Fact.MR’s Extensive Study on Medical Flexible Packaging Market Offers Unbiased Analysis of Factors Enabling Growth in the Market Through 2022. The Report Sheds Light On Key Aspects Such As Drivers, Restraints, Emerging Trends And Opportunities That Are Expected To Shape The Market Dynamics. To Present a Comprehensive Overview of the Market, the Report Has Been Segmented On The Basis Of Product Type, Material Type and End User
Seoul, South Korea, July 07, 2022 (GLOBE NEWSWIRE) -- As per Fact.MR analysis, the global medical flexible packaging market is set to register a moderate CAGR of 4.6% between 2017 and 2022. With rapidly expanding pharmaceutical and medical device industries, the overall market is anticipated to generate a revenue of over US$ 25 Billion through 2022.
The global medical flexible packaging market is driven by increasing prevalence of diseases worldwide, rapid production of medical devices, growing health awareness and rising demand for better and sustainable packaging solutions across healthcare sector.
Medical flexible packaging solutions offer various advantages such as superior product protection, easy portability, and lightweight and customized nature. Due to these excellent features, they are extensively used for packaging medical products in healthcare industry.
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With the rapid rise in lifestyle diseases, people are spending huge amounts on purchasing medicines and other medical devices. This is in turns boosting the growth of medical flexible packaging market.
Moreover, growing focus towards sustainability has ushered in a new light into medical flexible packaging market. Key packaging manufacturers are integrating various technologies for developing eco-friendly products. New partnerships are being established to promote better waste management and recycling infrastructure. For instance, in March 2021, Amcor partnered with McKinsey.org for building sustainable recycling systems in Latin America. This is positively impacting the market growth.
Paper based packaging and bioplastics are gaining traction due to their economical and highly recyclable nature. Implementation of stringent government regulations on the use of plastic is pushing the sales of these products.
As per Fact.MR, Polyvinyl chloride (PVC) is set to remain the most preferred material for medical flexible packaging. PVC is more durable and lightweight which makes it ideal for the packaging of healthcare products such as medicines and medical devices and blood collection bags. Regionally, North America will continue to remain the most lucrative market for medical flexible packaging solutions, accounting for a major revenue share. Growth in the region is attributed to the rising prevalence of chronic diseases, growing health awareness and heavy presence of leading packaging and medical device companies.
Which region accounts for more enhanced demand for Medical Flexible Packaging Market?
North America medical flexible packaging market accounts for 25.1% of the overall market. The region is projected to witness a CAGR of 4.6% during the forecast years of 2022-2032. This is attributed to growing innovation in barrier materials. The escalating usage of drug delivery systems such as nutrition bags and IV bags is leading to enhanced growth of the medical flexible packaging market.
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Key Segments Covered in the Medical Flexible Packaging Industry Survey
By Product Type, Global Medical Flexible Packaging Market is segmented as:
High Barrier Films
Pouches & Bags
Lids & Labels
By Material Type, Global Medical Flexible Packaging Market is segmented as:
By End-User, Global Medical Flexible Packaging Market is segmented as:
Medical Device Manufacturing
Leading players operating in the medical flexible packaging market are aiming at developing innovative products with cost effective and environment friendly features. They have adopted various growth strategies such as partnerships, new product approvals, collaborations and launching awareness campaigns to expand their global footprint.
In April 2021 Amcor, a global leader in developing and producing responsible packaging solutions, announced the customer trials for the world’s first recyclable Polyethylene-based thermoform blister packaging. The new packaging becomes the company’s ideal sustainable alternative for the most in-demand healthcare packaging type.
In September 2019, PPC Flexible Packaging, a leading provider of custom flexible packaging, expanded its sustainable portfolio with the launch of PPC Green. The PPC Green comprises of new eco-friendly products including recyclable and compostable pouches.
In August 2021, Amcor, launched a proprietary healthcare lidding technology that is ideal for combination healthcare products, such as devices with an Active Pharmaceutical Ingredient (API) that forms the basis of a medicine.
Similarly in June 2021, Amcor launched new enhanced heat seal coating, called ACT2100 for medical grade Dupont Tyvek and paper packaging applications.
In May 2021, PPC Flexible Packaging LLC, a leading provider of custom flexible packaging acquired Target Labels and Packaging LLC to expand its flexible packaging business and increase consumer base.
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Key players in the Medical Flexible Packaging Market
Bemis Company Inc.
Sealed Air Corporation
Mondi Group Plc
Constantia Flexibles Group GmbH
Becton Dickinson & Company
Coveris Holdings S.A.
Key Takeaways from Medical Flexible Packaging Market Study
North America will continue to dominate the global medical flexible packaging market, with revenues from sales surpassing US$ 7 Bn by the end of 2022.
Europe will emerge as the second largest market for medical flexible packaging on account of increasing healthcare infrastructure, rising consumer spending and continuous advancement in medical research.
With rising prevalence of chronic diseases and increasing government expenditure on developing healthcare facilities, the medical flexible packaging market in India is likely to experience steady growth over the forecast period.
Based on product type, wraps are projected to remain the top selling product in the medical flexible packaging market.
By material type, polyvinyl chloride segment is projected to lead the global medical flexible packaging market through 2022.
In terms of end user, contract packaging and implant manufacturing segments will register the fastest growth during the forecast period.
Fact.MR’s Domain Expertise in Healthcare Sector
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
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