Medical packaging is the packaging of various medical products to protect them. Medical packaging plays a very crucial role in maintaining product quality and ensure safety. The medical packaging is essential for safeguarding drugs, equipment, and improving patient’s safety. The main purpose of medical packaging is to avoid contamination of drugs and maintain the cleanliness and sterility of the instruments. Blister packaging, individual-wrap packages, multi-compartmental trays, pouches, and cartons are some of the types of medical packaging. Medical packaging requires a high amount of sterility to ensure that the product is free from any source of contamination.
Medical packaging provides several important functions, but its main function is to protect a packaged medical device or pharmaceutical product. As healthcare products could have distinctive specifications and sometime need sterilization before packaging. Packaging of healthcare products is meant to both uphold the highest medical guidelines and standards, and at the same time protect the integrity of the healthcare product. The package ought to make sure that the product remains stable throughout its shelf life. Efficient packaging of medical devices is critical in maintaining sterility and free from any kind of contamination which may otherwise be harmful for the patients. Packaging also protects the medical device from physical loss and is important to keep up the functionality of the device.
Market Size & Forecast
The global medical packaging market is anticipated to record 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.
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Growth Drivers & Challenges
Increasing need for the Medication and Healthcare Services
Rise in the development of the diseases and increasing need for the medication and healthcare services have driven the medical industry also ultimately pushing the packaging industry as rise in the production of drugs and alternative medical products can increase the requirement for the packaging materials. The growing incidence of chronic diseases worldwide has emerged as a serious concern among the world population. This rise is, in turn, driving the demand for medical drugs and devices, which creates a positive atmosphere for medical packaging.
Initiatives taken by governments to reduce the wastage of medicines have driven the global medical packaging market. In addition to this, an increased access to healthcare insurance has led to a rise in demand for customized medication. These drugs require a special kind of packaging for the product sustainability, thereby leading to a surge in the healthcare packaging market. In addition, an increased awareness of the environmental issues leading to rise in the need for efficient and sustainable packaging has contributed to the market’s growth. Moreover, rising disposable income in the developed countries has led to a greater investment in healthcare. This has impacted the global medical packaging market, thus contributing to its expansion.
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 factors that may hamper the growth of medical packaging market. Moreover, packaging errors is a major factor that increases the patient safety issues.
Our-in depth analysis of the global medical packaging market includes the following segments:
- Plastic Industries
On the basis of region, the medical packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
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.
Asia Pacific estimated to witness moderate growth in medical packaging market attributed to the presence of huge patient population, and high healthcare expenditure. Moreover, increasing demand for quality devices and medicines in the healthcare is projected to drive the growth of the medical packaging in this region.
Global medical packaging market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (Germany, UK, France, Italy, Spain, BENELUX, NORDIC, Hungary, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
- 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 & Opportunity Analysis.
Top Featured Companies Dominating the Market
- Amcor Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Chesapeake Limited
- Klöckner Pentaplast Group
- MeadWestvaco Corporation
- Mitsubishi Chemical Holdings Corporation
- Bemis Company Inc.
- West Pharmaceutical Services, Inc.
- 3M Company
- Other Prominent Players