Flexible Packaging For Healthcare Market Expand CAGR Of ~7%, Driving Factors, Size And Opportunities During 2023-2033

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Global flexible packaging for healthcare market is expected to reach an estimated value of ~USD 25 billion by 2033, by expanding at a CAGR of ~7%.

NEW YORK, UNITED STATES, January 23, 2023 /einpresswire.com / -- Global flexible packaging for healthcare market Key Insights

During the forecast period of 2023-2033, the global flexible packaging for healthcare market is expected to reach an estimated value of ~USD 25 billion by 2033, by expanding at a CAGR of ~7%. The market further generated a revenue of ~USD 15 billion in the year 2022. Major key factors propelling the growth of flexible packaging for the healthcare market worldwide are the increasing prevalence of chronic diseases and the rising healthcare expenditure per capita.

Market Definition of Flexible Packaging for Healthcare

Products for flexible medical packaging are made from a material that is easily malleable. It has a number of benefits, including the ability to quickly shape the goods to be packaged, product protection, simple transportation, low waste production, and a reduction in packaging weight of up to 70%. Flexible packaging is advantageous, particularly when it comes to single-use products. As they reduce the possibility of cross-contamination, single-use goods are growing in popularity. As the products can be sterilized with the packing, the chances of contamination are reduced. High-barrier films are frequently used in the healthcare sector since they aid in preventing the absorption of light, flavor, scent, gas, water vapour, oil, oxygen, etc. They are compatible with the majority of tools and medications because they come in a wide variety.

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Global Flexible Packaging for Healthcare Market: Growth Drivers

The growth of the global flexible packaging for the healthcare market can majorly be attributed to the rising global per capita health spending. The World Bank anticipated that the total cost of healthcare worldwide would be $1,121.9 billion in 2019. Moreover, the market is anticipated to increase favorably over the forecast period as a result of trends in the global flexible packaging for healthcare industry, including the skyrocketing sales volume of tablets and capsules and rising government efforts for the development of medications and treatments. For instance, it is anticipated that the tablet market would generate a total revenue of almost USD 55 billion in 2018, and that it will ship nearly 40 million tablets worldwide by 2022.

The global flexible packaging for healthcare market is also estimated to grow majorly on account of the following:

Increasing pharmaceutical industries
Rising spending on medicine
Growing healthcare expenditure
Increasing spending on medical devices
Growing packaging industry
Global Flexible Packaging for Healthcare Market: Restraining Factor

The heavy initial setup cost and heavy taxation have had an impact on international trade. As a result, businesses are depending on local manufacturers to maintain consistent supply chains. Hence this factor is expected to be the major hindrance for the growth of the global flexible packaging for healthcare market during the forecast period.

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Global Flexible Packaging for Healthcare Market Segmentation

By End-User (Medical Devices, Pharmaceuticals, Contract Packaging, Implant Manufacturing, and Others)
The pharmaceuticals segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2033. The growth of the segment can be attributed to the increasing need for flexible packaging in the pharmaceutical industry. For instance, it was predicted that the pharmaceutical business will generate USD 1.5 trillion in total sales in 2021. Furthermore, the increasing investment by the leading market players in the research and development of more efficient materials is estimated to drive market growth.

By Material (Paper, Plastic, Aluminum, Bioplastics, and Others)
By Product (High Barrier Films, Wraps, Seals, Bags & Pouches, Lids & Labels, and Others)
By Region

The Asia Pacific flexible packaging for healthcare market is anticipated to hold the largest market share by the end of 2033 among the market in all the other regions. The market's expansion can be attributed to the region's expanding population, rising per-capita health spending, and rising disposable income. For instance, in 2019, total health spending per person (in USD) was around $500 in China, $60,000 in India, $100 in Indonesia, and $4,000 in Japan, among other countries. As a result, it is predicted that these factors will accelerate market expansion throughout the projection period. Moreover, the prominent presence of key market players in the region is estimated to boost the market growth.

The market research report on global flexible packaging for healthcare also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

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Key Market Players Featured in the Global Flexible Packaging for Healthcare Market

Some of the key players of the global flexible packaging for healthcare market are Hergesheimer AG, Bemis Manufacturing Company, CCL Industries Inc., WestRock Company, Huhtamäki Oyj, Detwiler Holdings Inc., Mondi plc, Becton, Dickinson & Company, Amcor plc, Sealed Air Corporation, and others.

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