(PharmaNewsWire.Com, September 24, 2021 ) Medical packaging has been widely used for the packaging of medical devices, equipment, implants, and medicines. MarketsandMarkets projects that the medical packagingmarket size will grow from USD 35.31 billion in 2016 to USD 50.55 billion by 2022, at a compound annual growth rate (CAGR) of 6.29% from 2017 to 2022. Rise in income levels, growth in healthcare awareness, and increase in incidences of chronic conditions will drive the market for medical packaging.
The global market for medical packaging is dominated by large players such as Avery Dennison Corporation (U.S.), 3M Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), CCL Industries, Inc. (Canada) , Amcor Limited (Australia), Constantia Flexibles Group GmbH (Austria), Bemis Company (U.S.), Sonoco Products Company (U.S.), and WestRock Company (U.S.).These players adopted various strategies to expand their global presence and increase their market share.Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by the players to achieve growth in the medical packaging market.
Mergers & acquisitions, collectively, accounted for the largest share of 58% of the total strategic developments in the global medical packagingmarket. Companies adopted this strategy to expand their geographical reach, acquire new projects, strengthen their product & service portfolios, and cater to untapped markets. Avery Dennison Corporation (U.S.), 3M Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), were the major companies that adopted this strategy.
3M is one of the key players in the medical packaging category. The company emphasizes on R&D activities; it invested 1.80 billion towards R&D to develop new technology and offer advanced products. The company used mergers& acquisitions as its key strategy for its growth in the medical packaging industry. The company,in March 2015,acquired Ivera Medical Corp. (U.S.), a manufacturer of healthcare products. The business is now a wholly owned subsidiary of 3M and a part of its Critical & Chronic Care Solutions Division.
WestRock makes high investments in the field of packaging.The company focuses on expanding its business, both geographically and in terms of end-use applications. The company adopts strategies such as mergers & acquisitions to capture a larger market share. It is one of the world’s largest recyclers of paper fiber, which is a raw material used by the company.In January2017,WestRock acquired Multi Packaging Solutions (U.S.). This acquisition enhanced WestRock’s position as a leading provider of differentiated paper and packaging solutions.
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