugs due to Higher Prevalence of Diseases and DisordersFor instance, in 2021, more than 45 novel therapeutics were approved by Drug Evaluation and Research.

Challenges

  • Disrupted Supply-Chain due to COVID-19
  • Presence of Alternatives in the Market
  • Requirement for Higher Initial Investment

The global medical packaging films market is segmented and analyzed for demand and supply by application into bags & pouches, tubes, sachets, blisters, and others, out of which, the bags & pouches segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted to the convenient affordability and easy recyclability of bags and pouches. For instance, the luggage & bags segment across the globe is projected to hit approximately USD 200 billion by the year 2026.

Global Medical Packaging Films Market Regional Synopsis

Regionally, the global medical packaging films market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2033. The growth of the market in the region can be ascribed to the rising advancement in medical technology and spiking healthcare expenditure in the region. As per the data released by the World Bank, the health expenditure in the United States reached 10,921.01 U.S. dollars per capita in 2019. Hence, these factors are estimated to hike the growth of the market over the forecast period.

medical packaging market share image

The global medical packaging films market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global medical packaging films market includes the following segments:

 

 

             By Material

  • Aluminum
  • Plastic
  • Oxides
  • Others

 

             By Film Type

  • Co-Extruded
  • Formable
  • High Barrier Films
  • Others

 

 

            By Application

  • Bags & Pouches
  • Tubes
  • Sachets
  • Blisters
  • Others

 

            By End-User

  • Pharmaceuticals
  • Medical Devices

Top Featured Companies Dominating the Global Medical Packaging Films Market

  • RENOLIT SE

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 3M Company
  • Winpak Ltd
  • Klöckner Pentaplast Europe GmbH & Co. KG
  • Amcor Limited
  • Mondi plc
  • Bemis Company, Inc.
  • Honeywell International
  • Dunmore Corporation
  • Toray Plastics (America), Inc.

 

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