(PharmaNewsWire.Com, August 05, 2022 ) The report "Medical Packaging Market by Material (Polymer, Non-woven Fabric, Paper & Paperboard), Packaging Type (Bags & Pouches, Trays, Boxes), Application (Medical Equipment & Tools, Medical Devices, Implants, IVDs), Packing Type, and Region - Forecast to 2022", The medical packaging market 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 tackle the issues of counterfeiting and misuse, healthcare regulators in the EU, the U.S., and other major healthcare markets have implemented strict requirements for packaging systems and packaging materials used to preserve the sterility of medical devices, protect their functionality, and retain their biological safety. Initially published in 2006 and amended in 2015, the ISO 11607 series is the internationally accepted standard series for packaging and packaging materials used in conjunction with medical devices and consists of two parts.
In terms of application, the medical equipment & tools segment is expected to grow at the highest CAGR. Medical equipment is widely used in hospitals globally in a variety of applications; it thus accounts for the largest market share. Since, the high number of equipment & tools used in the medical industry can be contributed to their high market share in the packaging market
On the basis of packaging type, the bags & pouches segment accounted to grow at the highest CAGR. This segment is witnessing high growth due to its ease of packaging and a large number of application areas. The ease of using bags & pouches in huge application areas makes it an important segment. The sterilized bags & pouches are preferred due to their ease-of use, light weight, and bio-degradability.
On the basis of material, the polymer segment is projected to have the highest CAGR. This segment is witnessing high growth due to a variety of reasons such as recyclability, cost-effectiveness, and usability.
The Asia-Pacific market is projected to grow at the highest CAGR during the forecast period due to the increasing population, growing economies, and increasing demand for better healthcare infrastructure and facilities.
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.) , WestRock Company (U.S.). These players have 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 market players to achieve growth in the medical packaging market.
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