Medical Packaging Market Information: By Material (Film, Fabric, Tyvek), Type (Container, Vial, Tray, and Pouches), Application (Medicals, Research, Diagnostics, Plastic Industries), End User (Hospitals, Clinics, and Forensic) - Global Forecast till 2023
Market Scenario
Medical packaging plays an important role in sustaining product quality and encourage safe and effective use. The growing market for implantable devices, growth of healthcare market, increasing awareness of healthcare in different region, especially in developing countries such as India and China are adding fuel to the global medical packaging market growth. Moreover, rising disposable income in developing countries increasing the expenditure on healthcare facilities. The improvement in technology of sustainable packaging and innovation in pharmaceuticals and life science are key drivers of the market.
Packaging is the technology for the safety of medical products for distribution, storage, sale, and use. These packaging materials are an essential part of medical packaging that act as safeguard for drugs, equipment and the health of millions patients. The rising healthcare cost is likely to restrict the growth of the global medical packaging market over the forecast period. According to FDA, packaging also refers to the procedure of designing, evaluating and producing packages. Moreover all packaging materials must be examined to maintain quality standard and all the operation for packaging should be separated to avoid the chances of confusion between similar products. FDA regulation covers medical packaging under two part, that includes K--Labeling and Packaging, According to them, all the manufacturers shall ensure that device or drugs packaging and shipping containers are designed and constructed to preserve the device from damage during the customary conditions of processing, storage, handling, and distribution.
The global medical packaging market is expected to grow at a CAGR of 6.3% during forecasted period 2017-2023.
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Regional Analysis
On the regional basis, the market is segmented into Americas, Europe, Asia Pacific and the Middle East and Africa.
The Americas dominate the global medical packaging market owing to massive development in the medical sector, increase in the pharmaceutical industries, and growing government support to research institutions. Furthermore, increased chronic diseases such as, asthma, cancer, COPD, diabetes in this region drive the growth of this region. According to the WHO, in 2015, around 30.3 million people of all age group had diabetes, which is 9.4% of the U.S. population. These rising in patient population enhance the demand of quality devices and drugs for treatment, thus, medical packaging play an important role in order to provide quality treatments.
Europe consist of two regions namely Western Europe and Eastern Europe. Western Europe accounts for the major share of the market, which is primarily contributed by Germany, the U.K., and France. Europe holds the second position in the global medical packaging market owing to government support and well-established healthcare industry. This is expected to continue driving the European market over the forecasted period.
Asia Pacific is the fastest growing medical packaging market owing to the presence of huge patient population, and high healthcare expenditure. Moreover, increasing demand for quality devices and drugs in the healthcare is projected to lead the growth of the medical packaging in this region. According to the Australian Bureau of Statistics, in 2016, around 5.1% of the Australian population is diagnosed with diabetes, which lead the demand of quality treatments, hence market of medical packaging are growing rapidly in this region.
On the other hand, the Middle East and African region holds the least market share due to low healthcare spending, ignorance of diseases, poor access to treatment and availability of limited technologies.
Key Players
Some of the major players in the global medical packaging market are Amcor Limited (Australia), Chesapeake Limited (U.S.), DuPont (U.S.), Klöckner Pentaplast Group (Germany), MeadWestvaco Corporation (U.S.), Mitsubishi Chemical Holdings Corporation (Japan), Bemis Company Inc. (U.S.), West Pharmaceutical Services, Inc. (U.S.)., 3M company, and, others.
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