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Healthcare Packaging Global Market Report 2023
Major players in the healthcare packaging market are Gerresheimer AG, Winpak Ltd., Amcor plc, Sonoco Products Company, Huhtamaki Oyj, CCL Industries Inc, Sealed Air Corporation, Berry Global Inc., Dunmore Corporation, Nipro Corporation, Schott AG, Shandong Medicinal Glass Co.
New York, June 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Healthcare Packaging Global Market Report 2023" - https://www.reportlinker.com/p06466479/?utm_source=GNW
Ltd., Arab Pharmaceutical Glass Co., Mondi Group., Ball Corporation, Honeywell International and Klockner Pentaplast Europe GmbH & Co KG.
The global healthcare packaging market is expected to grow from $106.95 billion in 2022 to $112.99 billion in 2023 at a compound annual growth rate (CAGR) of 5.64%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The healthcare packaging market is expected to reach $145.18 billion in 2027 at a CAGR of 6.47%.
The healthcare packaging services market includes revenues earned by entities by providing services such as drug packaging, pouch packaging, ampoules packaging, sachet packaging, trays, and boxes packaging.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Healthcare packaging refers to a process used to package medications, equipment, and other pharmaceutical supplies.It is done to protect and store medical supplies from physical harm, biological contamination, and negative external consequences.
Healthcare packaging serves a number of crucial functions, but its main function is to safeguard packaged drugs or health products.
North America was the largest region in the healthcare packaging market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of products used in healthcare packaging are bottles and containers, vials and ampoules, cartridges and syringes, pouches and bags, blister packs, tubes, paperboard boxes, caps and closures, labels, and other products. Bottles and containers refer to narrow-necked, rigid or semirigid plastic or glass containers. which is used in several materials, such as glass, plastic, metal, paper and paperboard. It makes flexible packaging and rigid packaging, and it involves different drug delivery modes such as oral, injectable, dermal and topical, inhalable, and other drug delivery modes. These are used by primary end-users, such as pharmaceuticals and medical devices.
The growth of the pharmaceutical business is expected to propel the growth of the healthcare packaging market going forward.Healthcare packaging is essential for the safe and effective delivery of pharmaceutical products, protecting them from external factors that can compromise their quality.
As the pharmaceutical industry grows and innovates with new drug development, the demand for advanced and specialized healthcare packaging solutions also increases.This drives market growth for healthcare packaging by creating opportunities for packaging manufacturers to develop new and innovative solutions to meet the evolving needs of the pharmaceutical industry.
For instance, in June 2022, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a Belgium-based trade association and lobbying organization, in 2021, North America accounted for 49.1 percent of global pharmaceutical sales, compared to Europe’s 23.4 percent. And the pharmaceutical business spent more than $43.15 (€39,600 million) on research and development in Europe in 2020. These numbers are expected to rise in the future. Therefore, the growth of the pharmaceutical business in emerging markets is driving the healthcare packaging market going forward.
Technological advancement is a key trend gaining popularity in the healthcare packaging market.Major companies operating in the healthcare packaging market are adopting new technologies to sustain their position in the market.
For instance, in August 2021, Amcor Plc., an Australia-based product packaging company, launched lidding technology for healthcare packaging applications. This packaging solution is based on a laminate and inert film development that is patent-protected. This technology is used for devices that use an active pharmaceutical ingredient (API) to form the basis of medicine. Moreover, it endures heat sterilization without affecting the drug uptake into the medicine and offers machinability, integrity, post-sterilization, and ease of opening for patients. Lidding technology is primarily used for combination healthcare products such as contact lenses.
In March 2023, Colorcon, Inc., a US-based pharmaceutical manufacturing company that provides pharmaceutical products, acquired Airnov Healthcare Packaging Inc., from Arsenal Capital Partners for an undisclosed amount. Through these acquisitions, Colorcon Inc., demonstrates its commitment to investing in cutting-edge technologies that aid producers of health and wellness products in accelerating time to market, enhancing quality, and boosting competitiveness. Airnov Healthcare Packaging Inc. is a France-based manufacturer of healthcare packaging products intended for the pharmaceutical, nutraceutical, and health supplement sectors.
The countries covered in the healthcare packaging market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The healthcare packaging market research report is one of a series of new reports that provides healthcare packaging market statistics, including healthcare packaging industry global market size, regional shares, competitors with a healthcare packaging market share, detailed healthcare packaging market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare packaging industry. This healthcare packaging market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry
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