LONDON, Sept. 13, 2021 /PRNewswire/ -- The worldwide expenditure on medicine was more than US$1.25 Tn in 2020. The expanse of medical spending has benefitted a number of industries, and sub-sectors, one of which is medical packaging. Up from the global valuation of over US$75 Bn attained in 2019, the medical packaging market is forecast to demonstrate a robust CAGR of more than 7% during 2021 – 2025. In its new ongoing research that covers the growth analysis of the global medical packaging market, Fairfield Market Research projects a highly progressive growth outlook during the period of assessment. The study covers packaging associated with every step of a medical product, from R&D and production, to marketing.
Plastic to Remain Preferred Packaging Material Through 2025
The viral outbreak has compelled medical companies to keep abreast with the ever-changing trends amid the pandemic, and strive for superior patient care delivery at reduced costs than earlier. Disposable or single-use packaging products has been one such strongly emerging, and establishing trend. This trend has cleared way for unending innovations in plastics, and several non-plastic high-performance materials. However, a multitude of parameters contribute to the selection of packaging material from plastics, metals, and glass – such as the cost, customer requirement, optimum applicability, and availability of raw materials. Among all, plastics continue to retain the maximum market share of over 40%, banking on the extraordinarily rising preference for polyvinyl chloride (PVC), polyethylene (PE), and polypropylene (PP).
Bottles Retain a Strong Foothold; Vials, and Syringes to Catch up
A majority of competitors in the medical packaging landscape have been emphasizing amplified R&D investments with a long-term objective to deliver sustainable solutions to the pharma industry. Although bottles remain the most sought-after type of packaging with over a third of the total market revenue, the segments that have been walking an exceptional demand growth trail, include vials and syringe packaging. While this progress is attributable to the global COVID-19 pandemic, the situation has also created conducive environment for sales of blood bags and blood component(s) storage bags, dialysis bags, and intravenous (IV) bags.
On the other hand, revenue continues to flow in to segments like trays, and pouches as the preference grows for infection-resistant packaging formats with enhanced security features. Pouches are especially expected to perform considerably well in case of small-to-mid-sized devices, and supplies owing to their excellent barrier properties, puncture-resistance, and strength.
Around 35% of the global medical spending is contributed by the US. The country also leads its way in terms of total expenditure on medicines, which is way ahead of that by the second ranking contender – China. The role of the US' Affordable Care Act (ACA) will remain instrumental here for the US market build-up. Led by the US, North America is projected for a notable incremental opportunity over the forecast period. On the other hand, Asia Pacific will also be a leading market for medical packaging, driven by the massive population, and the subsequent high demand for medicines, and a large number of medical products. India, and China particularly lead the regional market, majorly on account of their supportive government policies regarding overall medical spending.
The report sheds light on the detailed strategic profiles of some of the leading market players driving the medical packaging landscape. Some of the key companies include Becton, Dickinson and Company, Mondi Group, Amcor plc, Nipro Corporation, West Pharmaceutical Services, Inc., Westrock Company., Berry Global Group, Inc, Ardagh Group S.A., Sealed Air Corporation, Catalent, Inc., and UDG Healthcare.
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.