PUBLISHER: The Business Research Company | PRODUCT CODE: 1409474
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409474
“Healthcare Packaging Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare packaging market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare packaging? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The healthcare packaging market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Healthcare packaging is the process of packaging medications, equipment, and other pharmaceutical supplies to protect and store them, preventing physical harm, biological contamination, and negative external consequences. Its primary purpose is to safeguard packaged drugs or health products.
The main types of products used in healthcare packaging include bottles and containers, vials and ampoules, cartridges and syringes, pouches and bags, blister packs, tubes, paperboard boxes, caps and closures, labels, and other items. Bottles and containers refer to narrow-necked, rigid, or semi-rigid plastic or glass containers used in various materials such as glass, plastic, metal, paper, and paperboard. Healthcare packaging can be categorized into flexible packaging and rigid packaging, and it involves different drug delivery modes such as oral, injectable, dermal and topical, inhalable, and other drug delivery modes. These packaging solutions are utilized by primary end-users, including pharmaceuticals and medical devices.
The healthcare packaging market research report is one of a series of new reports from The Business Research Company that provides healthcare packaging market statistics, including healthcare packaging industry global market size, regional shares, competitors with a healthcare packaging market share, detailed healthcare packaging market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare packaging industry. This healthcare packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare packaging market size has grown strongly in recent years. It will grow from $112.99 billion in 2023 to $119.16 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth observed in the historic period can be attributed to various factors, including consumer expectations, increasing environmental awareness, the emphasis on patient-centric designs, concerns about drug safety, and regulatory changes.
The healthcare packaging market size is expected to see strong growth in the next few years. It will grow to $156.27 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The anticipated growth in the forecast period can be attributed to factors such as the rise in pharmaceutical demand, advancements in serialization and traceability technologies, changing dynamics of an aging population, a growing emphasis on customization and personalization, and the expansion of remote healthcare and telemedicine. Key trends expected in the forecast period encompass the adoption of sustainable packaging practices, the integration of smart packaging solutions, the development of child-resistant packaging designs, the implementation of personalized packaging approaches, and the incorporation of antimicrobial packaging features.
The anticipated growth in the pharmaceutical business is poised to drive the expansion of the healthcare packaging market. Crucial for the secure and effective delivery of pharmaceutical products, healthcare packaging plays a vital role in safeguarding these products from external factors that could compromise their quality. With the pharmaceutical industry experiencing growth and innovation through new drug development, there is an increasing demand for advanced and specialized healthcare packaging solutions. This surge in demand presents opportunities for packaging manufacturers to create innovative solutions that align with the evolving needs of the pharmaceutical sector. For example, as reported by the European Federation of Pharmaceutical Industries and Associations (EFPIA) in June 2022, North America contributed to 49.1% of global pharmaceutical sales in 2021, compared to Europe's 23.4%. The pharmaceutical business invested over $43.15 billion (€39,600 million) in research and development in Europe in 2020, with expectations of further increases in the future. Consequently, the growth of the pharmaceutical business in emerging markets is a driving force for the healthcare packaging market.
The increasing demand for sustainable packaging is anticipated to be a driving factor in the growth of the healthcare packaging market. Sustainable packaging involves designing and producing packaging materials that minimize environmental impact and maximize resource efficiency from material extraction through disposal. In the healthcare industry, there is a growing emphasis on sustainable packaging as companies aim to reduce their environmental footprint. A survey by Shorr Packaging Corp in July 2022 revealed that approximately 86% of US consumers are such as to purchase from a brand offering sustainable packaging, and 76% expect brands to provide 100% sustainable packaging for their products. Consequently, the rising demand for sustainable packaging is fueling the expansion of the healthcare packaging market.
Technological advancements represent a prominent trend in the healthcare packaging market, with major companies adopting new technologies to maintain their market positions. For instance, in August 2021, Amcor Plc., an Australia-based product packaging company, introduced lidding technology for healthcare packaging applications. This patent-protected packaging solution, based on laminate and inert film development, is utilized in devices containing active pharmaceutical ingredients (API) forming the basis of medicine. The technology withstands heat sterilization without impacting drug uptake into the medicine, offering machinability, integrity, post-sterilization, and ease of opening for patients. This lidding technology is primarily employed for combination healthcare products such as contact lenses.
In a bid to gain a competitive edge in the market, major companies in the healthcare packaging sector are focused on developing innovative products, such as all-film packaging. All-film packaging exclusively uses film materials, such as plastic, metalized film, or foil. For instance, in November 2023, Amcor Plc launched Healthcare Recycle-Ready Medical Laminates made entirely of recyclable polyethylene (PE). This sustainable option contrasts with traditional medical laminates often composed of non-recyclable multiple materials. The newly introduced laminates find applications in various medical packaging, including 3D thermoformed packages for drapes, protective materials, catheters, injection systems, and tubing.
In March 2023, Colorcon, Inc., a US-based pharmaceutical manufacturing company, acquired Airnov Healthcare Packaging Inc. from Arsenal Capital Partners for an undisclosed amount. Through these acquisitions, Colorcon Inc. underscores its commitment to investing in cutting-edge technologies that assist producers of health and wellness products in accelerating time to market, enhancing quality, and boosting competitiveness. Airnov Healthcare Packaging Inc. is a France-based manufacturer of healthcare packaging products for the pharmaceutical, nutraceutical, and health supplement sectors.
Major companies operating in the healthcare packaging market report are Gerresheimer AG, Winpak Ltd., Amcor plc, Sonoco Products Company, Huhtamaki Oyj, CCL Industries Inc., Sealed Air Corporation, Berry Global Inc., Dunmore Corporation, Nipro Corporation, Schott AG, Shandong Medicinal Glass Co. Ltd., Arab Pharmaceutical Glass Company, Mondi Group, Ball Corporation, Honeywell International Inc., Klockner Pentaplast Europe GmbH & Co. KG, Corning Incorporated, SGD SA, Stolzle-Oberglas GmbH, AptarGroup Inc., West Pharmaceutical Services Inc., Constantia Flexibles Group, TekniPlex India Ltd., Comar LLC, Beacon Converters Inc., Origin Pharma Packaging Ltd
North America was the largest region in the healthcare packaging market in 2023. Asia-Pacific is expected to be the fastest-growing region in the healthcare packaging market report during the forecast period. The regions covered in the healthcare packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the healthcare packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The healthcare packaging services market includes revenues earned by entities by providing services such as drug packaging, pouch packaging, ampoules packaging, sachet packaging, trays, and boxes packaging. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.