Global demand for Medical Packaging Films market was valued at approximately USD 5.9 Billion in 2019, and is expected to generate revenue of around USD 7.9 Billion by end of 2026, growing at a CAGR of around 4.8% between 2020 and 2026.
Medical Packaging Films Market
According to the report published by Zion Market Research, global demand Medical Packaging Films market was valued at approximately USD 5.9 Billion in 2019, and is expected to generate revenue of around USD 7.9 Billion by end of 2026, growing at a CAGR of around 4.8% between 2020 and 2026.
Medical packaging films find extensive applications in the production of myriad packaging types such as bags & pouches, wraps, blister packs, sachets, and labels.
With the products offering a high barrier against moisture, oxygen, water, and other gases, the growth of the market for medical packaging films are anticipated to gain momentum over the years ahead. Apart from this, the escalating demand for sustainable packaging services along with the extensive use of bi-axially oriented films is some of the key aspects influencing the medical packaging films industry growth. Moreover, the medical packaging films applications are predicted to rise across the healthcare sector, owing to its elongated shelf life, low bacterial contamination, and breakage resistance. With the massive need for low-cost packaging, the product is becoming highly popular across the medical and pharmaceutical sectors.
Rise in the cases of chronic disorders, escalating demand for bioplastics, and huge healthcare funding activities are foreseen to drive medical packaging films market earnings.
The medical packaging films market can be segmented into material type, application, product type, and end-user. On the basis of material type, the market is sectored into polyethylene, polyvinyl chloride, polypropylene, and polyamide. Based on the product type, the medical packaging films market is classified into co-extruded films, thermoformable films, high barrier films, and formable films. Application wise, the industry is classified into lidding, blister packs, sachets, bags & pouches, and tubes. On the basis of end-user, the medical packaging films industry is divided into medical devices, healthcare, and pharmaceuticals.
Based on the region, the medical packaging films market can be divided into five main regions: Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa. The medical packaging films market in the Asia Pacific is predicted to experience a massive surge, owing to escalating consciousness among the customers pertaining to reusable packaging as well as a strong industrial base in the continent. Additionally, the presence of key manufacturers in the region along with the burgeoning need for sustainable packaging will further stimulate business growth. On the other hand, these products help in saving costs and are sustainable and guarantee product safety. Hence they are generally preferred in countries such as India and China. The Asia Pacific is predicted to dominate the business in terms of both volume and revenue.
Medical packaging films industry in Europe is anticipated to experience a lucrative expansion in the years ahead, subject to the tremendous demand for medical equipment. Nonetheless, the massive consciousness among the people about the decrease in packaging wastes will stimulate the market size in the European continent.
North American market is slated to witness remarkable growth during the assessment timespan, subject to a rising in the geriatric population preferring the product.
Few of the main participants in medical packaging films market are 3M Company, Honeywell International, Dunmore Corporation, Toray Plastics (America), Inc., Weigao Group, Amcor, Covestro AG, Wipak Group, Glenroy, and Renolit SE.