Yahoo Finance Medical Packaging Market Growth Trends and Market Forecast 2021-2025: Bottles to Remain Critical Packaging Type as Glass Provides Excellent Barrier
Dublin, Oct. 22, 2021 (GLOBE NEWSWIRE) -- The "Medical Packaging Market - Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global medical packaging market is forecast to witness a rise in the coming years. As COVID-19 continues to create havoc in the pharmaceutical industry, it will generate a high demand for the superior quality of medical packaging. Players in the global medical packaging market are increasing focus on manufacturing lightweight, efficient, and exceptionally durable packaging materials.
According to the research report, the global medical packaging market is expected to be worth US$113.68 Billion by 2025 from US$75.17 Billion in 2019. The market is expected to register a CAGR of 7.4% between the forecast years of 2021 and 2025.
Key Market Insights:
Vials and syringe packaging companies ramp up capacities to adapt to COVID-19 challenges
North America to represent an incremental opportunity of US$8.63 Bn by the end of 2025
Plastic is estimated to account for around 3/5th of the global medical packaging market with projections to create highest incremental opportunity by the end of 2025
In terms of volume, bottles are estimated to account for the largest market share of 34%, driven by economical price and wide usage
Medical packaging manufacturers are investing in research and development processes that can create sustainable solutions for the pharmaceutical industry.
The report finds that changing and growing medical needs will provide the global market with tremendous growth opportunity during the forecast period. The report's claim is substantiated by The Association for Packaging and Processing Technologies (PMMI), which indicates that medicine usage stood at 4.7 trillion doses in 2020 globally. This figure was up 25% from 2015, validating a growth indicator. Advancements in medical science to treat varied types of illness and manage various conditions are expected to bode well for the global medical packaging market. From specialty drugs to medical devices, the market is poised to deliver solutions for all purposes in compliance with ISO9000: Quality Management Standard and PSO9000: Pharmaceutical Packaging Materials Standard. According to the author, specialty drugs segment is expected to drive a 40% growth in the global medical packaging market.
The report states that the bottle segment will have a lion's share in the global medical packaging market at 32%. The convenience of storing chemicals in bottle form and their sustainability due to the use of recyclable material is expected to work in favour of this market segment. Bottles have been used to store pharmaceutical liquids historically. Usually made with glass, they offer excellent barrier properties. The use of bottle is also seen for storing tablets and capsules as glass remains non-reactive to extreme temperatures, making them an ideal choice for medical packaging solutions.
The medical packaging market is expected to thrive in Asia Pacific as the region has a huge population base, poor medical infrastructure, and thus wide gap between medical needs and unmet demand. As of 2019, the region held a 46% share in the global market. Keen interest by the Indian Government towards upgrading healthcare facilities and access is expected to give this regional market a definitive boost. For instance, the 2021 Union Budget 2021 allocated INR2.23 lakh crore towards healthcare and wellness initiatives. This is 137% up from the previous year.
The medical packaging market is also expected to make a sizable impact in the developed region of North America with the U.S. leading the way. According to the studies, the U.S. spends about 17.8% on healthcare. Analysts anticipate that its national healthcare spending will be US$4.3 trillion by 2023. All of these trends indicate the greater need for medical packaging as healthcare gains prominence.
Some of the leading players operating in the global medical packaging market are Westrock Company., Amcor plc, Becton, Dickinson and Company, Mondi Group, Berry Global Group, Inc, Ardagh Group S.A., Nipro Corporation, Sealed Air Corporation, West Pharmaceutical Services, Inc., Catalent, Inc., and UDG Healthcare.
Key Topics Covered:
1. Executive Summary
2. Market Overview
3. Global Packaging Industry Outlook, 2020
4. Price Trends Analysis and Future Projects, 2017 - 2025
5. Global Medical Packaging Market Outlook, 2017 - 2025
6. North America Medical Packaging Market Outlook, 2017 - 2025
7. Europe Medical Packaging Market Outlook, 2017 - 2025
8. Asia Pacific Medical Packaging Market Outlook, 2017 - 2025
9. Latin America Medical Packaging Market Outlook, 2017 - 2025
10. Middle East & Africa Medical Packaging Market Outlook, 2017 - 2025
11. Competitive Landscape
Amcor Plc
Ardagh Group S.A.
Becton, Dickinson and Company
UDG Healthcare plc
Berry Global Group, Inc
Sealed Air Corporation
Catalent, Inc.
West Pharmaceutical Services Inc.
Mondi Group Plc
Gerresheimer AG
Constantia Flexibles Group GmbH
Nipro Corporation
For more information about this report visit https://www.researchandmarkets.com/r/7akxut
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