Medical Packaging Films Market by Material (Polyethylene, Polypropylene, Polyvinyl Chloride, Polyamide), Type (Thermoformable Film, High Barrier Film, Metallized Film), Application (Bags, Tubes), and Region - Global Forecast to 2028
Updated on : April 15, 2024
Medical Packaging Films Market
Medical Packaging Films Market was valued at USD 7.8 billion in 2023 and is projected to reach USD 10.4 billion by 2028, growing at 6.0% cagr from 2023 to 2028. The growth of the medical packaging films market is propelled by factors such as the rising prevalence of chronic diseases, expanded investments in healthcare infrastructure, increasing interest in bioplastic materials, and the growing demand for bi-axially oriented films.
Global Medical Packaging Films Market Trends
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Medical Packaging Films Market Dynamics
Driver: Increasing healthcare expenditures, alongside a growing incidence of chronic diseases
The burgeoning growth of the healthcare and medical industry stands as a significant driver for the medical packaging films market. As urbanization accelerates and disposable incomes rise globally, more consumers are interested in increasing the expenditure on healthcare facilities. This helps to grow the demand for medical packaging films. As medical packaging films offer several benefits such as product protection, longer shelf life, maintain sterility, good barrier properties against oxygen, chemicals, and other contaminants, etc. Due to such benefits, it is used highly in the medical industry in several application areas such as bags, tubes, and others.
Restraint: Variability in the cost of raw materials
The medical packaging industry has faced significant challenges in its pursuit of delivering top-tier packaging solutions at reduced costs. Fluctuations in the prices of raw materials have had an adverse impact on the profitability of the medical packaging film sector. Contributing to the cost pressures on raw material suppliers are environmental concerns and the volatility in oil and resin prices. These price increases are driven by a variety of factors, including geopolitical instability and stricter environmental regulations, coupled with occasional supply shortages. Moreover, it is expected that both fuel and transportation costs will see substantial increases. These factors have posed barriers for new entrants to the medical packaging market, as the combined expenses of operation, raw materials, and energy have added to production costs.
Opportunity: Increasing interest in eco-friendly packaging alternatives
Industry dynamics are experiencing significant shifts, driven by the implementation of new regulatory initiatives. Entities like the FDA, the European Parliament, and Council have played a pivotal role in influencing manufacturers to innovate in their packaging approaches. Additionally, heightened concerns about the environmental impact of plastics in medical packaging have spurred manufacturers to create sustainable packaging alternatives that prioritize both safety and security. To address cost pressures while upholding product packaging integrity, manufacturers are exploring sustainable packaging solutions that require fewer resources for production, decrease transportation expenses, and extend the shelf life of products.
Challenges: Stringent government rules and regulations
While stringent regulations governing medical packaging films can present challenges, they are relatively manageable for the market. Adhering to these regulations is imperative, as even the slightest flaw in packaging could result in the contamination of medicines and devices, potentially causing severe repercussions. Moreover, non-compliance can have adverse effects on the manufacturer's profitability. Medical packaging for healthcare products and devices necessitates factors such as moisture control, product integrity, light barrier properties, and convenient transportation. This will become a challenge for the manufacturers to maintain the quality of the product by following the regulations and keeping the operational costs as much as possible.
Medical Packaging Films Market Ecosystem
Dominance of bags in the Medical packaging films application segment:
In terms of application, the bags segment is anticipated to take the forefront in the medical packaging films market from 2023 to 2028, in terms of value. Medical bags play a pivotal role within the industry, especially when there's a demand for cost-effective packaging in substantial quantities. Bags offer multiple advantages, including the safeguarding of medical products, convenient transportation, and a platform for brand promotion. They are extensively employed for storing items like first aid kits, medications, and medical equipment. Additionally, pouches serve as a practical choice for housing tools or liquid medications.
“Polypropylene is the fastest growing material segment of the medical packaging films market.”
In the medical packaging films market, the polypropylene segment is expected to exhibit the highest compound annual growth rate (CAGR) in terms of value throughout the forecast period. Polypropylene, or PP, is an economical thermoplastic known for its high clarity, gloss, and enhanced tensile strength. Notably, it boasts a higher melting point than polyethylene (PE), rendering it well-suited for applications demanding high-temperature sterilization. Furthermore, the capacity for metallization enhances its gas barrier properties, particularly in applications where extending the product's shelf life is a critical consideration.
“Thermoformable Film is the largest type segment of the medical packaging films market.”
Thermoformable film, often referred to as thermoforming film, is a type of packaging material that can be easily shaped or molded using heat. It is typically a thin, flexible plastic film designed to become pliable when exposed to heat, allowing it to take on a specific shape or contour. These are used to create custom-shaped trays and clamshell packaging for medical devices. This packaging ensures the safe and secure storage and transportation of devices like syringes, catheters, and surgical instruments.
