Plastic Healthcare Packaging Market Will Generate New Growth Opportunities in Upcoming Year

The plastic healthcare packaging market will register high growth with worldwide revenues forecast to increase by 5.0% year-over-year in 2021. Future Market Insights (FMI) estimates the overall valuation of the market to reach nearly US$ 37 billion in 2031.

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Wipak Ltd., Aptar Group, Inc., West Rock Company, West Pharmaceutical Services, Inc., Bilcare Limited, Gerresheimer AG, Constantia Flexibles Group and among others are the prominent players in the global plastic healthcare packaging market.

The demand for plastic healthcare packaging will rise at a compound annual growth rate (CAGR) of 5.1% between 2021 and 2031. Blister and bottle segments are expected to create a cumulative incremental opportunity of US$ 2.3 billion, by the end of 2031.

These products are sterilized and have unique specifications, minimizing the risk of contaminants and unwanted reactions. Metal and glass packaging formats are commonly used materials for medical devices even as weight and breakage concerns hold back adoption.

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High quality plastic packaging material is gaining ground as it meets the stringent standards of the medical and healthcare packaging industry. Plastic materials such as polyvinyl chloride, polypropylene, and polyethylene terephthalate can help safeguard healthcare products.

Plastic packaging in the healthcare industry can be found in the form of blister packaging, bottles, containers, IV bags, medication tubes, prefilled inhalers, syringes, caps and closures and even medical devices such as incubators and surgical machines.

The proliferation of medical devices in hospitals and in home care settings is reducing the dependency on clinical support. Across the global market, consumption of plastic healthcare packaging is expected to remain high in European and North American countries, due to the presence of key players of the market and easier availability of technological advancements.

Countries in Asia Pacific are witnessing rapid developments in terms of pharmaceutical drug inventions which in turn is triggering the growth of the plastic healthcare packaging sector for the coming decade.

Key Takeaways from Plastic Healthcare Packaging Market :
Prefilled inhalers, syringes and cartridges are anticipated to grow owing to the use of prescribed units dosing, creating an incremental opportunity of US$ 9.7 billion by 2031.
Polypropylene plastic healthcare packaging is gaining traction and is forecast to increase by 400 bps to reach up to 37.3% in 2031, supported by cost efficiency.
Germany holds the lead in the Europe market, accounting for over US$ 1 Bn in 2021, supported by expansion of production facilities.

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Impact of COVID-19 on Plastic Healthcare Packaging Market :
The COVID 19 pandemic has spread across the globe and its impact on the healthcare sector has been significant, positively affecting industries that provide essential items. Demand for plastic packaging in healthcare will rise across different countries owing to consumer demand for dietary supplements, and essential medications, required to combat the spread of the virus.

The COVID-19 outbreak has also affected the prices of the raw materials such as the price of oil based raw materials. At the same time the lockdown hasn’t been favourable for overseas supply of raw materials or end products especially for manufacturers who majorly rely on the international supply chains.

Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

This release was published on openPR.