Global Healthcare Packaging Market - Segmented by End-user Vertical (Pharmaceutical, Medical Devices), Product Type (Pouches, Bags, Clamshell Packs, Trays, Blister Packs, Caps and Closures, Syringes, Intravenous Bags), and Region - Growth, Trends, and Forecast (2018 - 2023)
The global healthcare packaging market was valued at USD 107.2 billion in 2017, and is expected to reach a value of USD 160.9 billion by 2023, at a CAGR of 6.97 %, during the forecast period (2018 - 2023). The scope of the report covers the key providers of pouches, trays, boxes, bags, and clamshell packs for medical devices. The regions considered in the scope of the report include North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The healthcare industry has witnessed rapid changes over time. Outbreak of new diseases, growth in regulatory norms across the world, focus on population health management, inventions, more informed customers, and growth in the advanced healthcare systems are some of the factors, which have augmented the need for medical devices packaging. The market has gone through the seismic shift from traditional to the current technological setup that is taking place in the manufacturing of healthcare devices and products with huge investments in technological research.
Rising Focus on the Use of Longer Shelf Life Products to augment the Market Growth
The rising demand from the consumers for products that have extended shelf life and are easy to use necessitated the companies to develop alternate packaging solutions. Various new technologies and raw materials, such as tyvek are probing into the flexible packaging-manufacturing units to increase the shelf life of products. Research and development is focused on improving the physical and chemical properties of packaging materials. Nano packaging technologies gaining popularity are inducing the modified atmosphere packaging systems to increase the sustainability. Moreover, healthcare packaging industries are inclined toward using active, intelligent, and antimicrobial packaging systems to increase the durability and future consumption.
Pharmaceutical Packaging is the Major Contributor
Pharmaceutical packaging has the major share in the global healthcare packaging market. The increasing need for anti-counterfeiting techniques to protect the interests of patients has further strengthened the growth of the pharmaceutical packaging. The growth prospects of the study market are expected to be dependent on the overall growth of the pharmaceutical and healthcare sector. An overall rise in the standards of living, coupled with an increase in the ageing population and the endeavors of several governments towards improving their healthcare sector can be seen as major factors contributing to the growth of pharmaceutical sector. The advent of new healthcare medicines is one of the major drivers for growth. Conversely, constant changes in compliance standards are expected to impede the growth in this market.
Asia-Pacific to Grow at a Faster Pace
The healthcare packaging market in Asia-Pacific is expected to witness a sustainable growth during the forecast period. This region holds significant potential for development in terms of the most prospective countries. It holds good potential for long-term growth, owing to increasing disposable income and rapid growth in this region. At the same time, increased demand from the healthcare industry and improving infrastructure, higher penetration of technology, and growing awareness on the healthcare sector are expected to drive the demand for healthcare packaging products in Asia-Pacific.
Key Developments in the Market