DUBLIN, July 29, 2021--(BUSINESS WIRE)--The "Medical Packaging Films Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The medical packaging films market is predicted to witness a healthy CAGR of 4.5% over the forecast period 2021-2026)
With the outbreak of new diseases and growth in regulatory norms across the world, the pharma sector focuses on population health management by which the growth in drugs and medical devices, augments the demand of medical packaging films.
Moreover, as the sustainable technology continues to grow and become intrinsic to the business process, the medical technology sector is being tasked to incorporate sustainable technologies across its various sectors, with the packaging being a huge main factor.
According to BioResources, in 2019, researchers conducted an experiment of Seaweed-based biodegradable films which were studied with the incorporation of different concentrations of neem (Azadirachta indica) leaf extract. The experiments indicated that the seaweed-based film incorporated with neem leaves extract has potential application as an active packaging material due to its enhanced mechanical properties and antimicrobial activity.
Also, the rising demand for bioplastic material in the packaging segment drives the market. In 2018, according to the European Bioplastics, the global volume production of bioplastics accounted for about 2.11 million metric tons, in which almost 65% of the volume was used in the packaging market segment.
Various companies are moving towards sustainable packaging for the medical segment. In the past, Biome Bioplastics developed a cellulose-based compostable material (BiomeHT90) with 50% above content for biobased carbon content. The material can be processed through injection molding, sheet extrusion and thermoforming, and is suitable for medical instruments that require sterilization.
The growing demand to treat the chronic disease that requires continuous vaccination drives the market. Chronic diseases are the primary causes of death and disability globally. According to WHO, the estimated cases for the chronic disease may reach around 60% globally till 2020.
As the vaccines for such cases are obtainable in pre-filled syringes form, its increased consumption is expected to boost the market growth especially for PP (Polypropylene) and PE (Polyethylene) films.
Fluctuation in the prices of raw materials restraints the growth of the market. Due to rising crude oil prices and robust consumption from plastic manufacturers, the prices get fluctuated by which the decrease in production rate challenge the market to grow.
Key Market Trends
Plastic to Gain Significant market Share in PC (Polycarbonate) Films in Medical Devices
Packaging for medical devices is generally fabricated from thermoformed Polycarbonate (PC) film, which refers to a polymer-based medical devices packaging. Such films provide the package and its contents to be sterilized together by exposure to radiation. Emerging applications of PC through thermoformed include various medical parts such as inhalers for the consumer market, ophthalmic products, orthopedic materials, lab-on-a-chip devices for determining blood chemistry or analyzing proteins, etc.
Autoclaving sterilization is the most common method to sterilize the equipment, where the equipment needs to withstand temperatures of up to 163 degrees Celsius. PC film is the most appropriate film to withstand this temperature.
LEXAN 8040 PC film of Tekra provides autoclave stability which meets sterile medical packaging applications complied by FDA regulations and USP-VI compliance. It maintains exceptional clarity while allowing heat resistance for steam and dry heat sterilization. The applications include ophthalmic solutions, blister packaging, implants, instrument tray sets, woven products, and diagnostics, which majorly increase the demand in the market.
Moreover, companies are focusing to implement this packaging films in various types of medical transplants. For instance, in Dec 2019, Covestro designed Makrofol MA507 polycarbonate film for packaging breast implants, as these are sensitive products that should arrive undamaged at the hospital after manufacture, sterilization, and transport. This PC film is highly transparent so the physician can reliably visually inspect the implant before unpacking it and are also characterized by high tear and impact resistance.
The medical packaging films market is fragmented in nature and the major players have used various strategies such as new product launches, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market, which increases the rivalry in the market.
Key players are Honeywell, 3M, Amcor.
Market Drivers and Restraints
Rising Demand for Bioplastic Material
Growing Demand to Treat Chronic Disease
Fluctuation in the Prices of Raw Materials
Honeywell International Inc.
DuPont de Nemours, Inc.
Toray Industries, Inc.
Klockner Pentaplast Group
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View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005708/en/
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