Medical Packaging Market Expected To Grow At A CAGR Of 6.4% To Reach US $ 169,183.91 Million From 2021-2028
NEW YORK, USA, December 1, 2021 /EINPresswire.com/ – According to the latest study from The Inisght Partners on “Medical Packaging Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type , material and application, ”the market is expected to reach US $ 169,183.91 million by 2028 compared to US $ 109,238.35 million in 2021; it is expected to grow at a CAGR of 6.4% from 2021 to 2028. The report highlights the prevailing trends in the market and the factors driving and restraining the market growth.
Report Coverage (Details)
Market Size Value in (US $ 109,238.35 million in 2021)
Market Size Value of (US $ 169,183.91 Million by 2028)
Growth rate (6.4% CAGR from 2021 to 2028)
Forecast period (2021-2028)
Baseline year (2021)
Number of pages (195)
Number of Tables (124)
Number of graphs and figures (70)
Segments covered (by material, type, application and geography)
Regional scope (North America; Europe; Asia-Pacific; Latin America; MEA)
Scope of country (United States, United Kingdom, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina)
Report Coverage (Revenue Forecast, Company Rank, Competitive Landscape, Growth Factors & Trends)
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Medical packaging is essential to maintain product quality and encourage safe and effective use. The packaging is made for the safety of medical products for storage, distribution, sale and use. The material used for the packaging is a sterile barrier system that protects drugs, equipment and other medical products. In addition, medical packaging requires a high quality of sterility to ensure that the product is free from contamination. These medical packaging systems increase patient safety and improve packaging performance. Factors such as increased emphasis on convenience and environmental issues and increased demand for counterfeit prevention mechanisms are driving the medical packaging market. However, fluctuations in commodity prices are expected to restrain the growth of the market to some extent during the forecast period.
Increased demand for counterfeiting prevention mechanisms
Counterfeit medical products have been detected in most Member States and in all regions. The examples concerned widely used drugs such as atorvastatin or paracetamol; limited use drugs such as growth hormone, paclitaxel, and filgastrim; and other types of drugs such as sildenafil and tadalafil, as well as medical devices such as contact lenses, condoms, surgical nets, and strips used by diabetic patients to monitor their blood sugar. Counterfeiting has affected both expensive and cheap products and generic and branded products. Counterfeit products are popping up in community pharmacies, hospitals and other less regulated settings.
It is often assumed that high-income countries with strong regulatory systems can effectively exclude substandard and falsified medical products from their markets. However, analysis by the World Health Organization (WHO) shows that this is not necessarily the case, as reports on these products have been submitted by countries in Western Europe and North America as well. than other high income communities. For example, a recent UK survey, carried out by Sapio Research and commissioned by a private company INCOPRO, found that almost a third (32%) of those who purchased one or more counterfeit medicines suffered from a health problem in consequence (INCOPRO, 2020). Numerous other documented cases in which patients have died or suffered harm as a result of an online purchase. For example, in 2013, people died after taking a counterfeit diet pill purchased through an online drug vendor. The pill, sold as a weight loss aid in many illegal online pharmacies, was actually a pesticide with deadly consequences for humans.
COVID-19 started in Wuhan, China in December 2019 and since then it has spread at a rapid rate across the world. The United States, India, Brazil, Russia, France, United Kingdom, Turkey, Italy and Spain are among the most affected countries in terms of confirmed cases and reported deaths. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans and business closures.
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Based on type, the medical packaging market is categorized into containers, pouches, trays, blisters, vials, and others. In 2021, the container segment held the largest market share, by type. The blister packaging segment is expected to grow at a significant CAGR during the forecast period owing to increased product developments and product launches.
On the basis of materials, the medical packaging market has been segmented into polymers, foams, molded fibers, non-woven fabrics, films, paper and board, etc. In 2021, the polymers segment held the largest market share, by material. In addition, a similar segment is expected to grow at the fastest rate over the next few years.
Medical packaging market: competitive landscape and key developments
Amcor plc; DuPont de Nemours, Inc .; Mitsubishi Chemical Corporation; SGD Pharma; 3M; Western Pharmaceutical Services, Inc; Avery Dennison Company; Sonoco products company; CCL Industries Inc .; and WestRock Company are among the leading companies operating in the market.
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The Insight Partners is the industry’s unique research provider for actionable intelligence. We help our clients find solutions to their research needs through our syndicated research and advisory services. We specialize in industries such as Semiconductors & Electronics, Aerospace & Defense, Automotive & Transportation, Biotechnology, Health Informatics, Manufacturing & Construction, Medical Devices , technology, media and telecommunications, chemicals and materials.
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Medical packaging market size (6.4% CAGR) 2021-2028