According to Fact.MR analysis, between 2017 and 2022, the global market for medical flexible packaging is anticipated to grow at a moderate CAGR of 4.6%. Through 2022, it is anticipated that the pharmaceutical and medical device industries will each generate over US$25 billion in revenue.
Increased disease prevalence across the globe, rapid medical device production, rising health awareness, and rising demand for better and more environmentally friendly packaging options in the healthcare sector are all factors driving the.
Flexible packaging for medical products has many benefits, including superior product protection, portability, light weight, and ability to be customised. They are widely used for packaging medical products in the healthcare sector because of these excellent features.
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People are spending a lot of money on medicines and other medical equipment due to the rapid rise in lifestyle diseases. As a result, the market for flexible medical packaging is expanding.
Additionally, the market for medical flexible packaging has entered a new era thanks to a growing focus on sustainability. Important packaging manufacturers are incorporating different technologies to create environmentally friendly products. To encourage better waste management and recycling infrastructure, new partnerships are being formed. For instance, Amcor and McKinsey.org collaborated in March 2021 to develop Latin American recycling infrastructure that is sustainable. The market growth is being positively impacted by this.
The popularity of paper-based packaging and bioplastics is growing as a result of their low cost and high degree of recyclableness. Sales of these goods are being pushed by the implementation of strict government regulations on the use of plastic.
PVC is expected to continue being the most popular material for medical flexible packaging, according to Fact.MR. PVC is ideal for the packaging of healthcare products like medications, medical equipment, and blood collection bags because it is more lightweight and durable than other materials. With a significant revenue share, North America will continue to be the most lucrative market for medical flexible packaging solutions. The rising incidence of chronic diseases, increased health consciousness, and the significant presence of top packaging and medical device companies are all factors contributing to the region's growth.
Which region is responsible for the market's increased demand for medical flexible packaging?
The medical flexible packaging market in North America makes up 25.1% of the overall market. During the forecast years of 20222032, the region is expected to experience a CAGR of 4.6%. This is explained by the expansion of barrier material innovation. The market for medical flexible packaging is expanding faster thanks to the rising use of drug delivery systems like nutrition bags and IV bags.
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Market leaders in medical flexible packaging are working to create cutting-edge products with economical and environmentally friendly features. To increase their global footprint, they have implemented a number of growth strategies, including partnerships, new product approvals, collaborations, and the launch of awareness campaigns.
· The world's first recyclable thermoform blister packaging made of polyethylene was announced to be in customer trials by Amcor, a leader in creating ethical packaging solutions, in April 2021. The new packaging is now the business' ideal environmentally friendly replacement for the most popular kind of healthcare packaging.
· PPC Flexible Packaging, a top supplier of customised flexible packaging, expanded its sustainable portfolio in September 2019 with the introduction of PPC Green. The PPC Green consists of brand-new environmentally friendly items like compostable and recyclable pouches.
· Amcor introduced a specialised healthcare lidding technology in August 2021. This technology is perfect for combination healthcare products, like devices with an Active Pharmaceutical Ingredient (API) that serves as the foundation for a medicine.
· In a similar vein, Amcor introduced its ACT2100 enhanced heat seal coating in June 2021 for use in medical-grade Dupont Tyvek and paper packaging applications.
· Target Labels and Packaging LLC was purchased by PPC Flexible Packaging LLC in May 2021 to help the company expand its flexible packaging business and clientele.
Key players in the Medical Flexible Packaging Market
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Global Medical Flexible Packaging Market Segments
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