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.
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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Our-in depth analysis of the global medical packaging market includes the following segments:
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.