Medical Flexible Packaging Market

Global Medical Flexible Packaging Market Outlook

The global medical flexible packaging market is estimated at USD 25.7 Billion in 2022 and is forecast to surpass USD 40.9 Billion by 2032, growing at a CAGR of 4.7% from 2022 to 2032.

Report Attributes	Details
Base Year Value (2021A)	USD 24.7 Billion
Estimated Year Value (2022E)	USD 25.7 Billion
Projected Year Value (2032F)	USD 40.9 Billion
Global Growth Rate (2022-2032)	CAGR 4.7%
East Asia Market Share in 2021	~18.9%
East Asia Market Growth Rate (2022-2032)	CAGR 5.1%
Collective Value Share (US, China, India) 2022: Top 3 Countries	~39%
Top 5 Companies Market Share in 2021	~21%
Key Companies Profiled	Amcor Limited Bemis Company Inc. Sealed Air Corporation Huhtamaki Oyj Mondi Group Plc Constantia Flexibles Group GmbH Becton Dickinson & Company Catalent Inc. Coveris Holdings S.A. Sonoco Products Company Berry Group Inc. Reynolds Group Holdings Aptar GroupInc. Datwyler Holdings Other Market Players

The global medical flexible packaging market accounts for ~30% of the global medical packaging market in 2022. The global medical flexible packaging market is estimated to have an absolute $ opportunity of USD 15.2 Billion during the forecast years of 2022-2032. 

The extensive use of flexible packaging solutions in the pharmaceutical and medical sectors is driving the market growth. Owing to the low weight, product variety, less requirement of the raw material coupled with easy disposal is expected to support market demand by 1.4X in forecast years of 2022-2032.

2017-2021 Global Medical Flexible Packaging Market Outlook in Comparison to 2022-2032 Growth Forecast

Medical flexible packaging products are produced from an easily flexible material. It offers multiple advantages such as it readily forms the shape of the items to be packed, provides product protection and easy shipping, and generates low waste, coupled with reduced packaging weight by up to 70%.

The provision of price and product differentiation offered by medical flexible packaging, aids in the preservation of health and hygiene of medical devices. This is estimated to support market demand by 1.3X during the assessment years of 2022-2032. 

Fact.MR projects the medical flexible packaging market is expected to witness exhibiting growth at 4.7% CAGR during 2022 and 2032 in comparison to a CAGR of 3.1% with which it grew from 2017 and 2021.

Demand for High Barrier Films to remain High

The demand for BOPET barrier films and polyvinylchloride barrier films is expected to remain high during the assessment years. Plastics, aluminium, paper are some of the major materials that are used in the manufacturing of flexible packaging products.

Flexible packaging is beneficial, especially for packaging single-use products. Single-use products are increasingly becoming popular as they help to avoid risks of cross-contamination. The packaging presents reduced chances of contamination as the products can be sterilized along with the packaging. This is estimated to provide a gain of 230 BPS in the coming years.

The healthcare industry largely uses high-barrier films as they help to prevent the permeation of light, flavor, aroma, gas, water vapor, oil, oxygen etc. As they are available in a wide variety, they are compatible with most of the equipment and drugs. The high-barrier films are estimated to support market demand by 1.7X as it is a one-stop solution for drugs and equipment manufacturers. 

Manufacturers Focusing on Expansion

Key players in the medical flexible packaging market are focusing on expanding geographically to emerging economies, which is likely to escalate their profits. This is because of the low-labor costs in the emerging countries in addition to a wider consumer base.

Additionally, they are also focusing on offering products made with the combination and diversification of data analytics thereby offering technologically-driven products. This is furthermore fueling market growth by 2/5th of ~40% of current levels in coming years.

Moreover, manufacturers are thriving in mature markets which do have patent expirations and augmented regulatory hurdles. They are focusing on key strategies such as regional expansion and brand positioning to garner a larger market share. This is expected to enhance the revenues of manufacturers by 1.2X in forecast years.

Government Regulations to Impede Market Growth

There exist stringent government regulations associated with the recycling of packaging materials, polymers, which is expected to impede market growth by 0.6X during the assessment years. Moreover, the rising aluminium and polymer costs are also expected to influence growth of medical flexible packaging market in coming years.

