Description
The global medical flexible packaging market was valued at USD 15.8 billion in 2020 and is estimated to grow USD 23.0 billion by 2027, at a compound annual growth rate (CAGR) of 6.5% from 2021 to 2027. The growing use of flexible packaging products in the medical and pharmaceutical sectors is driving the demand for these products. Increasing use of the product on account of various advantages including container variety, less raw material needed, easy disposal, and lightweight are expected to fuel demand over the forecast period.
The major materials used for the manufacturing of flexible packaging products are plastics, paper, and aluminum, of which the plastics material segment is the largest. The wide variety of options from these materials and the ability to provide high tensile strength than their metal counterparts is expected to drive market demand over the forecast period.
Growing efforts toward formulating dosage forms to maximize the bioavailability of the drug at the target site while increasing patients' convenience are driving the global market growth. The introduction of novel drug delivery systems, such as sub-dermal implants, which are available in different forms like rings and patches, are expected to aid the demand for drug delivery devices.
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Global Medical Flexible Packaging Market Dynamics
Drivers: Growth in pharmaceutical industries in emerging economies
Emerging markets provide an excellent opportunity for the medical devices & pharmaceutical industries. These markets exhibit huge market potential and are expected to account for one-third of the global pharmaceutical industry by 2018. Factors such as a huge population, improving longevity, and increasing disposable incomes in this region are expected to provide companies with attractive opportunities. Companies are struggling with the stagnation of mature markets, patent expirations, and increased regulatory hurdles.
However, although these regions offer huge untapped potential, they display a wide diversity in their stages of development, particularly concerning the healthcare infrastructure. Therefore, there cannot be a “one-size-fits-all” approach to emerging markets. Among the three main market clusters — the BRICMT economies (those of Brazil, Russia, India, China, Mexico, and Turkey); second-tier countries such in the Southeast Asia region; and Africa — local characteristics make modified approaches to these markets essential.
Restraints: Increasing packaging costs
Flexible packaging finds use in medical applications and protects products, such as lifesaving drugs, surgical devices, blood and blood products, nutraceuticals, powders, poultices, liquid and dosage forms, solid and semisolid dosage forms, from moisture or any physical damage. In addition, the packaging of these products also provides containment, drug safety, identity, the convenience of handling, and secure delivery. Medical packaging has to balance many complex features.
Factors such as fighting against counterfeit drugs, encouraging patient compliance towards medicines, ensuring the safety and integrity of drugs, and offering child-resistance packaging are issues of high importance to medical packagers. Environment safety is another key concern for the packaging industry in developed and developing countries.
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Scope of the Report
The study categorizes the medical flexible packaging market based on material, product, and end-use at the regional and global levels.
By Material Outlook (Revenue, USD Million, 2017-2027)
- Plastics
- Paper
- Aluminum
- Others
