Material Innovations Drive Global Medical Packaging Market; Bags See a Boost amid COVID-19 Pandemic

The consistently expanding medical industry, introduction of newer medical treatments and products, and growing overall medical spending of developed, developing, and underdeveloped nations account for the flourishing landscape of medical packaging worldwide. The global spending on medicines was recorded to be over US$1.25 trillion in the year 2020, which had the COVID-19 pandemic as one of the key contributing factors to it. However, the boost has certainly worked to the advantage of the global medical packaging market. A newly published intelligence study of Fairfield Market Research indicates that the market for medical packaging was around US$75 Bn in 2019, which is likely to thrive at an impressive CAGR of more than 7% over 2021 - 2025.

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Bottles Remain Bestseller; COVID-19 Boosts Bags, Pouches, Trays, Vials, and Syringes

Among all packaging formats, bottles continue to be top selling, capturing more than 34% of the overall market value. Syringes, and vials have also been witnessing notable demand over the recent past. Rising sales of vials, and syringes is owing to the situation created amid the COVID-19 pandemic, which has also formed a fertile ground for the various type of bags falling into the medical packaging category - dialysis bags, blood bags, intravenous (IV) bags, and blood component(s) bags. The rapid expansion of pharmaceuticals industry has recently given a boost to a variety of flexible medical packaging solutions. Relatively frequent innovations in drug delivery systems are also likely to supplement the ascending demand for medical packaging.

On the other side, formats like pouches, and trays are exhibiting a strong growth potential on account of the soaring demand for packaging of small-, and medium-sized medical devices. These formats will remain in demand owing to their superior barrier attributes, strength, and high puncture-resistance. Sterile, and infection-resistant packaging has been gaining traction for their security features, and is predominantly fostering pouch sales. Key companies in the medical packaging market are focused on increasing investments in R&D so as to develop sustainable packaging solutions to the medical, and pharma industries in the near future.

Plastics Continue to be a Material of Choice among Medical Packaging Companies

While the world of medicine has been constantly undergoing a number of innovations, the onset, and alarming spread of the global coronavirus outbreak has highlighted the fact that an emergency can give rise to some exceptionally innovative trends. Companies have been investing efforts in keeping up with the evolving trends amid the pandemic. The market for single-use packaging is flourishing at a rampant pace, which marks an important trend worldwide. Plastics like polyvinyl chloride (PVC), polyethylene (PE), and polypropylene (PP) collectively capture more than 40% share in the global market value, and are witnessing solid innovation. Non-plastic materials are also undergoing innovations, capturing new market niches based on their high-performance attributes. plastics continue to retain the maximum market share of over 40%, banking on the extraordinarily rising preference for polyvinyl chloride (PVC), polyethylene (PE), and polypropylene (PP).

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Governments to Play a Vital Role in Bolstering Regional Markets

With the US accounting for more than a third of the world's total medical spending, the country continues to lead its way in the global medical packaging market. While China has been the second largest contender in terms of expenditure on medicines after the US, the latter's spending valuates way ahead of the former. The market in the US continues to receive massive support from the US' Affordable Care Act (ACA). As a result, North America will remain the globally leading region in medical packaging landscape through 2025. On the other side, led by China, Asia Pacific is also poised to reflect high growth potential for the medical packaging market. The key factors driving this market include high population, high disease prevalence, and exploding demand for medicines and a host of medical products. The report highlights the fact that fast-developing economies thrive majorly on the back of supportive government policies regarding the spending on medical products.

Key Market Players: Medical Packaging Landscape

The report on the global medical packaging market also provides valued strategic information about the leading competitors. Some of the prominent companies include Mondi Group, Becton, Dickinson and Company, Westrock Company, Nipro Corporation, Amcor plc, Berry Global Group, Inc., West Pharmaceutical Services, Inc., Ardagh Group S.A., UDG Healthcare, and Sealed Air Corporation, Catalent, Inc.

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This release was published on openPR.