The healthcare packaging market is expected to witness robust growth during 2019-2027. The market is expected to garner 5% CAGR over the forecast period and reach a total evaluation of $137 bn by 2027 end.
Rising demand for healthcare packaging, thanks to growing concerns of hygiene in the healthcare sector are expected to propel growth of the healthcare packaging market. The widespread use of disposable plastics, and its essential place in sterilization are expected to continue as a boon for the healthcare packaging market in the near future.
Major Trends in the Healthcare Packaging Market
Technology is bringing a disruption to many industries and the healthcare packaging is not an exception. The growth of e-commerce has made cross-nation trade a virtual reality for small players in the market as well. This is expected to bring pressures on costs in the packaging industry. Additionally, technological innovations in packaging like new materials, advancements on the horizon like 3D printing, and sustained upshifts in investments are expected to emerge as main drivers for growth in the healthcare packaging market.
The growth of e-commerce has also lead to the adoption of doorstep deliver to consumers. This is expected to emerge as a major segment in the healthcare packaging market. Major pharmacies like Walgreens are investing large sums to ensure that doorstep delivery option is available to all their customers. This is not surprising as in countries like the US, busy lifestyles force people to make purchases ahead of time and require pick-up services on a regular basis. Hence, the doorstep delivery, and subsequent rise to packaged pharmaceutical goods are expected to augment strong growth in the healthcare packaging market in the near future.
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E-commerce has also been a boon for industries that have never existed before like the sexual health industry. Earlier, barriers of traditions, lack of awareness, and access prevented people from availing information about sexual health. With the growth of e-commerce, this industry has taken a strong foothold and promises robust returns for the healthcare packaging market. The sensitive, and on-demand nature of packaging is likely to promise strong returns for players in the healthcare packaging market in the near future.
Customized packaging and safety concerns are also expected to drive significant growth for the healthcare packaging market in the near future. The healthcare sector has traditionally opted for safe and reliable packaging products like disposable plastics for storing syringes in large supplies. Additionally, growth of pre-filled syringes, new material advances, and customizable packaging options due to advent of 3D printing are likely to spur growth for the healthcare packaging market in the near future.
Regional Landscape
Many pharmaceutical companies globally are investing large sums of money in research and development. The rise of chronic illnesses around the world, the streamlining of approvals, and expansion strategies in new regions are expected to propel the healthcare packaging market. It is estimated that the North America region presents 90% of the total revenues in the healthcare packaging market. Additionally, the market in the region is witnessing child-resistant and anti-counterfeiting products which are expected to reassure consumers and propel growth. Major acquisitions in the region like Bemis Company Inc are expected to increase the competition in the region along as technology continues to improve products and create new opportunities like smart packaging. The Europe region is also expected to witness significant demand in the near future as entry of large packaging players in Poland is expected to augment strong growth in the regional market. Additionally, growth in biologics to counter bans on single-use plastics, and rise in demand eco-friendly packaging are expected to drive growth of the healthcare packaging market in the near future.
This analysis of the global healthcare packaging market is based on a recent market research report by Transparency Market Research, titled “Healthcare Packaging Market (Packaging Format: Flexible Packaging (Bags & Pouches, Envelopes, Tubes, Sachets), Rigid Packaging (Trays, Boxes & Folding Cartons, Clamshells, Blisters, Bottles & Jars, Containers, Aerosol Cans, Ampoules & Vials); Material: Plastic (Polyethylene, Polypropylene (PP), Polyethylene Terephthalate (PET), Polystyrene (PS), Polyvinyl Chloride (PVC), Polyamide/EVOH, Polyurethanes (PUR), Other Plastics), Metal (Aluminum, Tin), Glass, Paper & Paperboard; End Use: Pharmaceuticals & Biological, Medical Supplies (Gloves, Scissors, Syringes and Needles, Surgical Tapes, Others), Medical Equipment (Surgical, Therapeutic, Diagnostic)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 – 2027”
Healthcare Packaging Market: Winning Strategies to Achieve High Volume Sales
As the operational costs of healthcare packaging businesses heavily rely upon the supply stream of raw materials, manufacturers set up their manufacturing facilities at sites with a seamless flow of raw materials. This leads to a significant reduction in overhead costs on account of the minimized transportation activities of raw materials. However, establishing a new facility, in turn, demands huge capital. Manufacturers can partner with local players in the developing markets of Asia Pacific by resorting to the outsourcing business model to broaden their exposure and generate high ROI.
Though the infiltration of plastic has been an inseparable one in the healthcare packaging industry, broadening of carbon footprints is likely to level up the stringency of regulations in the landscape. Thus, a shift away from plastic will be an unavoidable one. Manufacturers who foresee the shift and adapt to new-age material trends - paper and paperboard - will be able to safeguard their revenue in the coming years.
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As instances regarding the counterfeiting of medical supplies, medicines, and drugs have been on an upsurge, healthcare packaging manufacturers necessitate a shift towards saving their business from defamation. Manufacturers can leverage the prowess of anti-counterfeiting technologies such as RFID tags and barcode stickers to secure their supply chain.
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