Healthcare Packaging Market Size, Share, Key Trends, and Forecast Analysis to 2032
The global healthcare packaging market size was valued at USD 171.81 billion in 2023 and is expected to be worth USD 181.13 billion in 2024. The market is projected to reach USD 300.87 billion by 2032, recording a CAGR of 6.55% during the forecast period.
The global healthcare packaging market features a diverse array of products aimed at ensuring the safe and efficient protection and delivery of healthcare items. Advancements in digital printing technology enables high flexibility in labeling and branding, and the inclusion of patient-specific information which is expected to contribute to the market growth.
Fortune Business Insights™ displays this information in a report titled, “Healthcare Packaging Market, 2024-2032."
Information Source: https://www.fortunebusinessinsights.com/healthcare-packaging-market-110539
LIST OF KEY COMPANIES PROFILED IN THE REPORT
Amcor Plc (Switzerland)
Gerresheimer AG (Germany)
SCHOTT AG (Germany)
3M Company (U.S.)
Westrock (U.S.)
AptarGroup, Inc. (U.S.)
Berry Global, Inc (U.S.)
Graphic Packaging International, LLC (U.S.)
Huhtamäki Oyj (Finland)
CCL Industries Inc. (Canada)
West Pharmaceutical Services (U.S.)
SGD Pharma (France)
Ardagh Group S.A. (Luxembourg)
Oliver Healthcare Packaging (U.S.)
International Paper (U.S.)
Segmentation:
Plastic Leads Market Owing to its Property to Get Molded into Diverse Array of Shapes and Sizes
Based on material, the market is segmented into plastic, paper & paperboard, glass, metal, and others. Plastic represents the leading segment within this market. This growth can be attributed to its inherent properties, which allow for easy molding into a diverse array of shapes and sizes, making it suitable for a variety of packaging applications.
Rigid Packaging Dominates Market Due to its Exceptional Strength and Stability
Based on product type, the market is segmented into rigid packaging and flexible and semi-rigid packaging. Rigid packaging products remain the dominant segment in the global market. This type of packaging is characterized by its exceptional strength and stability, making it suitable for safeguarding sensitive healthcare products.
Primary Packaging Dominates Market as it Protects Products from Various Environmental Factors
Based on packaging type, the market is segmented into primary packaging, secondary packaging, and tertiary packaging. Primary packaging represents the dominant segment within the global market. It plays a crucial role in protecting products from contamination, moisture, light, and other environmental factors that could potentially compromise their efficacy and safety, thereby driving growth in this segment.
Pharmaceuticals Leads Market Due to Strict Regulations Governing Pharmaceutical Products that Ensure Patient Safety and Drug Efficacy
Based on application, the market is segmented into pharmaceuticals, medical devices, and others. Pharmaceutical packaging represents the largest segment of the global market. This growth can be attributed to the stringent regulations governing pharmaceutical products, which are designed to ensure patient safety and drug efficacy.
With respect to region, the market covers North America, Latin America, Europe, the Middle East & Africa, and Asia Pacific.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading applications, materials, product types, packaging types, end-use industries, and key market players. It has also focused on the latest market trends and key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Adoption of Smart Packaging Solutions for Packaging of Healthcare Products to Drive Market Growth
The healthcare packaging sector is undergoing a profound transformation driven by technological advancements. Innovative smart packaging solutions, which integrate sensors, RFID tags, and QR codes, are elevating packaging's capabilities beyond its traditional role. These cutting-edge technologies enable smart packaging to monitor medication conditions, track usage, and deliver real-time data to both patients and healthcare providers. Smart packaging streamlines supply chain management, minimizes waste, and boosts overall efficiency, ultimately benefitting the entire healthcare system.
However, the counterfeit production of healthcare products represents a major concern. It threatens patient safety and the integrity of the brand, which in turn obstructs healthcare packaging market growth.
Information Source: https://www.fortunebusinessinsights.com/healthcare-packaging-market-110539
Regional Insights:
North America Dominates Market Due to Region’s Mature Healthcare Packaging Industry
North America accounts for the largest healthcare packaging market share. The growth can be attributed to the region’s mature healthcare packaging industry, which leads to increasing demand for advanced packaging solutions.
Europe is the second-leading market region. Factors such as strict regulatory standards, technological advancements, and a consumer shift toward sustainability are driving market growth in the region.
Competitive Landscape:
Prominent Players to Develop Advanced and Innovative Packaging Solutions to Maintain Their Dominance in Market
The global market is characterized by high fragmentation and competition. Some of the prominent players operating in the global market include Amcor Plc, Gerresheimer AG, SCHOTT AG, 3M Company, Westrock, AptarGroup, Inc., Berry Global, Inc., Graphic Packaging International, LLC, Huhtamäki Oyj, and others. These players are focusing on offering advanced and innovative packaging solutions to maintain their dominance in the market.
Notable Industry Development:
January 2024: Bormioli Pharma, a leading pharmaceutical packaging company, teamed up with Loop Industries, a clean technology firm, to create an innovative and eco-friendly pharmaceutical packaging solution. The new bottle is made of 100% recycled virgin quality Loop™ PET resin.