Medical Packaging Market, By Material, Packaging Type, Packing Type, Application

Posted by Pareesh on June 28th, 2018

Medical packaging has the primary function to protect packaged medical or pharmaceutical products. Different types of medical components have resulted in developing various types of medical packaging, ranging from preformed packaging to customizable packaging. Medical products have unique features and majority of them require proper sterilization and are therefore, designed ergonomically to fulfill the high medical standards and protect the product integrity.

One of the major factor contributing to the growth of medical packaging market includes increasing number of hospitals and diagnostic centers and the growing healthcare industry. According to the Centre Of Medicare & Medicaid Services, in 2015, National Health Expenditure (NHE) grew to 5.8% to US$ 3.2 trillion or US$ 9,990 per person, playing a key role in the growth of healthcare industry. The gain in momentum of the plastic packaging industry, with focus on cost-effectiveness, is also playing a key role in growth of medical packaging market. According to Coherent Market Insights (CMI), the global plastic packaging market is expected to grow at a CAGR of 5.3% in terms of revenue and 5.1% in terms of volume during 2017-2025.

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However, price fluctuations of raw materials such as resin and oil act as a major restraint for the medical packaging market. Shortage of packaging materials supply also affects the growth of the medical packaging market.