Published Date : 16 Sep 19 | Views: 148 | Industry : Life Science
The global Medical Packaging market is mainly
segmented into three segments such as by material, by application, and by type.
By material, the market is segmented into polypropylene, polyethylene,
polyvinyl chloride, and polyamide. According to the report, polypropylene
segment is predicted to grow with a telling CAGR during the predicted
period. By type, global Medical Packaging material is segmented into High
barrier film and thermoformable film. Among these two types, thermoformable
film segment is anticipated to grow at a faster pace in the upcoming years.
These films are strong and highly durable.
By application, the market is segmented into tube, bag, and Others. Among applications, bag segment is projected to take a lead in the global Medical Packaging market. Medical bags are widely used in healthcare facilities in order to fulfill the requirement of large amounts of affordable packaging.
Asia-Pacific to Emerge as a Major Contributor in the Global Medical Packaging Market
Asia-Pacific is prophesied to maintain a solid position in the global Medical Packaging market. China and India are developing nations with a heavy population thus they have a large requirement of medical packaging films providing sustainability, product safety, and cost savings. Apart from the above-mentioned reasons other factors including rising demand for sustainable packaging solutions, presence of key market participants, and strong infrastructure are predicted to support Asia-Pacific’s Medical Packaging market. Europe is also forecasted to notice an average growth in the global Medical Packaging market.
Market Participants to Adopt Innovative Strategies to Solidify Their Position
Berry Global Group, Covestro AG, DuPont, Weigao Group, PolyCine, Amcor, Renolit SE, Glenroy, Wipak Group and 3M Company are some of the leading market participant functioning in the global Medical Packaging market. Players are incorporating various strategies to acquire large market share of the global market. Companies are targeting various industries, OEM’s to dominate their co-competitors.
Emerging Markets to Foster the Global Medical Packaging Market Growth
Increasing spending on healthcare facilities, growing demand for bioplastic materials, and high prevalence of chronic diseases are some of the factors prognosticated to increase global Medical Packaging market growth. Adoption of technologies like IoT and Artificial intelligence in the medical and healthcare industries are supplementing medical packaging market growth. India and China are considered to be the emerging markets, therefore, manufacturers are looking forward to the opportunities created by these markets.
However, raw material price fluctuation could slow down global Medical Packaging growth. Strict rules and regulations in the medical packaging industry are prophesied to challenge the market across the globe in near future.