Pune, India -- (SBWIRE) -- 04/17/2018 -- Market Highlights
Various types of medical packaging such as containers, pouches, trays, blister packets, clamshell packs, and vials among others. The global medical packaging is expected to witness a high growth during the forecasted period. The improvement in technology of sustainable packaging and innovation in pharmaceuticals and life science are key drivers of the market. The medical packaging market is showing the favorable growth owing to increasing demands for medical devices and drugs. However, the regulations imposed by governments on packaging and the rise in the healthcare costs are estimated to hamper the growth of the global medical packaging market.
Global medical packaging market is expected to grow at a CAGR of 6.3% during the forecasted period 2017-2023.
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Packaging is the technology for the safety of medical products for distribution, storage, sale, and use. These packaging materials are an essential part of medical packaging that act as safeguard for drugs, equipment and the health of millions patients. The rising healthcare cost is likely to restrict the growth of the global medical packaging market over the forecast period. According to FDA, packaging also refers to the procedure of designing, evaluating and producing packages. Moreover all packaging materials must be examined to maintain quality standard and all the operation for packaging should be separated to avoid the chances of confusion between similar products. FDA regulation covers medical packaging under two part, that includes K--Labeling and Packaging, According to them, all the manufacturers shall ensure that device or drugs packaging and shipping containers are designed and constructed to preserve the device from damage during the customary conditions of processing, storage, handling, and distribution.
- Amcor Limited (Australia)
- Chesapeake Limited (U.S.)
- DuPont (U.S.)
- Klöckner Pentaplast Group (Germany)
- MeadWestvaco Corporation (U.S.)
- Mitsubishi Chemical Holdings Corporation (Japan)
- Bemis Company Inc. (U.S.)
- West Pharmaceutical Services Inc. (U.S.)
- 3M company
The global medical packaging market is segmented on the basis of material, types, application, and end user. On the basis of the material, it is segmented into sterilization, tyvek, foam, molded fiber, fabrics, plastics, films, and adhesives and others. On the basis of the type, it is segmented into containers, pouches, trays, blister packets, clamshell packs, vials, and others. On the basis of the application, it is segmented into medical, pharmaceuticals, diagnostics, plastic industries, chemicals and research, and others. On the basis of the end user, it is segmented into hospitals, clinics, medical and research centers, forensic departments, and others.
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The Americas dominate the global medical packaging market owing to the presence of a huge patient population with cancer, a blood disorder, high health care spending, and increasing government support for research & development.
Europe holds the second largest share of the global medical packaging market. Increase in the cardiovascular disease leads the market of medical packaging in this region. According to the European Heart Network (2017), cardiovascular disease (CVD) are responsible for 3.9 million deaths in Europe and over 1.8 million deaths in the European Union (EU) per year. Moreover, in 2015, 11.3 million new cases diagnosed with CVD in Europe and 6.1 million new cases of CVD in the EU. Increasing number of patients with these diseases drives the demand for quality equipment and drugs. Thus, medical packaging plays an important role in avoiding exposure of the drugs to external environments such as microorganism in order to maintain the quality of equipment and drugs.
Asia Pacific is the fastest growing medical packaging market across the globe. Moreover, rapidly developing the economy, increasing healthcare expenditure, and the government's initiatives for research & development projected to drive the market in China and India over the forecasted period.
The Middle East and Africa hold the least share of the global market due to limited availability of medical facilities, limited access to the healthcare resources, and less development in the pharmaceutical sector.
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