Global Medical Packaging Films Market Outlook Report 2023: An $8.9 Billion Market by 2027 - Increasing Inorganic Vendor Activities Bolsters Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Medical Packaging Films Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.
The market is projected to reach $8.9 billion in 2027 from $6.21 billion in 2021, growing at a CAGR of 6.18% from 2021-2027
The growing aging population, increasing demand for medical devices & pharmaceuticals, and demand for flexible and sustainable packaging propel the market growth. Medical packaging holds a vital role in protecting a medical or pharmaceutical product. This packaging ranges from pre-formed packages to customized packages for specialty parts.
Medical packaging films are also used in the pharmaceutical packaging process. They provide a protection layer from extreme environmental conditions and other external factors until the product reaches the consumer from the main point of packaging of these products.
MARKET TRENDS & DRIVERS
Increasing Demand for Innovative Packaging Films
Several vendors have recently made several technological innovations in developing advanced medical packaging films. These innovations include cold-formed foils (alu-alu packs), the introduction of anti-counterfeiting features (holographic printing and multi-colored), child-resistant films, senior-friendly packaging films, and ultra-high barrier films. Alu-alu packs make it possible to eliminate water vapor permeability as well as oxygen and light ingress almost entirely.
For instance, India-based ACG offers a wide range of alu-alu packs, child-resistant films, senior-friendly films, and thermoformable films with an ultra-high barrier. Amcor, Berry Global, India-based Neelam Global, and Germany-based Schur Flexibles also offer a wide range of thermoformable films.
Packaging companies always demand and provide these innovations in the market. These innovations will play a significant role in the future of the medical packaging film market.
Rising Demand for Flexible Packaging
The wide use of flexible packaging solutions in the pharmaceutical sector is driving growth in the global medical packaging films market. Flexible packaging offer multiple advantages, such as it readily takes the shape of the items to be packed, offers easy shipping and product protection, and generates low waste, coupled with shortening packaging weight by up to about 70%.
Flexible packaging is beneficial, mainly for packaging single-use products. The packaging presents lessened chances of contamination as the products can be sterilized along with the packaging.
Volatility in Raw Material Prices
All the packaging trends come at a cost, which is quickly escalating. Rising volatile raw material and commodity prices are affecting every industry.
Material suppliers struggle to profit; tier suppliers and OEMs are torn between raising prices and suffering cost increases. Raw materials procurement is under threat because of increasing trade restrictions during the COVID-19 pandemic owing to lockdown restrictions across the world; however, post-pandemic relaxation in the trade restrictions is expected to create a positive influence for key players in the market.
However, fluctuations in raw material prices and stringent rules and regulations are the major restraining factor for the medical packaging films market growth and are expected to be the same during the forecast period. Various environmental regulations have been implemented in several European and Asian countries, thus impacting the market's growth.
INSIGHTS BY MATERIAL
The polyethylene segment holds the highest share of 28.09% in the global medical packaging films market. It is projected to grow at the highest CAGR of 6.60% during the forecast period.
The growth can be attributable to its high flexibility, conformability, excellent chemical resistance, and a good barrier against moisture to prevent contamination in the product. Among PE, the most common materials used are HDPE and LDPE. LDPE is well known for being widely used in plastic bags because of its low density.
Polypropylene (PP) materials constituted 25.5% of the global medical packaging films market share in 2021. PP is a low-cost thermoplastic with high clarity, gloss, and enhanced tensile strength. It has a higher melting point than polyethylene, thus making it more suitable for applications requiring sterilization at high temperatures. Metalizing PP can improve gas barrier properties which is essential for extended product shelf life.
INSIGHTS BY TYPE
The global medical packaging films market by type is segmented into thermoformable and high-barrier films. The thermoformable films segment accounted for the highest revenue share of 57.78% in 2021.
The packaging industry has found productive results with the thermoforming film packaging process. They are ideal for packing consumable and non-consumable products for medical industries. The advantages of thermoformable films include product protection, cost-effectiveness, sustainability, fast turnaround, low waste, and more.
Thermoforming is a financially efficient option due to the low costs of the materials. Thermoformed plastic products cost up to 15% less than plastic packaging made through injection molding. The process also has a quick turnaround time, which can save on labor costs.
INSIGHTS BY APPLICATION
The global medical packaging films market is segmented into bags, tubes, and others under the application segment. In 2021, bags accounted for more than half of the medical packaging films market share.
For manufacturing medical bags, the use of plastic films remains high, as they tend to enhance shelf life, reduce bacterial contamination, and make the bags resistant to breakage and shipment of plastic bags.
The US-based Nelipak Healthcare Packaging, a global technology provider, provides innovative packaging solutions and complementary products and services and offers a wide range of rigid bag and flexible bag films, such as LLDPE bag films.
INSIGHTS BY END-USER
The pharmaceutical companies segment accounted for the highest revenue share in the global medical packaging films market by end-user category. As the demand for pharmaceuticals continues to grow, the demand for packaging has grown significantly in the pharmaceutical industry.
Pharmaceutical companies are highly focused on emerging markets and are developing pharmaceuticals for emerging markets, such as cell and gene therapy, 3D printed drugs and precision medicines. These are expected to create lucrative opportunities for medical packaging film manufacturers to develop innovative and advanced packaging.
The global medical packaging films market is highly dynamic and competitive, with several international, regional, and local vendors offering a diverse and comprehensive range of medical packaging films with wide applications.
Technological innovations, including child-resistant films, senior-friendly films, high-barrier films such as alu-alu packs or aluminum cold-forming blister foils, thermoforming films, specialty films, unit-dose packaging films, and eco-friendly or bioplastic films are trending in the market.
ACG and adapa Group (formerly Schur Flexibles) companies provide a wide range of thermoforming films that provide the highest barrier against oxygen and moisture. Specialty Films company offers Maskit Thermoformable Protective Film that can withstand high temperatures up to 190 C and is also easy to peel off, resealable and 100% recyclable, and eco-friendly. Anti-counterfeiting features in the films are also trending to protect and keep track of the product.
Market Opportunities & Trends
- Rising Focus on Eco-Friendly Packaging
- Growing Popularity of Bi-Axially Oriented Polypropylene Films
- Increasing Demand for Innovative Packing Films
Market Growth Enablers
- Rising Demand for Flexible Packaging
- Growing Demand for Pharmaceuticals and Medical Devices
- Increasing Inorganic Vendor Activities
- Volatility in Raw Material Prices
- Compliance with Environmental Regulations for Disposal & Recycling
- Home Delivery of Medicines Beset with Several Challenges
- Berry Global
- Sealed Air
Other Prominent Vendors
- adapa Group
- AVI Global Plast
- CCL Industries
- CellBios Healthcare & Lifesciences
- Honeywell International
- Liveo Research
- Meghmani Group
- Neelam Global
- Speciality Polyfilms
- Super Olefins
- West Pharmaceutical Services
- Wihuri Group
For more information about this report visit https://www.researchandmarkets.com/r/ndoh42-packaging?w=4
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