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Global Healthcare Packaging Market is projected to grow at a CAGR of 9.0% By 2031: Visiongain Research Inc
Visiongain has published a new report entitled the Healthcare Packaging Market Report 2021-2031: It includes profiles of Healthcare Packaging and Forecasts Market Segment by End-User. (Pharmaceuticals. Medical Devices) Market Segment by Drug Delivery Mode (Oral & Injectable. Dermal/Topical. Inhalable) Market Segment by Material (Plastics and Polymers. Paper and Paperboard. Glass. Metal. Composites) Market Segment by Product Type (Plastic Bottles. Blister Packs. Caps & Closures. Pouches. Prefilled Syringes. Trays. Parenteral Vials & Ampoules. Prefill able Inhalers. Medication Tubes. Clamshell Packs. Other Product Type) PLUS COVID-19 Impact Analysis and Recovery Pattern Analysis (V-shaped, W-shaped, U-shaped, L-shaped) Profiles of Leading Companies, Region and Country.
The global healthcare packaging market was valued at US$116.3 billion in 2020 and is projected to grow at a CAGR of 9.0% during the forecast period 2021-2031.
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Large Purchasing/Marketing Groups Changing the Face of Medical Device
Larger and more sophisticated buying groups have emerged as a result of cost containment and the desire to be more competitive. GPOs (Group Purchasing Organizations) have become an integral aspect of the medical device marketing process. These firms assist hospitals and other healthcare providers in obtaining volume-based pricing and other advantages. Even though margins may be lower, large medical device makers attempt to establish sole-source supply agreements with GPOs, but smaller manufacturers often have more difficulty using GPOs. Clearly, GPOs compete with distributors, despite the fact that some distributors have GPO contracts. Healthcare providers have formed central purchasing organizations, known as integrated delivery networks (IDNs), to obtain more control over product purchase, which has resulted in a decrease in the number of medical device buyers in recent years.
How has COVID-19 had a significant negative impact on the Healthcare Packaging Market?
The COVID-19 pandemic highlighted the flaws and gaps in the health-care supply chain. There are numerous ways that the sector can use to prevent supply chain disruptions during significant disasters without incurring extravagant expenditures. The COVID-19 pandemic is a remarkable occurrence that has affected every nation, company, and supply chain on the earth. The epidemic threw the health-care system into disarray, with hospitals on the point of collapsing due to capacity overload, critical-item supply chains disrupted, and federal and state agencies unable to take palliative and preventative measures. While governments and private-sector organizations had disaster plans and stockpiles in place, the pandemic exposed several major supply chain vulnerabilities, such as shortages of personal protective equipment (PPE) and testing kits.
How this Report Will Benefit you?
Visiongain's 510+ page report provides 355 tables and 345 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global healthcare packaging market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Healthcare Packaging. Get the financial analysis of the overall market and different segments including material, product type, drug dosage mode, end-user and capture higher market share. We believe that high opportunity remains in this fast-growing healthcare packaging sector. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report would help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximize the productivity of the company.
What are the current market drivers?
Changing Demographics and Lifestyles
The most evident changing demographic is the ageing population and its implications for healthcare. When compared to younger people, older adults have different and more acute medical concerns; they are usually more difficult, more expensive, and require longer and more intensive therapies. Seniors, on average, spend 2.5 times as much per capita on healthcare as younger people and consume almost 30% of all prescription medications, according to estimates. Most of the money spent on an individual's health appears to be spent in the last six to eight weeks of life, frequently in an attempt to prolong the life of a terminally ill person. This tendency runs counter to the federal government's objective to reduce Medicare and other hospital costs. It's not surprising that seniors now spend more than twice as much on health care as they did before Medicare.
One of the Most Pervasive Trends in Medical and Surgical Equipment Supply Is the Growth of Disposable Kits
The rise of disposable kits is one of the most ubiquitous trends in medical and surgical equipment supply. These goods are becoming increasingly customized in medical, diagnostic, and surgical procedures, as well as for individual health professionals who demand a pre-packaged, sterilized plastic container containing their own unique selection of equipment, gadgets, and related peripherals. These goods are representative of the overall trend in medical and surgical products toward disposables. This trend is backed up by hospital executives and medical purchasing groups. Hospital efficiencies and labor costs are improved by using pre-prepared kits, trays, and packs. Suppliers are willing and able to ship quickly to hospital central supply locations and maintain sufficient stocks in their own warehouses to avoid hospital shortages, so inventories are kept to a minimum.
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Where are the market opportunities?
Speed Up in Packaging Innovations Leading Cost and Time Reduction
The rate at which pharmaceutical research has advanced has always been matched by the rate at which packaging technology has advanced. The packaging ensures the integrity of drugs during storage, shipment, and delivery. As a result, advances in the packaging industry are tied to advancements in the NDA Pharmaceutical's market. Software and technology services will significantly speed up the design of pharmaceutical packages. The services will be designed to reduce time-to-market while also enhancing design and testing accuracy, resulting in significant cost savings for both the developer and the customer. These new developments are resulting in a packaging industry where materials are used more efficiently, the number of samples to be tested for stability is reduced, fewer employees are required, less time is required, and fewer types of equipment are used. To maintain an ideal thickness distribution for the high-performance packaging material, the blister cavity is designed with 3D design tools.
Increasing Investment and Flexibility for Effective Manufacturing
Adopting new development processes, on the other hand, introduces a new set of issues, which is why working with a fill/finish industry expert is important to achieving and maintaining success. Emergent BioSolutions has spent $50 million in its Baltimore Camden plant to upgrade fill/finish technology in order to meet market demand. This, I believe, is a necessary expense to meet demand.
Competitive Landscape
The major players operating in the healthcare packaging market are Becton, Dickinson and Company (bd). Nipro Company. Stevanato Group. West Pharmaceutical Services. Gerresheimer AG. Amcor Plc. Mondi PLC. Sealed Air Corporation. Sonoco Products Company. WestRock Company. Ardagh Group SA Company. Corning Inc. Technology Company. O-I Glass, Inc Company. Schott AG Manufacturing Company. Groninger& Co. GmbH. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
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With our newly report title, you are less likely to fall behind in knowledge or miss out on opportunities. See how our work could benefit your research, analyses, and decisions. Visiongain's study is for everybody needing commercial analyses for the healthcare packaging market and leading companies. You will find data, trends and predictions.
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About Visiongain
Visiongain is one of the fastest growing and most innovative, independent, market intelligence around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports cover a 10-year forecast, are hundreds of pages long, with in depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets, which currently can influence one another, these markets include automotive, aviation, chemicals, cyber, defense, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customized and syndicated market research reports mean that you can have a bespoke piece of market intelligence customized to your very own business needs.
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