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December 2024
The global medical packaging market size was evaluated at US$ 55.25 billion in 2023 and is expected to attain around US$ 107.63 billion by 2034, growing at a CAGR of 6.25% from 2024 to 2034.
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This market is proliferating significantly due to rising awareness towards healthcare, growing earnings among people, and increasing cases of chronic diseases such as diabetes, high blood pressure, coronary diseases, respiratory diseases, and many others. The growing concern among people about health issues and medical treatment also contributes to the growth of the medical packaging market.
The medical packaging market has a significant impact on the healthcare sector and pharmaceutical companies. This market is majorly focusing on biologics, medical devices and pharmaceutical requirements for packaging. It has a major role in storing for a long time safely, maintaining sterility, preventing damage while transporting, and keeping unaffected in adverse conditions. This market has experienced rapid growth in recent years due to continuous advancement in the healthcare sector and products related to the medical field.
The key factors comprise rapid growth in the ageing population, continuous research on medical devices and pharmaceutical sectors, and the growing prevalence of chronic diseases. The growth in personalized medicine demand and biopharmaceuticals necessitates special medical packaging choices. Additionally, innovations in the field of packaging resources such as advancements in barrier films, sustainable packaging materials, and various such factors fuel the market development.
The incorporation of AI in the medical packaging market has brought a huge change in the healthcare sector as it provides top-quality packaging while fulfilling all the essential requirements of the market. It helps in the personalized packaging of medicines due to the rising trend for personalisation in the medical sector has enhanced this type of packaging. By analysing data to understand the demand of the people in an area and with the help of machine learning it is convenient for the packaging industry to produce such packaging which is effective in several ways and as a result, increases the demand of the market.
AI can help to analyse the improvements required in the packaging of the products. It can help to produce defect-free packaging which enhances the reliability of the market players and ultimately enhances the demand for the medical packaging market. With the incorporation of AI, there is a huge transformation can be witnessed in this market.
It gathers real-time data and helps to predict any issues or drawbacks that are associated with the packaging as a result improvements can easily be introduced to maintain the demand of the market. It is increasing the demand of the market by enhancing the standard of packaging quality, reducing the cost, and supervisory compliance.
The medical packaging market is driven by several factors such as patient safety, extended shelf life of medicines, product protection, and dose management. Medical products, such as medicines, medical devices and diagnostic devices can be damaged by factors such as temperature, humidity and sunlight.
The correct packaging protects such products from damage and ensures that they can be stored effectively up to when they are used by patients. Gradually healthcare sectors are evolving which influences them to ensure safety, enhance the longevity of the device, and extend pharmaceutical sector demand for better-quality packaging materials.
These packaging include blister packs, pouches, and strips which can protect from exposure to oxygen, moisture, and light. These can extend the shelf life of medicinal products is growing important, mainly for medical devices and pharmaceutical products. Packaging resources implanted with measured-statement skills such as pouches which absorb moisture or are sensitive to temperature. The extension of the shelf-life of the medicines reduces the wastage of the medicines and lowers the charges for the products. Both of the factor, product safety and extended shelf-life enhance the demand of the medical packaging market.
A generic medicine is a pharmaceutical medicine with the same chemical composition, planned use, quantity, route of administration and side effects as every other medicine. Several market players are capitalizing on industrial generic medicines to provide medication treatments at lower charges. Medical packaging plays a vital role in the production process of generic medicines as they are desired to pack and protect medicines throughout storage and transportation. Hence, the growing demand for generic medicines will push product utilization.
Additionally, the pharmaceutical industry’s rising importance on sustainability and ecological accountability fuelled the requirement for environment-friendly packaging choices. A rising market for biodegradable and recyclable packaging resources is generating a demand for advanced packaging technology that can manage these resources. The increasing usage of track and trace machinery also influences the industry for medical packaging devices. Progressive tracking and tracing machinery can be utilized to improve the safety and security of pharmaceutical medicines.
Due to the fluctuation in the charges of raw materials which are used in the production of medical packaging. This can hinder the growth of the market as medium to small companies face difficulties in investing in such raw materials.
The polymer segment led the market in 2023. This material is extensively used due to its versatile, durable properties and it can withstand strict supervisory requirements. These polymers' medical packaging generates protective barriers which can preserve the integrity of the products. It offers advanced-level resistance and protects medical products from light, air, and moisture. These are light in weight which reduces their transportation charges with enhanced safety of the products. Polymer packaging is highly customizable which makes them most preferable by several companies as it can be designed with a variety of shapes and sizes.
Devices segment dominated the medical packaging market in 2023 due to the rising demand for medical devices and their safety in transportation. Several medical devices starting from diagnostic tools to surgical instruments required top-quality packaging which can safeguard them from damage while transporting. Packaging of such devices need to be sterilized, it should provide long term storage, and extend shelf-life of the products. It also protects from any adverse external effect that can cause damage to the devices. Aluminum foils, polymers, and specialized films are used for medical packaging as these create a protective barrier between devices and external environment.
Bags and pouches segment led the market in 2023 due to the rising demand for cost-effective and versatile packaging of medical products. These are most preferable for the sterilisation of medicines and medical devices. Several pouches are made in a sterilised way such as autoclaving, gamma radiation, or ethylene oxide. Its ability to manufacture customized sizes has influenced the market progress.
Primary packing segment held the dominating share of the medical packaging market in 2023. It is due to high concern for the safety of the medicines and devices. As primary packing comes in direct contact with the material it plays a crucial role in choosing its material for manufacturing. For medicines or other pharmaceutical products aluminum, glass, and plastic have played a significant role. These packing support maintaining the potency and stability of the medical products.
North America held the largest share of the medical packaging market in 2023 and is estimated to generate the highest revenue over the forecast period. It is due to the growing companies in the pharmaceutical sector which enhance the demand in the medical packaging market. The rising demand for medical packaging products, growing disease occurrence, and increasing healthcare expenditure have boosted market development in this region. Additionally, the medical packaging market in the US and Canada is growing rapidly due to high investment in the healthcare sector by various market players.
Europe is seen to witness rapid pace of growth during the forecast period. This is majorly due to the rising government support in the pharmaceutical sector, growing healthcare expenditure, and increasing occurrence of diseases. Moreover, the German medical packaging market has the highest market share among other countries such as Italy, France, Sweden, Denmark, and Norway whereas the UK medical packaging market is observed as the fastest-growing market in this region.
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By Application
By Packaging Type
By Packing Type
By Region Covered
December 2024
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December 2024
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