The global healthcare packaging market size is poised to surpass over US$ 248.2 Bn by 2026 with a rising CAGR of 4.6% during the forecast period 2019 to 2026.
LOS ANGELES, Feb. 03, 2020 (GLOBE NEWSWIRE) — Acumen Research & Consulting, a global provider of market research studies, in a recently published report titled “Healthcare Packaging Market (By Material Type: Polymer, Paper & Paperboard, Non-Woven Fabric, Others; By Packaging Type: Bags & Pouches, Trays, Boxes, Others; By Application: Medical Tools & Equipment, Medical Devices, In-Vitro Diagnostic Product, Other; By Packing Type: Primary Packaging, Secondary Packaging, Tertiary Packaging) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”.
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North America dominated the global healthcare packaging market in the year 2018. The region has experienced the potential growth owing to the presence of healthcare packaging companies such as Bemis Company, CCL Industries Inc., Constantia Flexibles Group GmbH, and Sonoco Products Company among others. The presence of a large customer base along with growing demand for quality healthcare products items is additionally accelerating the regional market growth. Moreover, innovation and development in healthcare packaging and growing urbanization, increase in penetration of e-commerce, and growing production of medical devices in the US and Canada are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years.The Europe region is expected to exhibit a second-largest share in the healthcare packaging market. The increasing number of private label store brands in the region is expected to contribute to market growth. Additionally, growing demand for quality healthcare packaging products, increase demand for production and consumption of pet healthcare packaging and increase in disposable income in this region further expected to further propel the growth of the market. Furthermore, growing number of healthcare packaging manufacturers, medical device producers, growing number of nuclear families, growing awareness towards health further grows the demand for healthcare packaging in the region over the forecast the period.
Asia-Pacific is expected to register highest CAGR during the forecast period. The growing healthcare industry, high research and development from packaging manufacturers, changing lifestyle of consumers, and growing number of surgical operations along with rapid urbanization further expected to boost the demand for healthcare packaging in the region during the forecast period.
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Primary packaging has dominated the packing type segment in the year 2018 and the segment is projected to maintain its dominance over the forecast period from 2019 to 2026. Increase in demand to enhance the shelf life of products and rising demand to safeguard healthcare products is further expected to raise segment over the forecast period.
Paper & paperboard segment dominated the healthcare packaging market on the basis of material type in the year 2018. The paper & paperboard segment accounts for the largest share in the market and held for more than 32% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand high barrier properties, cost efficient material, increase in awareness regarding environment, and rising demand for recyclable material. This is expected to enhance the dominance of the paper & paperboard segment in the global market over the forecast period.
Medical tools & equipment segment dominated the healthcare packaging market on the basis of application in the year 2018. The growing demand for medical devices in hospitals and clinics, increase in purchasing power of consumers, growing health awareness among consumers, and growing innovation and development in medical tools and equipment further expected to raise the segment during the forecast period.
Bags & Pouches segment dominated the healthcare packaging market on the basis of packaging type in the year 2018. The bags & pouches segment accounts for the largest share in the market and held for more than 37% of the total market in 2018. The major factors that are driving the growth of this segment are the rising demand for functionality and ease of use, used for marketing as a stand up pouches, enhance appeal of the product in retail shelves, and rising demand for flexible packaging. This is expected to enhance the dominance of the bags & pouches segment in the global market over the forecast period.
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Some of the leading competitors are Constantia Flexibles Group GmbH, Sonoco Products Company, Steripack Contract Manufacturing, Thomas Packaging LLC, Rollprint Packaging Products, Inc., Bemis Company, Avery Dennison Corporation, 3M Company, E.I. Du Pont De Nemours and Company, and Uhlmann Pac-Systeme GmbH & Co. Kg, and CCL Industries Inc.
Some of the key observations regarding healthcare packaging industry include:
- In May 2019, Amcor Limited launched new packaging product named as AmLite Ultra Recyclable. This new product high-barrier polyolefin film that significantly reduced the packaging’s carbon footprint.
- In January 2019, Amcor Limited focuses on development of recyclable packaging products and recyclable packaging materials. This new product development and enhancement of new products further increase the new product in healthcare packaging and enhance its customer base.
- In September 2019, Amcor Limited opened two e-commerce testing laboratories in the US and Belgium. This new facility help customer’s harness significant online sales growth, mainly in healthcare products, and home cleaning products. This helps to enhance customer base of the company and increase its brand identity.
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