Medical Flexible Packaging Market to Experience Significant Growth during the Forecast Period 2017-2022 | Key Players - Amcor Limited, Bemis Company, Sealed Air Corporation, Huhtamaki Oyj, Mondi Group Plc, Constantia Flexibles Group GmbH, Becton Dickinson
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Medical flexible packaging offers various benefits including product protection, easy shipping, and low waste, coupled with the ability of reducing weight of packaging by nearly 70%. Providing consumers with price and product differentiation, medical flexible packaging aids the preservation of hygiene and health of medical devices. Developing economies are paving huge opportunities for medical device and pharmaceutical industries, which in turn is driving demand for flexible packaging from these industries. Leading market players are currently thriving in the stagnant mature markets, with increased regulatory hurdles, and patent expirations. Brand positioning and regional expansions are key strategies being adopted by the market players. Manufacturers of flexible packaging are focusing on expansion across emerging countries for benefitting themselves from low-labor costs, and enhancing their product offerings. In addition, manufacturers are also concentrating on the combination and diversification of data analytics with manufactured products, for developing new technologically-driven products. These factors might influence growth of the market in the upcoming years.
Other factors impacting the market growth include prevention of product damages, effective supply chain management, increased efficiency in transportation of goods, attractiveness in packaging, and being a useful tool for branding and identification. However, stringent government regulations associated with polymers, and recycling of packaging materials might impede expansion of the market. In addition, the market price trend is likely to be influenced by increasing polymer and aluminum costs, owing to political unrest. The global market for medical flexible packaging will register a moderate CAGR over the forecast period 2017 to 2022, according to a new research report published by Fact.MR. Revenues from the global medical flexible packaging market will exceed US$ 25,000 Mn by 2022-end.
North America is projected to remain the largest market for medical flexible packaging, with sales poised to surpass US$ 7,000 Mn in revenues by 2022-end. In addition, Europe and North America will exhibit a parallel expansion at equal CAGRs through 2022.
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Wraps are expected to be the fastest-selling product in the global medical flexible packaging market. Seals will continue to be the most lucrative product in the market, followed by high-barrier films. On the basis of application, contract packaging and implant manufacturing are expected to witness a relatively faster expansion through 2022. Pharmaceutical manufacturing will remain the largest application of medical flexible packaging during the forecast period.
Polyvinyl chloride is anticipated to remain the most lucrative material used for medical flexible packaging, in terms of revenues. Sales of paper for production of medical flexible packaging will register the highest CAGR through 2022.
The report identified key players operating in the market, which include Amcor Limited, Bemis Company, Inc., Sealed Air Corporation, Huhtamaki Oyj, Mondi Group Plc, Constantia Flexibles Group GmbH, Becton Dickinson & Company, Catalent, Inc., Coveris Holdings S.A., Sonoco Products Company, Berry Group, Inc., Reynolds Group Holdings, Aptar Group, Inc., and Datwyler Holdings.
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