“APAC is the speediest-growing market for medical packaging films market.”
The Asia Pacific medical packaging films market is poised to experience the most robust Compound Annual Growth Rate (CAGR) between 2023 and 2028 in terms of value. This growth is attributed to the escalating demand for medical packaging films in densely populated nations like India and China. These packaging solutions are favored for their cost-efficiency, sustainability, and their ability to ensure the safety of packaged products. Furthermore, the Asia Pacific region is expected to lead the market both in terms of value and volume throughout the forecast period. This projection is driven by the region's robust industrial infrastructure, the increasing demand for sustainable packaging solutions across various applications, and the presence of key manufacturers in the medical packaging films market.
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Medical Packaging Films Market Players
Key stakeholders steering the trajectory of the medical packaging films market include Amcor Plc (Switzerland), Berry Global Inc. (US), DuPont de Nemours Inc. (US), RENOLIT SE (Germany), Weigao Group (China), Sealed Air Corporation (US), Covestro AG (Germany), 3M (US), Toppan, Inc. (Japan), Wipak (Finland), and Mitsubishi Chemical Corporation (Japan). To solidify their positions in this competitive market, these industry frontrunners have judiciously employed a range of growth strategies. This encompasses acquisitions, diversifying their product lineup, geographical expansions, and forging productive partnerships, collaborations, and agreements. Through these strategic maneuvers, they aim to cater to the escalating demand for medical packaging films, particularly from dynamic emerging markets.
Medical Packaging Films Market Report Scope
|
Report Metric |
Details |
|
Years Considered |
2021–2028 |
|
Base year |
2022 |
|
Forecast period |
2023–2028 |
|
Unit considered |
Value (USD Million/Billion), Volume (Million Square Meters) |
|
Segments |
Type, Material, Product Type, End-Use Sector, and Region |
|
Regions |
Asia-Pacific, North America, Europe, South America, and Middle East & Africa. |
|
Companies |
The major players are Amcor Plc (Switzerland), Berry Global Inc. (US), DuPont de Nemours Inc. (US), Covestro AG (Germany), and Weigao Group (China) and others are covered in the Medical packaging films market. |
This research report categorizes the global medical packaging films market on the basis of Type, Application, and Region.
Medical Packaging Films Market by Type
- Thermoformable film
- High barrier film
- Metallized film
- Others
Medical Packaging Films Market by Material
- Polyethylene
- Polypropylene
- Polyvinyl chloride
- Polyamide
- Others
Medical Packaging Films Market by Application
- Bags
- Tubes
- Others
Medical Packaging Films Market by Region
- Asia Pacific (APAC)
- North America
- Europe
- South America
- Middle East & Africa
The market has been further analyzed for the key countries in each of these regions.
Recent Developments
- In July 2023, Berry Global Inc. (US) has collaborated with Deaconess Midtown Hospital, Nexus Circular, and Evansville Packaging Supply, to recycle non-hazardous, sterile, plastic packaging and nonwoven fabric from the hospital’s surgical suite, pharmaceutical, laboratory, and warehouse.
- In April 2023, Berry Global Inc. (US) has opened its new state-of-the-art healthcare manufacturing facility and Global Centre of Excellence in Bangalore, India.
- In March 2023, Amcor Plc (Switzerland) has partnered with Procter & Gamble, Delterra, and Mars, to scale upstream and downstream solutions for a circular plastics economy.
- In March 2023, Toppan, Inc.(Japan) has opened a film manufacturing plant in the Czech Republic.
- In January 2023, Amcor Plc (Switzerland) has entered into an agreement to acquire the Shanghai-based medical devices packaging company i.e., Mdk (Shanghai) Medical Packing Co., Ltd.
- In December 2022, Amcor Plc (Switzerland) has announced the opening of its new state-of-the-art flexible packaging manufacturing plant in Huizhou, China.
- In April 2022, Covestro AG (Germany) has announced the expansion of production capacities for thermoplastic polyurethane (TPU) Films in the Platilon range, in Germany.
Frequently Asked Questions (FAQ):
What growth prospects does the medical packaging films market present?
Increasing Healthcare Expenditure, Rising Chronic Disease Rates, Increasing aging population, and rising awareness for health, are forecasted to drive a significant portion of the global medical packaging films market growth.
How do material choices influence the medical packaging films market dynamics?
The market is categorized based on materials into segments like polyethylene, polypropylene, polyamide, polyvinyl chloride, and others. Polyethylene is considered a biocompatible material, meaning it is compatible with biological systems and does not produce harmful reactions when in contact with medical products or devices, PE can withstand various sterilization methods, including gamma irradiation, ethylene oxide (EtO) gas, and steam sterilization, without compromising its structural integrity, PE offers several barrier properties, which helps to influence the market of medical packaging films.
