Flexible Packaging for Healthcare Market Growth Forecast at 5.3% CAGR During 2020 to 2028 COVID Impact and Global Analysis by TMR

October 08 20:34 2021
Flexible Packaging for Healthcare Market Growth Forecast at 5.3% CAGR During 2020 to 2028 COVID Impact and Global Analysis by TMR
Flexible Packaging for Healthcare Market
Flexible Packaging for Healthcare Market is expected to expand at a CAGR of 5.3% during the forecast period. Several medical products packaging manufacturers prefer flexible packaging, owing to its high barrier properties and flawless print finish for bags & sacks, tapes, and labels further lifting the growth of the flexible packaging for healthcare market across the globe

Transparency Market Research delivers key insights for the flexible packaging for healthcare market in its published report, which include global industry analysis, size, share, growth, trends, and forecast for 2020-2028. In terms of revenue, the global flexible packaging for healthcare market is projected to expand 1.5x its current market value by the end of 2028, owing to increasing demand from pharma & biological and medical supplies end usage across several countries. About which TMR offers detailed insights and forecasts in the flexible packaging for healthcare market report.

Flexible packaging for healthcare is preferred for the various end usage, including medical supplies, pharma & biological, and medical devices. Flexible packaging for healthcare can offer complete protection from oxygen, moisture, and bacteria making it suitable for pharmaceutical products packaging applications. TMR team segmented the analysis of flexible packaging for healthcare market based on various factors such as material type, product type, and end use across five regions. As per the TMR analysis, increasing incidences of chronic conditions, post COVID-19 scenario, expenditure on healthcare facilities, and rising demand for medicines, pharmaceuticals, healthcare, and nutraceuticals are driving the flexible packaging for healthcare market. Furthermore, high preference of clear flexible formats to package medicines and medical products across the globe is expected to boost the sales of flexible packaging for healthcare market.

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Growing Consumer Emphasis on Using More Compact Flexible Packaging

Packaging accounts for nearly 2 percent of the cost of purchase of any product. These numbers are high in countries of Europe, wherein Germany alone accounts for more than 48kg per person per annum of packaging consumption. Consumers have become more refined about environmental problems over the past few years; however, and favor lighter weight packing products to prioritize portable packaging and reduce waste.

Consumers across developed markets have shifted to smaller packaging purchase, which is re-sealable and easy to carry. Manufacturers are thus, providing high barrier film material, which eliminates the need for secondary material for packaging a product. In France, Germany, and the U.K., thermoformable films are preferred. This technology enables down-gauging of polymer material by up to 35%, ensuring high-performance barrier protection as compared to traditional films.

Flexible packaging for healthcare, such as films & wraps, sachets, and other products are becoming a common packaging solution in North America, as consumer demand for compact packaging is ramping up. This inclination of both manufactures and consumers toward flexible packaging for healthcare, continuously uplifting the growth of the worldwide demand for flexible packaging for healthcare.

Asia Pacific Emerging as Major Hub for Flexible Packaging for Healthcare Market

Due to expansion of key industries such as pharmaceutical, medical, and others, high demand for flexible packaging for healthcare is expected during the forecast period. India and China, which enjoy leading positions as two of the largest consumers of flexible packaging for healthcare in Asia Pacific, offer plenty of opportunities to vendors from across the world to invest in this lucrative market. This can either be carried out by collaborating with successful local players to expand in the region or through mergers and acquisitions.

It is exciting to note that rising preference for flexible packaging solutions in the region is anticipated to create new market opportunities for global players. Flexible plastics are being increasingly replaced by rigid packaging and other non-plastic materials (including glass and metal), as these are lightweight, flexible, and durable. Over the past few years, highly populated emerging economies, such as India, China, Indonesia, and some ASEAN countries are implementing new technological advancements, owing to the demand for flexible packaging for healthcare.

Intolerance toward Plastic Resulting in Declining Consumption of Plastic Films

Plastic takes hundreds of years to decompose and therefore, is not favored by many countries and organizations. In fact, the European parliament has plans to ban all single-use plastics by the end of 2020. In the last few years, there has been a prominent increase in awareness regarding environmental issues associated with foodservice disposables, especially those manufactured with plastic material or lined with plastic. In 2016, France became the first country in the world to put a complete ban on disposable plastic cups and plates. A lot of medical waste such as syringes, plastic pouches, and others, has been found in oceans, which is directly affecting the habitat and causing environmental health concerns. According to a new French law, 50% of all disposable tableware must consist of biologically-sourced materials that can be composted at home. This law will be implemented from 2020.

Sudden changes in regulations could lead to a turbulence in the market, which might negatively impact the demand for plastic films. Furthermore, the flexible packaging industry is gradually shifting toward alternative solutions rather than using plastic films. This will ultimately impact the demand for flexible plastic packaging across the globe.

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Flexible Packaging for Healthcare Market: Competition Landscape

The global flexible packaging for healthcare market is expected to witness conflicts among key players, as many bulk manufacturers from China and India are trying to grab the pie of market. Flexible packaging for healthcare market includes many well established market participants and numerous other local players, attributing to major revenue creation with the raising demand for pouches, films & wraps, bags & sacks, and other products. Some of the key players operating in the global flexible packaging for healthcare market are Amcor PLC, Sealed Air Corporation, Sonoco Products Company, Becton, Dickinson & Company, Winpak Ltd., Constantia Flexibles Group GmbH, Berry Global Group, Inc., DS Smith Plc, CCL Industries Inc., Coveris Holdings S.A, WestRock Company, Huhtamaki Oyj., Mondi Plc, and Honeywell International, Inc.

The Tier structure is formulated on the basis of segmental revenue and market share of the company. As per Tier structure, Amcor Plc, Mondi Plc, DS Smith PLC, and Berry Global Group, Inc. are the Tier 1 players in the flexible packaging for healthcare Market. These players are focusing on the development of more flexible, versatile, and stable flexible packaging for healthcare solutions. Tier 2 players includes WestRock Company, Huhtamaki Oyj., Sonoco Products Company, Sealed Air Corporation, and Coveris Holdings S.A.

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