Plastic Healthcare Packaging Market Size is expected to increase considerably over 2022-2028. This is a result of the increasing application scope of plastics in healthcare packaging, waste disposable bags, and blister packs, owing to usage benefits such as durability. Likewise, the rising incidence of chronic diseases will augment the need for medical drugs and devices and in turn, proliferate industry expansion over the forthcoming years. Medical packaging refers to the process of safeguarding healthcare products, designed according to the sterilization requirements and unique specifications of medical products to preserve their integrity whilst adhering to medical standards. Plastic containers are extensively used as healthcare packaging products, given their significant attributes like durability and leak-resistance nature.
Significant deployment of AI technology in the drug development process is one of the prominent trends characterizing plastic healthcare packaging market outlook through 2022-2028. In April 2021, for instance, Evotec announced the Phase I clinical trials of its new anticancer molecule, developed in partnership with Exscientia, a company that applies AI techniques to small-molecule drug discovery. This increased reliance on innovative technology could proliferate the drug discovery process and consequently amplify the need for plastics in pharmaceutical packaging. The rising awareness about the benefits of flexible medical packaging, including its capability to hold up well under sterilization agents like gamma radiation and ethylene oxide, will also contribute to the rising product popularity. However, concerns regarding plastics pollution and the implementation of various stringent norms against the use of single-use plastics may create a hindrance to industry dynamics in the years ahead.
Based on type, the plastic healthcare packaging market from the syringes packaging segment will register high revenue by 2028, considering the escalating product adoption during the coronavirus pandemic for vaccine administration. With regards to end-use, the medical device manufacturing companies segment will amass considerable gains during the projected timeframe, as a result of the burgeoning demand for home medical equipment to reduce dependence on diagnostics facilities and clinical support.
On the regional front, the North America plastic healthcare packaging market is set to depict a strong growth rate through 2028, which can be credited to the increased burden of chronic diseases. As per the CDC, chronic conditions are the leading causes of disability across the U.S. and the drivers of the country’s annual healthcare costs worth $3.8 trillion. Factors such as these, along with the mounting development of drugs with valuable medical benefits in the region, are anticipated to push the requirement of healthcare plastic packaging solutions in the upcoming years.
The competitive landscape of the plastic healthcare packaging industry comprises companies such as Constantia Flexibles, Catalent Pharma Solutions, Aphena Beacon Converters, UDG Healthcare plc (United Drug), Vetter Pharma International, Sealed Air Corporation, and Tekni-Films, among others. These firms are implementing various strategies such as new product launches and business expansions to gain a competitive advantage over rivals in the global market. For instance, in February 2021, Constantia Flexibles unveiled Perpetua, its new recyclable polymeric mono-materials based on polypropylene high barrier laminates, designed for pharma packaging applications.
The novel coronavirus pandemic has led to a decline in drug trials for various chronic diseases including cancer worldwide. Apart from the logistical challenges, several clinical studies have been halted or the priorities have been shifted to COVID-19 treatment. These factors may have disrupted the new drug development process and subsequently hindered the industry in recent months. Despite such setbacks, the commendable surge in the development of syringes and vials amid the race for vaccine production against COVID-19 may aid industry recovery over the foreseeable future.
Market, by Type
Market, by End-users
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