Technological Innovation Swing towards Sustainability to Foster Bright Opportunities in Medical Packaging Market, Predicts Fact.MR
Published : 08 Oct 2021 Industry: Chemical & Materials
According to a recent study by Fact.MR, a market research and competitive intelligence provider, on medical packaging, the global market is set to be valued at US$ 81.5 Bn in 2021 and rise at a compound annual growth rate of 7.4% over the assessment period of 2021-2031. Fact.MR estimates that medical packaging is set to witness high-end growth on the back of rising inclination of pharmaceutical companies towards cost-effective and sustainable packaging solutions.
The market of medical packaging is firmly dominated by tech giants such as 3M Company, Amcor Plc, Ardagh Group S.A., Becton, Dickinson and Company, UDG Healthcare plc, and a few others. Product offerings of players mentioned are spread across a wide spectrum, and are designed in unique manner serving various applications.
R&D has remained a consistent pillar pushing market growth for medical packaging. Players with abundant resources and capital investments have been continuously investing on developing sustainable packaging solutions to resolve environmental issues. They have also been working alongside pharmaceutical companies to offer cost-effective packaging solutions.
Most market players have been focussing on the expansion of their manufacturing capabilities in order to meet product demand. Announcements in respect with expansion of global sales footprints have also been observed, allowing the market to grow far beyond expected.
Key Takeaways from Market Study
- The medical packaging market is anticipated to add 2.1X value by 2031.
- Amcor, a top giant in the industry, launched its latest innovation called the New AmSky blister system.
- Plastics/polymers capture a major chunk of the market and are set to create an absolute $ opportunity of around US$ 44 Bn by 2031.
- Among the applications, the bottles segment has been the fastest-growing one globally.
“With the market becoming technologically dependent, players with abundant R&D reserves will witness fortunate opportunities over the coming years,” says a Fact.MR analyst.
Technology Aspect: The Conquering Facet
Manufacturers have been pushing themselves to make better versions of their items from years. Huge technology investments have paved the way for the sector to thrive. It is more of self-competition among players supplying medical packaging solutions with updated technologies to launch new products with improved features.
More Valuable Insights Provided
Fact.MR, in its new offering, presents an unbiased analysis of the global medical packaging market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.
The study reveals essential insights on the basis of material (plastics/polymers (polyethylene, polyvinyl chloride, polypropylene, polyethyene terephthalate, and others) glass, metal, and others) and application (bottles, trays, syringes/ampoules/vials, blister packs, bags & pouches, and others), across key regions of the world - North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Sr. Consultant – Chemicals and Materials