(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Oct 14, 2021, 06:01 /Comserve / -- Healthcare Packaging Market With Top Countries Data, Industry Analysis , Size, Share, Revenue, Prominent Players, Developing Technologies, Tendencies and Forecast
The healthcare packaging market was valued at USD 117.36 billion in 2019, recording a CAGR of 6.35% over the forecast period from 2020 to 2025. The healthcare industry has evolved from its traditional form of practices to the current position, where high-tech equipment and instruments are being deployed to improve efficiency and the increasing demand for sustainable packaging and processing operations. The rising awareness of environmental issues and the government regulations are pressurizing the pharmaceutical companies to move toward sustainable processes. These developments by the medical devices and pharmaceutical vendors are providing scope for the expansion of the healthcare packaging market.
- Medical device packaging provides a sterile environment for the contents within, and the sterility needs to be preserved until the package is opened for use. The healthcare industry is growing due to the increasing number of hospitals, therapeutic equipment manufacturers, and diagnostic centers. Rising environmental concerns and increasing demand for microbial packing are anticipated to boost the sales of sterile therapeutic packing. The growing aging population, due to increased life expectancy rates across regions, is creating a scope for medical device manufacturers and pharmaceuticals.
- The pharmaceutical and medical device industries are highly regulated and are emphasizing the safety and sustainability aspects of manufacturing and packaging processes. Traceability legislations across the healthcare sector have been established to counter the counterfeit drugs and medical devices. Regulations concerning traceability are evident across developed and developing regions.
Click Here to Download Sample Report >>
Key Market Trends
Blister Packs are Expected to Witness Significant Growth
- Blister packages are one of the most popular and convenient dosing formats. The major companies that operate in the healthcare packaging industry provide non-PVC barrier blister packaging, which assists medical and pharmaceutical companies in meeting sustainability objectives and shelf-life requirements, and offers an economical alternative, compared to traditional market offerings. Blister packs are used for medical instruments or devices, such as catheters and injection syringes. However, applications of blister packs in medical device packaging are lesser than their applications in pharmaceutical product packaging.
- The occurrence of new diseases calls for better population health management. further, the emergence of informed customers and the growth of OTC (over-the-counter) drugs have augmented the growth of blister packaging in the pharmaceutical industry. Blister packaging has gained popularity to protect medication from moisture. Aligning to these trends, companies, like Burgopak and Ecobliss, have developed original blister packaging that is child-proof. The rising compliances by FDA, such as the CPG Sec. 450.500, which requires providing visible evidence to consumers that tampering has occurred, have been driving the need for tamper-evident packaging.
- This has enabled security throughout the product's lifecycle, including after purchase by a consumer. Thus, blister packaging being the most used form of TEP (Tamperevident Packaging), has found an increased demand across the healthcare industry. Regulations related to child-proof packaging are also being implemented across regions, non-compliance, which may lead to medical recall and damage the reputation of drug manufacturers.
North America is Expected to Dominate the Market
- The United States and Canada are countries that are developed with prosperous economies, aging population segments, and advanced medical delivery systems, but the countries vary measurably in population size, healthcare spending intensities, aggregate gross domestic product (GDP) levels, and the structure of health insurance plans. With advanced primary medical community, extensive medical and life science research activities, high healthcare spending intensity, and large pharmaceutical and medical supply and device industries, the United States account for one of the world's largest geographical markets for healthcare packaging products.
Request For The Sample Report Here:
- The United States also dominates the pharmaceutical market, both in consumption and development. According to STAT, prescription drug spending in the country is considered to increase to USD 600 billion by 2023, up from an estimated USD 500 billion in 2019, which is further expected to drive the market for pharmaceutical glass packaging in the country. Additionally, as the United States is facing costly pharmaceutical imports from other countries than Canada, the US government authorized a pilot project for wholesalers and pharmacists to import versions of FDA-approved medicines from Canada.
- Further, in May 2020, MedAccred announced to continue its expansion and support for the medical device industry. MedAccred has incorporated new sterile device packaging and plastics mechanical assembly audit processes added four new subscribers and accredited significant suppliers within the previous year. The program also entered its second year of partnership with the US Department of Commerce through the Medical Manufacturers MedAccred Accreditation Pathway (MedMMAP) for manufacturers and suppliers seeking accreditation. Instances like these are expected to boost the market in the region significantly.
Competitive Landscape
The healthcare packaging market is competitive and at the same time moderately consolidated. In terms of market share, few of the major players currently dominate the market. These major players with prominent shares in the market are focusing on expanding their customer base across multiple countries. These companies are leveraging strategic collaborative initiatives to increase their market shares and profitability.
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHT
4.1 Market Overview
4.2 Assessment of COVID-19 Impact on Healthcare Packaging
4.3 Industry Attractiveness Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Industry Value Chain Analysis
5 MARKET DYNAMICS
Request For Full Report >> Healthcare Packaging Market
The dynamic nature of business environment in the current global economy is raising the need amongst business professionals to update themselves with current situations in the market. To cater such needs, Shibuya Data Count provides market research reports to various business professionals across different industry verticals, such as healthcare & pharmaceutical, IT & telecom, chemicals and advanced materials, consumer goods & food, energy & power, manufacturing & construction, industrial automation & equipment and agriculture & allied activities amongst others.
MENAFN14102021004694010674ID1102972947
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.