Our in-depth analysis of the global plastic healthcare packaging market includes the following segments:
By Industries
By End Markets
By Packaging Type
The global plastic healthcare packaging market has further been classified on the basis of region as follows:
By Region
The global healthcare packaging market is expected to grow at a CAGR of over 7% over the forecast period i.e. 2017-2024. The growth of the market is attributed to the recent increase in the usage of disposable medical products. A large number of the healthcare products used in the modern healthcare facilities such as needles, pre-filled syringes and trays are available as the disposable products.
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These products offer benefits such as reduction in risk of cross- contamination, safety, sterility, convenience of usage that has increased the demand for the plastic, thus leading to the growth of the global healthcare packaging market. Moreover, the single-use disposable medical products have eliminated the need for re-sterilization for repeated use and are highly cost-effective.
The growth of the market is primarily driven by the rising adoption of plastic in healthcare product due to the ease offered by them in disposing of the products when they are consumed. Growing use of plastic in healthcare packaging is mainly attributed to the innovation in the use of making plastics. The combination of plastic technology and use of sensors and other smart equipment in healthcare packaging is expected to boost the overall safety and security of medicines, vaccines, syringes, etc. In addition, the macro-economic trend, the packaging industry is moving to the next generation, with smart sensors and real time tracking paving the way for the adoption of advanced plastic packaging solutions. Further, the plastic as a sought after packaging product in healthcare sector is facing an increased demand due to its advantages of being the cost effective and sturdiness. Moreover, the mass production of plastic packaging materials offers substantial cost advantages to the manufacturers, making plastic a preferred material for packaging of syringes and trays. However, the growth of the market is hindered by the increase in counterfeiting practices in the pharmaceutical industry. Asian countries are highly affected by counterfeiting of pharmaceutical products, especially in non-prescribed drugs. Moreover, the healthcare packaging market is constantly challenged by shifting trends such as the increased use of disposable medical products, an ageing population and tamper-evident packaging.
Geographically, North America is the largest market for plastic packaging in the healthcare sector, followed by Asia Pacific. The growth in the region is driven by the presence of health-conscious people and their spending power. Strong innovation, rising aging population and inclining consumer demand towards the sophisticated packaging is likely to boost the growth of the healthcare packaging in North American region. The growth of the healthcare packaging in Asia- Pacific, particularly the economies of India and China has emerged as the hub of the medical tourism, fueled by strong investment in healthcare sector. Moreover, the Latin America is expected to offer growth opportunities to key players in healthcare plastic packaging market in the coming few years. Brazil is evolving as a lucrative healthcare center in Latin America, and it is expected that in future, the healthcare plastic packaging sector will witness favorable growth rates.
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global plastic healthcare packaging market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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.
Author Credits: Sadaf Naaz, Mohd Shadab
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