Plastic Healthcare Packaging Market will rise at a compound annual growth rate (CAGR) of 5.1% by 2031| Future Market Insights, Inc.
August 5, 2022
According to the FMI, the China market will rise at a CAGR of 8.0% in the year 2021-2031. China is one of Asia’s largest contributors in the production of healthcare products. The enormous market continues to grow rapidly driven by economic growth, expenditure, and aging population owing to investments into basic health treatments
/EIN News/ -- NEWARK, Del, Aug. 05, 2022 (GLOBE NEWSWIRE) -- The plastic healthcare packaging market is expected to create an absolute dollar opportunity with a CAGR of 5.0% year-over-year in 2021. Future Market Insights (FMI) anticipated the overall valuation of the market to reach around US$ 37 billion in 2031.
The global market value of the plastic healthcare packaging market is anticipated to surge at a growth rate of 5.1% throughout the forecast period of 2021-2031. There has been a reasonable growth rate registered of a CAGR of 3.6% as compared to the 2016-2020 duration. Owing to the discovery of new drugs for the treatment of health issues and to prevent the spread of chronic diseases.
A hike in the consumption of flexible plastic packaging can be witnessed in the healthcare industry which is further expected to rise on the account of government funding for healthcare and pharmaceutical centers for drug development.
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- FMI has predicted that the increasing drug production and government initiatives toward the development of the healthcare and pharmaceutical sectors will generate significant growth opportunities for the plastic healthcare packaging market in the coming years.
- Plastic is the preferred material in the healthcare packaging sector as it's not fragile and easy to handle as compared to alternative packaging solutions available in the market. Various other child-resistant packaging solutions such as user-friendly and eco-friendly materials are expected to spur sales in the market.
- Spur in the use of interactive technologies such as QR codes, and barcoding helps in easy tracking of inventories while minimizing the chances of counterfeiting drug formulations.
- There has been a positive effect on the packaging industry amidst the covid-19 pandemic. As the demand for cost-effective, high-quality, and efficient healthcare packaging solutions will gain ground through the crisis.
- The preferable material for manufacturers in the healthcare sector is plastic owing to its anti-microbial properties and reduced risk of breakage. Products with PCR content and bioplastics which are non-reactant and eco-friendly are likely to become popular.
Bilcare Limited, Gerresheimer AG, Amcor Limited, Schott AG, Constantia Flexibles Group, Alexander (James) Corporation, Klockner Pentaplast Group, Becton & Dickinson Company, Clondalkin Group, Berry Global, Inc., Comar LLC, Nipro Corporation, Mondi Group plc, Adelphi Healthcare Packaging, Wipak Ltd., Aptar Group, Inc., West Rock Company, West Pharmaceutical Services, Inc., McKesson Corporation, Novio Packaging are some of the key companies profiled in the full version of the report.
Companies operating in the plastic healthcare packaging market are aiming for strategic collaborations and partnerships with other manufacturers to expand their product portfolio, in addition to investing in capacity expansions.
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Plastic Healthcare Packaging Market by Category
By Product Type:
- Vials & Ampoules
- Dropper Bottles
- Nasal Spray Bottles
- Liquid Bottles
- Bags, Pouches & Sachets
- IV Bags
- Medical Specialty Bags
- Prefilled Inhalers, Syringes & Cartridges
- Containers & Jars
- Caps & Closures
- Medication Tubes
By Material Type:
- Low Density Polyethylene (LDPE)
- High Density Polyethylene (HDPE)
- Linear Low Density Polyethylene (LLDPE)
- Polyvinyl Chloride
- Bi-axially Oriented Polypropylene (BOPP)
- Cast Polypropylene (CPP)
- Polyethylene Terephthalate
- Bi-axially oriented Polyethylene Terephthalate (BoPET)
- Metallized PET
- Others (Polycarbonate)
- Medical devices
- Sterile packaging
- Non sterile packaging
- North America
- Latin America
- South Asia
- East Asia
- Middle East and Africa (MEA)
More Insights into the Plastic Healthcare Packaging Market
According to FMI analysis, the China market is anticipated to propel at a CAGR of 8.0% in the year 2021-2031. China was estimated to hold 53.9% of the total market share in the East Asia market in 2021.
As per the valuations of a European trade association namely PlasticsEurope, world plastic production was nearly 368 million tons in 2019 and China accounted for more than 1/3rd of the volume share.
Amid the COVID pandemic, the government in China has boosted the production of plastic healthcare packaging solutions. The availability of plastic raw materials is propelling growth opportunities for the key players of the target market.
China, being Asia’s largest contributor to the production of healthcare products, its enormous market continues to grow rapidly driven by economic growth, expenditure, and aging population owing to investments into basic health treatments. The country is projected to grow rapidly due to the low cost of raw materials and labor charges.
The Indian market has seen reasonable growth in the sales of plastic healthcare packaging due to the presence of several small-and-large scale companies who are ready to widen their reach across for the production of plastic healthcare packaging, reveals FMI.
India dominates the South Asian market by accounting for a major share of 35.3% in 2021. Increasing government initiatives and awareness regarding personal health and hygiene are key factors supporting demand. The country is expected to witness prominent growth of 8.4% during the assessment period.
According to FMI predictions, the U.S. is currently the next most lucrative market after Europe. The U.S. is estimated to hold a market share of 69.4% in North America and is estimated to have a year-on-year growth rate of 5.2% in 2021.
An impressive rise in the demand for plastic healthcare packaging in Germany is expected to rise at nearly 3.8% CAGR over the forecast period. Germany is popular for its technology-driven industry and its developments in the healthcare sector owing to the stringent government rules and initiatives. The rise in the number of factories of medical devices and high consumer attractiveness towards healthcare is anticipated to cover over 14.8% of the Europe market by the year 2031.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Market Analysis
1.3. Analysis and Recommendations
2. Market Overview
2.1. Market Taxonomy
2.2. Market Definition
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation
4. Key Success Factors
4.1. Product Usage Analysis
4.2. Product USPs
5. Global Plastic Healthcare Packaging Market Demand Analysis 2015-2020 and Forecast, 2021-2031
5.1. Historical Market Volume (Units) Analysis, 2015-2020
5.2. Current and Future Market Volume (Units) Projections, 2021-2031
5.3. Y-o-Y Growth Trend Analysis
6. Global Plastic Healthcare Packaging Market - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Pricing Break-up
6.3. Global Average Pricing Analysis Benchmark
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Download complimentary copy of Future Market Insights White Paper on Intelligent Packaging for Circular Economy published in collaboration with Graham Packaging and Avery Dennison
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