Region-wise Insights

Which region accounts for more enhanced demand for Medical Flexible Packaging Market?

North America medical flexible packaging market accounts for 25.1% of the overall market. The region is projected to witness a CAGR of 4.6% during the forecast years of 2022-2032. This is attributed to growing innovation in barrier materials. The escalating usage of drug delivery systems such as nutrition bags and IV bags is leading to enhanced growth of the medical flexible packaging market. 

What is the market scenario in Asia-Pacific?

The Asia-Pacific medical flexible packaging market consists of East Asia and South Asia accounting for 18.9% and 17.6% of the medical flexible packaging market. Collectively, they hold 36.5% of the overall medical flexible packaging market share together.

The region is estimated to witness a CAGR of 5.3% during the assessment years. This is attributed to escalating product demand from emerging economies such as China and India. Additionally, the growing healthcare industry coupled with escalating per capita income is expected to have a positive impact on the growth of the market. All the above-listed factors are estimated to provide a gain of 248 BPS in the coming years.;

Category-wise Insights

Which product type dominates the Medical Flexible Packaging Market during the assessment period of 2022-2032?

The pouches and bags segment under product type holds nearly 1/3rd i.e. ~34.4% of the overall market share. The segment is projected to grow at a high CAGR of 5.3% during forecast years. This is attributed to the development of special pouches and bags that comes with high-barrier packaging, their availability in multiple sizes with a wider scope of application in multiple end-use industries, which is expected to fuel the demand in this segment. 

The lids and labels which constitute 26.7% of the market share are expected to register a moderate CAGR. This is owing to labelling becoming an important part of packaging because of regulations regarding the labelling of medical devices. Moreover, lids and labels prevent the pharmaceuticals and devices from tampering, contamination and spoilage, thereby serving as primary or secondary functional packaging. This is expected to drive the segment over the forecast years.

Which end-use segment is estimated to account for largest market share in Medical Flexible Packaging Market?

Based on end-use, pharmaceutical manufacturing holds the largest market share of 29.7% and is projected to grow at a CAGR of 4.3% during the forecast years of 2022-2032. This is attributed to the augmented manufacturer's preference for an in-house packing facility thereby driving the consumption of packaging materials. 

However, the contract packaging which currently holds 21.3% of the overall market share is projected to grow at a higher CAGR of 5.2% during the forecast years. The manufacturers are taking cost advantages of packaging in developing economies, which are perceived as favourable destinations for the growth of the contract packaging industry.

Competitive Landscape: Top Companies in Medical Flexible Packaging Market

The global medical flexible packaging market is highly fragmented and competitive owing to the existence of many domestic and regional players. Various marketing strategies are adopted by key players such as mergers and acquisitions, expansions, collaborations and partnerships.

Also, new product development as a strategic approach is adopted by the leading companies to upscale their market presence among consumers. These strategies have resulted in the incorporation of advanced medical flexible packaging.

Fact.MR has provided detailed information about price points of top manufacturers of medical flexible packaging market positioned across regions, sales growth, production capacity, and speculative technological expansion in the recently published report.

For instance:

1. Berry Global Group Inc. declared union with Mondelez International in 2020 to provide cream cheese packaging made out of recycled plastic. This is expected to establish a new trend of recycled packaging and provide gain to the market.
2. Catalent Inc. signed an agreement with Acorda Therapeutics Inc. in 2021, wherein Catalent will acquire Acorda’s facility in Chelsea. This acquisition will act as a global centre of excellence and provide significant commercial-scale capacity for new customer programs.

Global Medical Flexible Packaging Market Segments

• By Product Type

  • Seals
  • High Barrier Films
  • Wraps
  • Pouches & Bags
  • Lids & Labels
  • Others

• By Material Type

  • Polyvinyl Chloride
  • Polypropylene
  • Polyethylene Terephthalate
  • Polyethylene
  • Paper
  • Aluminium
  • Others

• By End-User

  • Pharmaceutical Manufacturing
  • Medical Device Manufacturing
  • Implant Manufacturing
  • Contract Packaging
  • Others

• By Region

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • MEA