Business

Medical Packaging Films Market Trends, Demand and Growing Business Opportunities 2020 to 2026

The global medical packaging films market was valued at US$ 14,092 million in 2017. The market is forecast to expand at a CAGR of 5.9% during the forecast period, 2018-2026.

Medical packaging films market primarily consists of high barrier films, co-extruded films, and formable films. Medical packaging films provide a high barrier against moisture, water, oxygen, and other gases. Medical packaging films are used in the manufacture of packaging formats such as bags & pouches, blister packs, labels, sachets, and wraps. Materials used to manufacture medical packaging films include, plastic, aluminum, and oxides. High barrier films segment is further segmented into metallized and coated films. Metallized medical packaging films segment is expected to witness a positive growth, registering a CAGR of 5.1%.

Coated medical packaging films are coated with polymers or aluminum to improve their barrier property. Medical packaging films are used as lidding on trays. For tray lids, the seal area should transmit the peeling force smoothly around the package. The shape of the seal and design and location of the peel tabs affect the relative ease of opening. Bags & pouches are used for the packaging of gloves, catheters, syringes, dressings, bandages, etc. Medical packaging films tend to provide less physical protection than the rigid ones. The sealing of medical device packaging is critical. Inappropriate sealing can negatively affect the package integrity of the medical packaging films.

Manufacturers are exploring the clinical requirement for two sterile barriers on the medical device. Depending on the attributes of the device, including its size, design specifications, complexity, number of components, and the clinical procedure itself, having two sterile barriers in medical packaging films is an unnecessary use of packaging materials and resources. It is estimated that by the year 2050, over 5% of the U.S. population will be over the age of 85 and will overall drive the medical packaging films market.

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The aging trend is not limited to the United States but is a global phenomenon that warrants the consideration of packaging for all types of products. Not only do aging consumers use medical products at a higher per capita rate than the general population, but they are also at risk of inappropriate product use for a variety of reasons. Therefore, manufacturers of medical packaging films have engaged in patient-centric packaging.

The global market for medical packaging films is further segmented as per material type, product type, application, and end use. On the basis of material type, the global market for medical packaging films is segmented into plastics, aluminum, and oxides. On the basis of product type, the global market for medical packaging films is segmented into high barrier films, co-extruded films, and formable films. On the basis of application, the global medical packaging films market is segmented into bags & pouches, blister packs, lidding, sachets, wraps, and labels. On the basis of end use, the global market for medical packaging films is segmented into pharmaceutical and medical device packaging.

The next section of the report highlights the medical packaging films market by region and provides the market outlook for 2018–2026. The study investigates the Y-o-Y growth regionally, as well as analyses the drivers that influence the regional medical packaging films market. Main regions assessed in this report include North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). The report evaluates the present scenario and growth prospects of the regional medical packaging films market for 2018–2026.

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To ascertain the market size in terms of value and volume, revenue generated by the key manufacturers and their respective production capacity is taken into consideration. The forecast presented here assesses the total revenue generated by value, across the medical packaging films market. In order to provide an accurate forecast, we initiated by sizing up the current market, which forms the basis of how the medical packaging films market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome on the basis of three different types of analysis; based on the supply side, downstream industry demand, and the economic envelope.

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