Medical Packaging Films Market

Updated on : June 27, 2024

Medical Packaging Films Market

The 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

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):

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