Which application predominantly utilizes medical packaging films?
Segmented by application, the market spans bags, tubes, and others. The bags segment claims the largest market share, with medical packaging films being the chosen packaging for blood, first aid kits, medicines, and other fluids.
Which companies are at the forefront of the medical packaging films market?
Major market players include Amcor Plc (Switzerland), Berry Global Inc. (US), DuPont de Nemours Inc. (US), RENOLIT SE (Germany), Weigao Group (China), Sealed Air Corporation (US), Covestro AG (Germany), 3M (US), Toppan, Inc. (Japan), Wipak (Finland), and Mitsubishi Chemical Corporation (Japan), and others.
What are the pivotal factors poised to influence the market in the forecast period?
Rising expenditure in healthcare facilities, increasing awareness towards health, and rising disposable income propels the market of medical packaging films. Key contributors to this growth trajectory include the eco-friendly nature of medical packaging films, strong demand for bi-axially oriented films, and others. .
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This research involved the use of extensive secondary sources and databases, such as Factiva and Bloomberg, to identify and collect information useful for a technical and market-oriented study of the Medical packaging films market. Primary sources included industry experts from related industries and preferred suppliers, manufacturers, distributors, technologists, standards & certification organizations, and organizations related to all segments of the value chain of this industry. In-depth interviews have been conducted with various primary respondents, such as key industry participants, subject matter experts (SMEs), executives of key companies, and industry consultants, to obtain and verify critical qualitative and quantitative information as well as to assess growth prospects.
Secondary Research
In the secondary research process, various sources such as annual reports, press releases, and investor presentations of companies; white papers; and publications from recognized websites and databases have been referred to for identifying and collecting information. Secondary research has been used to obtain key information about the industry's supply chain, the total pool of key players, market classification and segmentation according to the industry trends to the bottom-most level, regional markets, and key developments from both market-and technology-oriented perspectives.
Primary Research
The Medical packaging films market comprises several stakeholders in the supply chain, which include suppliers, processors, and end-product manufacturers. Various primary sources from the supply and demand sides of the markets have been interviewed to obtain qualitative and quantitative information. The primary participants from the demand side include key opinion leaders, executives, managers, directors, and CEOs of companies in the Medical packaging films market. Primary sources from the supply side include associations and institutions involved in the Medical packaging films industry, key opinion leaders, and processing players.
Following is the breakdown of primary respondents
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the global Medical packaging films market. The research methodology used to estimate the market size includes the following:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value, were determined through primary and secondary research.
- All percentage shares split, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players along with extensive interviews with key officials, such as directors and marketing executives.
Market Size Estimation: Bottom-Up Approach
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Market Size Estimation: Top-Down Approach
Data Triangulation
After arriving at the total market size from the estimation process explained above, the overall market was split into several segments and subsegments. To complete the overall market size estimation process and arrive at the exact statistics for all segments and subsegments, the data triangulation and market breakdown procedures have been employed, wherever applicable. The data have been triangulated by studying various factors and trends from both the demand and supply sides. In addition, the market size has been validated by using both the top-down and bottom-up approaches.
Market Definition
Medical packaging films are specialized materials used in the healthcare and medical industry for the purpose of packaging and protecting various medical products, including, medical devices, diagnostic kits, and other healthcare supplies. These films are designed to meet specific requirements and standards to ensure the safety, sterility, and integrity of the packaged items. These films are made up from several materials such as polyethylene, polypropylene, polyvinyl chloride, polyamide, and others.
Key Stakeholders
- Material Suppliers and Producers
- Regulatory Bodies
- End User
- Research and Development Organizations
- Industrial Associations
- Medical packaging films manufacturers, dealers, traders, and suppliers.
Report Objectives
- To define, describe, and forecast the global Medical packaging films market in terms of value and volume.
- To provide insights regarding the significant factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To analyze and forecast the market based on type, material, applications, and region
- To forecast the market size, in terms of value and volume, with respect to five main regions: North America, Europe, Asia Pacific, South America, and Middle East & Africa.
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape.
- To strategically profile key players in the market.
- To analyze competitive developments in the market, such as new product launches, capacity expansions, and mergers & acquisitions.
- To strategically profile the leading players and comprehensively analyze their key developments in the market.
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Product Analysis:
- Product Matrix which gives a detailed comparison of the product portfolio of each company
Regional Analysis:
- Further breakdown of the Rest of the APAC Medical packaging films market
- Further breakdown of the Rest of Europe’s Medical packaging films market
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Growth opportunities and latent adjacency in Medical Packaging Films Market