Medical Packaging Market is projected to be worth USD 47,117.90 Million by 2030, registering a CAGR of 7.55% during the forecast period (2021 – 2030)
Growing penetration of retail pharmacies in developing regions and a rising focus on brand enhancement and product differentiation by medical manufacturers are anticipated to fuel the market growth. Packaging products are primarily utilized for storing solid, liquid, and semisolid forms of formulations, such as tablets, capsules, syrups, and topical drug formulations. The increasing prevalence of chronic diseases due to changing lifestyles, eating habits, and alternation in sleep cycles are contributing to an increased need for medications.
Regional Analysis
Asia Pacific is expected to register the fastest CAGR of 12.9% from 2021 to 2030. Growing health awareness among consumers in Asia Pacific, especially in developing countries including China and India, coupled with the rising disposable income levels, is anticipated to boost the growth of the medical industry over the forecast period. This is expected to augment the demand for medical packaging. China dominated the Asia Pacific market in 2021 and will retain the leading position over the coming years owing to increasing government initiatives, such as Healthy China 2020, growing contract-manufacturing activities, and burgeoning aging population.
North America dominated the market with a revenue share of over 35.0% in 2021. Pharma manufacturing, which includes in-house production, was the largest end-use segment in the region in 2021. The 21st Century Cures Act (Cures Act) was signed on December 13, 2016, in the U.S. Europe is expected to witness considerable growth over the forecast period owing to the rising research & development activities and the introduction of new medicines aimed at improving patient health and their quality of life.
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Market Segmentation
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global medical packaging market report on the basis of material, product, end use, and region:
The material based segments of the medical packaging market are foam, adhesives, sterilization, molded fiber, tyvek, plastics, fabrics, films, and others.
The type based segments of the medical packaging market are trays, blister packets, clamshell packs, pouches, vials, containers, and others.
The application based segments of the medical packaging market are plastic industries, chemicals, diagnostics, medical, pharmaceuticals, and research among and others.
The end user based segments of the medical packaging market are research centers, forensic departments, medical, hospitals, clinics, and others.
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Regional Analysis
Medical packaging market in the America can rise due to massive advancements across the medical sector. The booming pharmaceutical sector and rise of support from the government to research institutions for introduction of effective solutions can promote the expansion of the medical packaging market. The growing base of chronic diseases patients can also prompt the rise of Americas medical packaging market in the years to come.
In Europe, the medical packaging market can rise due to the high support of government and presence of well-established healthcare industry. In addition, the presence of a large patient base, high medical facilities, and increased healthcare budget can impel the expansion of Europe medical packaging market. The rise in demand for quality devices and novel drugs can also result in the growth of the medical packaging market in the region. In APAC, the Australian population is observed to have high count of diabetic people that result in the surge in demand of quality treatments. Thus, the medical packaging market in EU is likely to rise at a considerable pace.
The medical packaging market in the Middle East and African region can witness a steady expansion due to decreased healthcare spending, lack of access to treatment, ignorance of diseases, and limited technologies.
Key Players
Key players are engaged in adopting growth strategies, such as mergers & acquisitions and new product development, to expand the market penetration. For instance, in June 2019, CCC Packaging, acquired Tri State Distribution, Inc., a retail medical packaging solutions provider.
Becton, Dickinson, and Company, AptarGroup, Drug Plastics Group, Gerresheimer AG, Schott AG, Owens Illinois, Inc., West medical Services, Inc.
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