The global medical packaging films market is foreseen to value over USD 8.4 billion by 2026 end and record a CAGR over 4.9% during the forecast period, 2019 to 2026.
Medical packaging plays an important role in sustaining product quality. It's used for manufacturing of various packaging forms such as bags, pouches, labels and sachets. Medical packaging films offer less physical protection compared to rigid ones. The increasing need for implantable devices coupled with the rapid growth of the healthcare market is fueling the growth of the medical packaging films market. Additionally, the growing demand for bi-axially oriented films has also escalated the market.
The gradual increase in demand for implantable devices and increasing awareness in developing countries such as India and China has led to the augmentation of the market. Amendments in technology related to packaging have boosted the growth of the market. Gradual increasing demand for viable packaging has led to further expansion of the industry. However, the rising cost of healthcare may hinder the growth of the market.
The market is bifurcated into by material, type, application and by region. Based on material, polypropylene is expected to control the growth of the market during the coming time. Polypropylene comes with low-cost thermoplastic and offered high clarity and gloss. It can be metalized, which can lead to amended gas barrier properties for multiple applications where product life is essential. Such factors have inflated the size of the market.
Based on type, the market is classified into high barrier films and formable films. High barrier films are expected to grow and have a positive influence on the market. High barrier films offer protection against moisture and water.
Based on application, bags are expected to spur the size of the market. Bags are widely used in hospitals. The rapid increase of healthcare industry is creating a positive impact on bags and boosting the growth of the market as well. Bags have enhanced shelf-life and are tough to break. These factors have led to vast demand from pharmaceutical industries and have propelled the market.
In terms of region, North America is dominating the global market because of the gradual increase in government support for research institutes and because of the growing number of pharmaceutical industries. Asia-Pacific region is expected to be an opportunistic space for manufacturers. The strong presence of healthcare industry alongside raising awareness among consumer regarding sustainable packaging is inflating the size of the market in the region. Europe is also expected to witness significant growth during the forecast period. The rising awareness regarding the need for reducing packaging waste is swelling the growth of the market.
The key players of Medical packaging films include Honeywell International, Wipak Group, 3M Company, Coveris Holdings S.A and Bemis Company, Inc.
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Global Medical Packaging Films Market Segmentation:
By Material● Polyamide (PA)
● Polypropylene (PP)
● Polyvinyl Chloride (PVC)
● Polyethylenes (PE)
By Type● Thermoformable Film
● Metallized Film
● High Barrier Film
By Application● Bags
● Parenteral Nutrition Bags
● Blood Bags
● Biomedical Bags
● Drainage Bags
● Other Bags
By Region: ● North America
● Latin America
● Rest of the World
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Competitive Landscape: ● Tier 1 players- established companies in the market with a major market share
● Tier 2 players
● Emerging players which are growing rapidly
● New Entrants
Futurewise Key Takeaways● Growth Prospects
● SWOT Analysis
● Key Trends
● Key data-points affecting market growth
Objectives of the Study:• To provide with an exhaustive analysis on the global medical packaging films market by material, by type, by application and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
• To evaluate and forecast micro-markets and the overall market
• To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
• To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
• Profiling of companies to evaluate their market shares, strategies, financial and core competencies
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