The medical packaging market throws light on product pricing, market risks, in-detail study of technological aspects, techno-economic strongholds, and other business aspects. According to the market study, demand is anticipated to increase at a CAGR of 7.4% over the period of 2021 to 2031, mainly due to high investments in the development of newer technologies.
The amount of money spent on medicines around the world continues to rise. In 2020, approximately US$ 1.3 trillion (out of which one-third belongs to the U.S.) was spent on medicines, up from just US$ 890 Bn in 2010. The United States leads the world in overall pharmaceutical spending and is anticipated to continue to do so until 2025.
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.
- In April 2021, Amcor unveiled its newest innovation – the New AmSkyTM blister system, with the potential to transform the sustainability of healthcare packaging.
- In January 2021, Ashfield, a division of UDG healthcare plc, announced the development of three business divisions to extend and strengthen its healthcare services.
- In October 2020, Ardagh Group launched a US$ 1.8 Bn corporate growth investment program in metal beverage packaging and glass packaging.
Key Companies Profiled
- 3M Company
- Amcor Plc
- Ardagh Group S.A.
- Becton, Dickinson and Company
- UDG Healthcare plc
- Berry Global Group, Inc
- Sealed Air Corporation
- Catalent, Inc.
- West Pharmaceutical Services Inc.
- Mondi Group Plc