Healthcare Packaging Market

Global Healthcare Packaging Market Size (2023 to 2028)

The global healthcare packaging market was worth USD 134.1 billion in 2023 and is predicted to be worth USD 192.1 billion by 2028, witnessing a CAGR of 7.46% between 2023 to 2028.

Healthcare packaging has various functions, but securing a medical device or pharmaceutical product is the most important. Packs, containers, pouches, boxes/cartons, and other packaging options are available for healthcare products. Healthcare packaging is often used to enclose or package medical devices and drugs to extend the drugs' shelf life, stability, and potency. Since healthcare products have unique specifications that often need sterilization before packaging, the packaging of healthcare products is intended to adhere to the strictest medical criteria and standards while protecting the product's integrity. Throughout its shelf life, the packaging should keep the product stable. Healthcare packaging is often used to store products and equipment and can be processed for longer periods without refrigeration while maintaining chemical properties. IoT in healthcare systems can monitor any medicine package, track the drug operation of every tablet or bottle, and display all prescription information for patients.

MARKET DRIVERS:

The growing demand for healthcare packaging, growing spending on improving healthcare infrastructure, and increasing adoption of technological advancements in healthcare packaging are majorly accelerating the global healthcare packaging market growth.

In addition, the growing population suffering from life-threatening diseases, the rising aging population, and growing healthcare expenditures are favoring the growth of the healthcare packaging market. Over the forecast period, manufacturers in the global market are expected to benefit from the increasing pharmaceutical and medical device industry and a growth in demand for sustainable packaging products. Technologically driven innovation has continued to drive the packaging industry's growth in the coming years. Suppose e-Commerce continues to pique the interest of many end-use industries. In that case, the packaging industry will need to make a sustained-up shift in investments to meet these industries' specific demands and open the way for advancement.

MARKET RESTRAINTS:

Government regulations governing product quality and safety and fluctuating raw material costs will likely hinder the growth of the global healthcare packaging market. Preserving medicine's curative properties is one of the most important medical packaging problems. Furthermore, they shall adhere to current quality management requirements. Medication should be kept free from moisture and sun in general. Vaccines must be stored at specific temperatures. The aforementioned factors are expected to restrict the growth rate of the healthcare packaging market during the forecast period.

COVID-19 Impact on the global healthcare packaging market:

The global Coronavirus disease (COVID-19) pandemic has generated significant uncertainty regarding demand growth. The pandemic outbreak has transformed and changed every industry's fundamental dynamics. The spread of COVID-19 has had a negative effect on the industry due to supply chain disturbances caused by prolonged factory closures worldwide. Bottle, vial, and ampoules manufacturers have found it impossible to supply pharma companies logistically. In the healthcare industry, pharmaceutical packaging is critical for striking the right balance between regulatory enforcement, cost, and quality.

On the other hand, with the current COVID-19 pandemic, significant attempts are being made worldwide to treat, diagnose, and avoid viral infections. Healthcare organizations are operating around the world to fight COVID-19. Glass, aluminum foil, and plastic are some wrapping components used in the packaging of drug dosage formulations. The propagation of the COVID-19 pandemic is driving up demand for medical packaging, which would help produce more drugs to combat the emerging COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global healthcare packaging market has been segmented and sub-segmented based on product type, material, end-user, and region.

Healthcare Packaging Market - By Product Type:

• Bottles and Containers
• Vials and Ampoules
• Cartridges and Syringes
• Pouch and Bags
• Blister Packs
• Tubes
• Paper Board Boxes
• Caps and Closures
• Labels
• Other Product Types

Based on Product Type, the bags and pouches category has the largest market share and is predicted to grow faster throughout the forecast period. Bags and pouches extend the shelf life and improve the quality of products, increasing the need for healthcare packaging. The rising consumption of healthcare packaging products and the aesthetic appeal of items with effective marketing techniques are the key reasons driving this segment's rise.

Next to pouches and bags, Blister packs have the highest demand. One of the most common and practical dosage types in blister packs. The leading healthcare packaging businesses provide non-PVC barrier blister packaging, which helps medical and pharmaceutical industries satisfy sustainability goals and shelf-life criteria while being a cost-effective alternative to standard market options. Medical instruments and devices, such as catheters and injection syringes, are packaged in blister packs.

Healthcare Packaging Market - By Material:

• Glass
• Plastic
• Paper
• Metal

Based on the material, the paper segment holds the most significant share of the market. The growing demand for recyclable packaging solutions and increased concerns about environmental safety are the primary drivers driving this sector's growth. Over the forecast period, this is likely to strengthen the global paper segment's dominance.

Healthcare Packaging Market - By End-User:

• Pharmaceuticals
• Medical Devices

Due to their strong demand through online portals, the medical devices segment is projected to offer incremental growth opportunities based on End-User. They are estimated to account for about half of the market. Amazon, the e-commerce giant, is preparing to enter the medical sector to protect its most significant share of medical supply sales, which has sparked an industry-wide transformation.

Healthcare Packaging Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American healthcare packaging market is expected to dominate the global healthcare packaging market, accounting for the largest share. The domination is projected to continue throughout the forecast period. The region's primary driving force in the global market is the rapid consumption of healthcare packaging in terms of scale, which has increased quality and improved product demand. Furthermore, the growing population of children aged 0 to 9 years is expected to increase demand for pharmaceutical syrups, representing the region's growing healthcare packaging market. The United States and Canada are industrialized nations with stable markets, aging populations, and current medical delivery services. Still, their populations, healthcare spending intensities, overall gross domestic product (GDP) ratios, and health insurance plan structures differ significantly.

The European healthcare packaging market is projected to be the second-largest economy in the world. During the prediction, packaging research and production increase customer base, and many packaging manufacturers are projected to boost regional demand growth in the global healthcare packaging sector.

During the forecast period, the Asia-Pacific healthcare packaging market is projected to expand steadily. This region has considerable growth potential in terms of the most promising economies. Because of disposable income and fast development in this area, it has much long-term growth potential. Furthermore, evolving customer lifestyles, rising packaged food demand, rising GDP, and strong economic growth in countries like China, Japan, and India are projected to boost the market growth in the global healthcare packaging market during the forecast period.

KEY MARKET PARTICIPANTS:

Companies such as Gerresheimer AG, Corning Incorporated, Nipro Corporation, SGD SA, Stölzle-Oberglas GmbH, Bormioli Pharma SRL, Schott AG, Shandong Medicinal Glass Co. Ltd., Beatson Clark PLC, Arab Pharmaceutical Glass Co, Piramal Glass Pvt Ltd, and Şişecam Group are expected to play a promising role in the global healthcare packaging market during the forecast period.

RECENT MARKET DEVELOPMENTS:

• In February 2020, West Pharmaceutical Services, Inc. introduced several new, innovative pharmaceutical containment and closure technologies at Pharmapack in France. In addition, with the launch of two AccelTRA component line extensions, the Company extends its technologies for multinational consumers and their patients.
• Berry Global Inc. introduced two new medical packaging technologies at the Medical Device and Manufacturing (MDandM) west show in January 2018.
• Gx Elite, a high-quality injection vial, was launched in January 2020 by Gerresheimer AG for improved patient safety. Gx Elite vials can be supplied for end-to-end upgrades on all filling line applications thanks to a unique mix of design, processing, and handling improvements and customized final packaging.