(PharmaNewsWire.Com, June 29, 2019 ) According to the latest report by IMARC Group, titled “Global Healthcare Packaging Market Research Report and Forecast 2019-2024”, the global healthcare packaging market reached a value of US$ 101.2 Billion in 2018. Healthcare packaging provides protection to and information about a pharmaceutical product or medical device. It safeguards the product from physical damage and chemical deterioration by preventing exposure to moisture, oxygen, light and temperature changes. Since healthcare products have unique specifications and usually require sterilization before their packaging, healthcare packaging thus helps in preserving the highest medical guidelines and standards, without compromising on the product’s integrity. It further aids in ensuring the stability of the product during its storage.
The thriving healthcare industry is a key factor driving the market growth. Rising geriatric population owing to the increased life expectancy is creating significant scope for manufacturers to produce innovative and improved medicines and medical devices. Furthermore, several governments across the globe have taken initiatives to offer affordable healthcare facilities to the masses which, in turn, is driving the market toward growth. The implementation of the Affordable Care Act by the US Government is one such example wherein the objective is to widen the healthcare coverage provided by the State. Moreover, innovative solutions such as sterile barrier packaging solutions and eco-friendly packaging variants along with the use of light-weight materials are also contributing to the market growth. On account of these factors, the global healthcare packaging market size is anticipated to reach US$ 145.9 Billion by 2024, exhibiting a CAGR of 6.2% during 2019-2024.
Pharmaceutical Packaging Based on the product type, the market has been divided into plastic bottles, caps and closures, blister packs, pre-fillable syringes, parenteral containers, pre-fillable inhalers, pouches, medication tubes and others. Amongst these, plastic bottles represent the most popular product type. On the basis of the material type, the market has been categorized into plastics and polymers; paper and paperboard; glass; aluminum foil; and others. At present, the plastic and polymers segment accounts for the majority of the market share.
Based on the packaging type, the market has been bifurcated into primary packaging and secondary packaging. Primary packaging currently holds the largest market share.
On the basis of the drug delivery mode, the oral segment currently exhibits a clear dominance in the market. Other major segments include injectable, dermal/topical, inhalable and others.
On the geographical front, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Among these, North America currently holds the leading position, representing the dominant segment.
Insights on Market Segmentation:
Market Breakup by Type of Healthcare Packaging Market:
1. Trays 2. Pouches 3. Clamshell Packs 4. Others
Based on the product type, the market has been segregated into trays, pouches, clamshell packs and others. Pouches currently represent the dominant segment in the market.
Market Breakup by Material of Healthcare Packaging Market:
1. Plastic 2. Paper 3. Alumium 4. Tyvek 5. Other
On the basis of the material, plastic accounts for the majority of the overall market share. Other major segments include paper, aluminum, Tyvek and others.
Market Breakup by Application of Healthcare Packaging Market:
1. Sterile Packaging 2. Non Sterile Packaging
Based on the application, sterile packaging exhibits a clear dominance in the market, followed by non-sterile packaging.
Market Breakup by Type of Healthcare Packaging Market:
1. Asia Pacific 2. North America 3. Europe 4. Middle East and Africa 5. Latin America
On the geographical front, the market has been segregated into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, North America holds the leading position in the global market.
Competitive Landscape:
The competitive landscape of the market along with the profiles of major players have also been analyzed in the report.
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