Medical Packaging Films Market Reaching at US$ 7.1 Billion to 2023 Overview by Thermoformable Film, High Barrier Film, Medical Drugs and Equippers Like Bag and Tube
Medical packaging market is projected to grow from USD 5.6 billion in 2018 to USD 7.1 billion by 2023, at a CAGR of 4.87% during the forecast period. Many healthcare products need high-barrier films, mostly for products which are sensitive to moisture and oxygen. The growing demand for medical packaging films and increasing demand for bi-axially oriented films in the healthcare industry are factors that are driving the growth of the medical packaging films market across the globe.
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The report on medical packaging films market study includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the medical packaging films market.
“In terms of volume, the thermoformable film segment is projected to grow at the highest CAGR during the forecast period.”
Medical packaging films market study provides various essential purposes, but the primary role is to protect a packaged medical or pharmaceutical products. Medical packaging is designed in order to support the medical standards and also protect medical products as they feature unique specifications and often require sterilization before packaging.
Polypropylene segment in medical packaging films market is projected to grow at highest CAGR, in terms of value, during forecast period. Polypropylene or PP is a low-cost thermoplastic with high clarity, high gloss, and enhanced tensile strength. It has a higher melting point than PE, which makes it suitable for applications that require sterilization at high temperatures. PP can be metalized, which results in improved gas barrier properties for various applications, where long product shelf life is important.
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Currently, the market in North America is estimated to dominate in the global medical packaging market in terms of revenue, owing to high standard of living and healthcare facilities, with a strict protocol for medical packaging in countries in this region. The market in Asia Pacific is projected to witness significant growth due to the increased demand for medical packaging films from highly populated countries such as India and China, as these packaging solutions offer benefits such as cost-savings, sustainability, and safety of packaged products.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the medical packagingfilms market.
- By Company Type: Tier 1: 35%, Tier 2: 30%, and Tier 35%
- By Designation: Director Level: 61%, Managerial Level: 39%
- By Region: North America: 15%, Europe: 21%, Asia Pacific: 51%,Middle East & Africa: 8%,and South America: 5%
Medical packaging films market comprises major manufacturers such as Amcor (Australia), Berry Global Group (US), DuPont (US), Weigao Group (China), PolyCine (Germany), Covestro AG (Germany), Glenroy (US) and 3M Company (US), Wipak Group, and Renolit SE (Germany).
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The thermoformable film segment in the medical packaging films market is projected to grow at the highest CAGR during the forecast period, in terms of volume. This segment is projected to witness significant growth due to the high strength and durability offered by thermoformable films. Medical products are available in a wide range of shapes and sizes.
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The report also aims at helping the stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities. The report helps the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall medical packaging films market and its segments and sub segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and adopt suitable go-to-market strategies.
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