Global Medical Packaging Market Size to grow by US$ 47.11 Bn in 2030.
Global Medical Packaging Market Size is expected to be worth USD 22.30 billion in 2021 and is estimated to reach up to USD 47.11 billion by 2030, at a compound annual growth rate (CAGR) of 7.50% from 2022 to 2030.
The growth can be attributed to advanced manufacturing processes for developing sustainable and eco-friendly packaging solutions along with product innovations, and mergers & acquisitions to upkeep new demands. In addition, to real-time tracking and & tracing of drugs, the emerging generic drug market is rapidly growing in the medical delivery market. Increasing investments in R&D and the use of innovative packaging drive the growth of the global medical packaging market.
Growing chronic disease rates, population increase, changing eating patterns, and changes in sleep patterns are all factors contributing to the expansion of the worldwide medical packaging industry. The worldwide medical packaging market is projected to be driven by rising environmental consciousness caused by traditional packaging materials and the adoption of new regulatory criteria for recycling packaging.
With the outbreak of COVID-19, the impact is remaining unaffected for the medical packaging market. Medical businesses were exempted from the lockdown limitations since their operations are vital to the community due to government support for generic drugs and medicines will fuel the growth of the global medical packaging market. Spikes in demand for the distribution of medication and vaccines have been a driving force for medical packaging throughout the pandemic. However, interruptions in the supply chain along with growing health and safety concerns have resulted in uncommon barriers for the medical packaging market. In addition, over-the-counter purchases also increased by 14.3% for sleeping, calming, and mood drugs. With the potential of a pandemic still present, e-commerce has extended into new industries to meet the growing demand for at-home medical deliveries.
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Based on the material, the plastics segment is dominating the market share owing to its highly compatible, ease of handling, and conveniently designed material among other materials. Based on the product type, the bottle segment is dominating the market share owing to the most common type of packaging and is suitable for both solid and liquid forms along with coupling of a customized requirement to suit specific applications such as nasal spray and ophthalmic drops. Based on the drug delivery, the oral drug segment is expected to dominate the market share owing to the increased demand from patient who prefers oral drug consumption. The flexibility in designing and cost-effective production makes oral drug delivery, a preferred choice which in turn increases the development of the global medical packaging market. Based on the packaging type, the primary packaging is expected to dominate the highest revenue in 2020 owing to the largest packaging type in the world because it directly comes in contact with the drug and protection of the drug.
In recent years, the development of environmentally friendly medical packaging has gained importance. Due to the necessity to limit plastic consumption, drug producers have started to research alternative materials to reduce the use of plastic throughout the entire supply chain. Innovative eco-friendly packaging currently uses sustainable resources including maize starch gelatin, sugar cane, pectin, and wheat bran. Post-Consumer Regrind (PCR) is a modern alternative to conventional plastic that is also environmentally benign. The worldwide medical packaging market is expected to rise due to many government initiatives and increased public awareness of the need for environmentally friendly programs.
The North America region is expected to dominate the market share owing to the expanding pharmaceutical market and increased consumer healthcare spending. The pharmaceutical sector is expanding as a result of the growing patient population brought on by infectious diseases like coronavirus that are spreading quickly. These elements will increase the demand for this type of packaging in this area. However, the Europe region is expected to witness the highest growth rate during the forecast period of the medical packaging market due to the rising aging population and rising prevalence of chronic pain across the region. Emerging technological advancements is likely to propel the growth of the medical packaging market.
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KEY INDUSTRY DEVELOPMENTS:
March 2022- Berry Global has partnered with Pylote for the launch of an ophthalmic multidose dropper combining high barrier with unique antimicrobial protection properties. This will help avoid the risk of microbial infections for patients.
January 2022- West has made a strategic move by collaborating with Corning Incorporated to enable the advanced drug containment and delivery solution systems to expand Corning's Valor® Glass technology to enable advanced injectable drug packaging and delivery systems for the medical industry.
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