Intense competition across the pharmaceutical industry has coerced organisations, in the domain, to ramp up their development and marketing of drugs. The industry has already been on an upward trajectory, however, the onset of the coronavirus pandemic has further unveiled substantial opportunities for market players. With massive and immense prospects on hand, it is crucial to ensure optimal maintenance and distribution of medications. This calls for better packaging solutions for drugs to protect against any physical, chemical and biological damage. During storage, shipment, and delivery, maintaining pharmaceutical product integrity without tampering with their properties is highly essential. On the whole, right from research and development to the production and marketing of products, packaging is the core of all operations. This presents lucrative growth prospects and significant opportunities for players in the medical packaging market.
Diversified Applications Calls for Appropriate Medical Packaging Solution
Cost-effectiveness, infection resistance, and formats based on security enhancements are boosting sales in the medical packaging market. Packaging in pouches has become more prominent due to its advanced resistance and barrier properties, greater strength and puncture. The applications of such packaging solutions are relevant to small- to medium-sized supplies and devices. Concurrently, bottles are gaining tremendous traction, securing 32% of the global medical packaging market share. Other packaging solutions include medical device containers, blister packs, and glass vials. Plastics like PVC, PP, and PE are projected to maintain their position as the primary materials used in the worldwide medical packaging market, making up over 40% of the market share. During the projection timeframe, manufacturers are likely to opt for packaging solutions based on diversified applications such as the packaging of contact lenses, diagnostics reagents, and related substances.
With a surge in Medical Conditions, Single-Use Packaging Products Unlocks New Growth Avenues
Innovations in medical devices and instruments have been constant. Covid 19 outbreak has underpinned the demand for better care, within and outside hospital premises, covering lesser system costs. To address the pressing concerns, miniaturisation and compactness have become the latest trend in the medical packaging industry. With the utilisation of single-use products, efficient and resilient packaging solutions have become the need of the hour. In the recent year, an alarming rise in demand for blood bags to store blood and blood components have been witnessed. The inception of the pandemic and the rise in other health-related issues, demand for convalescent plasma has further highlighted the importance of intravenous (IV) bags and dialysis bags, creating pathways for medical packaging market expansion.
U.S., China, and India to Stay Competitive
Sheer population size and demographics are advocating for Asia Pacific’s dominance in the global medical packaging market. The governments are highly committed to advancing healthcare and thereby, increasing healthcare expenditure to meet the preset healthcare goals. Whereas, the US is likely to be a major contributor with spending 17.8% of the country’s GDP on healthcare. The region’s expenditure on healthcare is set to reach $4.3 trillion in 2023. On the other hand, China is set to bag second place with an approximate expenditure of $170 Bn by 2023.
The few competitive players operating in the global medical packaging market are Ardagh Group S.A., Amcor Plc, Dickinson and Company, Becton, Berry Global Group, Inc, Sealed Air Corporation, Catalent, Inc., UDG Healthcare plc, Mondi Group Plc., and Nipro Corporation
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