Medical Packaging Industry Trends, Segments, Size, CAGR - Forecast to 2023
Posted by sagark on December 2nd, 2019
Medical Packaging Industry Opportunities, Size, CAGR, Growth, Trends, Future Scope: 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
Medical Packaging Industry Insight
Medical packaging plays a significant role in the safety of medical products. The global Medical Packaging Industry is touted to expand at a rapid pace with gripping 6.3% CAGR, during the forecast period (2017-2023), reveals Market Research Future in its comprehensive study. The market is expected to exceed the valuation of the revenue of present market during the progression period. The rise in the expenditure by the healthcare sector is going to play a noteworthy role in the market expansion of medical packaging.
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The foremost market players in the global Medical Packaging Industry listed as
The global Medical Packaging Industry, as per the study, has been segmented by material, types, application, and end-user.
In terms of material, the market splits into sterilization, Tyvek, foam, molded fiber, fabrics, plastics, films, adhesives, and many more.
In terms of the type, the market splits into containers, pouches, trays, blister packets, clamshell packs, vials, and more.
In terms of the application, the market segments into medical, pharmaceuticals, diagnostics, plastic industries, chemicals and research, and many more.
In terms of end-user, the market splits into hospitals, clinics, medical and research centers, forensic departments, and more.
Regional-wise, the global market for medical packaging has been studied amongst the critical regions of Americas, Europe, Asia Pacific, and the Middle East and Africa.
The North American leads the global Medical Packaging Industry in support of massive development in the medical sector, a surge in the pharmaceutical industries and rising government support to research institutions. Also, growing chronic diseases such as asthma, cancer, COPD, diabetes in this region are to drive the growth of this region. As stated by WHO, in 2015, around 30.3 million people of all age group had diabetes, which is 9.4% of the U.S. population. These are expanding inpatient population at a rapid pace and enhance the demand for quality devices and drugs for treatment. Therefore, medical packaging plays a vital role in this region.
Europe region also shows a considerable growth of the market, mainly in two regions, namely Western Europe and Eastern Europe. Among these, Western Europe acquires the significant share of the market, which is primarily contributed by Germany, the U.K., and France. Thus, Europe has the second position in the global Medical Packaging Industry with the support of government support and well-established healthcare industry; therefore, expected to continue driving the European market over the assessment period.
The Asia Pacific is also recorded to be the fastest-growing Medical Packaging Industry due to the incidence of huge patient population and high healthcare expenditure. Moreover, rising demand for quality devices and drugs in healthcare is also likely to lead in the growth of the medical packaging. As stated by the Australian Bureau of Statistics, in 2016, around 5.1% of the Australian population is detected with diabetes, which leads the demand of quality treatments, hence market of medical packaging is proliferating in this region.
In the last, the Middle East and African region acquire the least market share owing to low healthcare expenditure, ignorance of diseases, poor access to treatment and availability of limited technologies.
Market Drivers & Trends
Packaging serves as a safeguard, cleaner, and aesthetically appealing to the products, and when it comes to medical packaging, it serves as informational, sustainable, as an add-on feature. Medical packaging also offers product quality, encourage safe and effective use of medicines in various forms such as pouches and sachets, providing the customers with ease and safe mode of usage. These factors are mostly driving the market for medical packaging across the world.
At the same time, the growing market for implantable devices, healthcare market, rising awareness of healthcare in various regions, across the world are to fuel to the global Medical Packaging Industry growth. Emerging regions such as India and China are the leading one in the field of medical packaging sector. Apart from this, rising disposable income in developing countries for healthcare facilities are also contributing to the market’s growth at present and would continue for the future expansion at rapid pace as well during the assessment period.
The medical packaging technology has evolved substantially for medical products for distribution, storage, sale, and use. Such innovation in pharmaceuticals and life sciences are another key driver of the market. Also, the materials used in medical packaging play a pivotal role as acting as a protection for drugs, equipment, and the health of millions of patients. Even the materials are conveying standardized quality, which is driving the market’s growth.
On the flip side, the factor of rising healthcare cost is likely to limit the progress of the global Medical Packaging Industry during the assessment period.
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About Market Research Future
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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About the Authorsagark
Joined: September 24th, 2019
Articles Posted: 203
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