The packaging of medical devices and pharmaceuticals has to meet strict regulations. Thus, healthcare packaging companies strive to adhere to all the guidelines, and offer unique and user-friendly packaging.
Meanwhile, amid the ongoing COVID-19 crisis, massive vaccination programs are triggering the demand to develop rapid-response packaging solutions. Manufacturers in the healthcare packaging market are working at break-neck speeds to amplify the production of tubs, trays, lids, and inserts that aid in the distribution of coronavirus testing and vaccine kits. The safe and fast transport of medical supplies without damage are also critical for healthcare packaging manufacturers.
Moreover, efforts to accelerate the manufacturing of COVID-19 vaccine vials is a key objective of manufacturers in the healthcare packaging market.
Furthermore, growth of the pharmaceutical industry and high demand for medical supplies and drugs are likely to create a positive impact on the healthcare packaging market, which is projected expand at a CAGR of 5.1% from 2021 -2029.
Healthcare Packaging Market – Key Findings of Report
Continued Packaging Innovations, R&D for Child-resistant Packaging to Spur Growth
Despite disruptions in several business aspects related to COVID-19, companies in the healthcare packaging market are striving for packaging innovations. The R&D activities for child-resistant and senior-friendly packaging solutions that are currently commonly not available is the prime focus of manufacturers to gain a competitive edge in the healthcare packaging market. The increased availability of on-the-go easy-to-use and anti-counterfeiting solutions to improve the functionality of packaging is also a key factor for product manufacturers.
In addition, companies in the healthcare packaging market are also engaged in customizable shapes and designs of thermoformed packaging, which is gaining acceptance as a cost-effective pharmaceutical packaging solution.
Improved Product Performance, Ability to Withstand Shock Focus of Product Manufacturers
The high demand for packaging of medical supplies and pharmaceutical products is one the key aspects supporting the growth of the healthcare packaging market. In order to strengthen the demand, protection of contents from shock, puncture, temperature fluctuations, and bursting is a key area of concern for the stakeholders in the healthcare packaging market. Such innovations in packaging will allow the products to withstand the impact of shipping, transportation, and handling during the entire dispatch cycle.
Furthermore, the increasing availability of packaging designs that enable better patient compliance for a line of treatment, and ultimately improving medical outcomes are significant growth indicators in the healthcare packaging market. Prior to this, to attain such goals, practices of intense regulatory scrutiny and material usage requirements that govern the healthcare packaging sector were established.
In addition, more convenient, easy to use disposable packaging solutions are being introduced in the healthcare packaging market. This has emphasized in the shift in focus on smart and sustainable packaging, which, in turn, minimizes waste and helps establish a circular economy.
Emergence of Track & Trace Technology Enables Healthcare Institutions to Monitor Distribution Loopholes
Consistent technological advancements and innovations in packaging of biologics and diagnostic products in the healthcare sector are driving the need of reliable packaging solutions for these highly priced products. These packaging solutions involve novel materials, upgraded delivery mechanisms, and technology driven solutions.
Meanwhile, for administrators of healthcare institutions, secure end-to-end supply chains are imperative right from ordering to distribution and prescription management. Thus, technology-driven packaging solutions extend confidence to healthcare administrators against manufacturing and distribution risks. Such practices are favorable for the healthcare packaging market.
Healthcare Packaging Market – Growth Drivers
High susceptibility of geriatric population and individuals aged 65 years & above to medical conditions is fueling the growth of the healthcare packaging market
Consistent innovations coupled with adoption of technology for secure end-to-end supply chains expands growth avenues for the healthcare packaging market
Healthcare Packaging Market – Key Players
Some of the top players having presence in the healthcare packaging market are:
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