The global healthcare flexible packaging market size is expected to gain momentum during the forecast period. This is attributable to the growing demand for efficient supply chains and the rising packaging industry that is likely to drive the demand for advanced healthcare flexible packaging solutions globally. This information is published by Fortune Business Insights in its latest report, titled, “Healthcare Flexible Packaging Market Size, Share & Industry Analysis, By Material (Plastics, Paper, Aluminum), By Product (Seals, High Barrier Films, Pouches & Bags, Lids and Labels, Others) and Regional Forecast, 2022-2029.”
The COVID-19 pandemic has negatively impacted several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered complete lockdown of industrial and human activities. However, the healthcare industry is likely to showcase positive growth owing to the increasing demand for vaccines and other medical equipment to fight the spread of the coronavirus. This is expected to boost the market growth in the near future.
Several healthcare products are prone to damage and contamination due to external factors. Utmost importance is given to proper healthcare flexible packaging procedures to avoid the loss and to ensure the optimum state of medical resources. The packaging materials that ensure the safety of the products include bottles, seals, caps, tubes, and ampules, among others.
What does the Report Provide?
The market report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Rising Packaging Industry to Augment Growth
According to the data by the Fast Company, the packaging industry that is worth USD 900 billion is experiencing a boom and is likely to grow in the near future. This is ascribable to factors such as the increasing trend of purchasing online goods and the surging demand for medical products amid the global pandemic that is likely to drive the demand for innovative healthcare flexible packaging. Often during transit, there are chances of damage to medical equipment due to external factors or biological contamination. To mitigate this, several healthcare companies are focusing on efficient packaging solutions such as bottling, cartooning, and parenteral packaging to reduce the risk of economic loss due to damage. This is anticipated to boost the global healthcare flexible packaging market growth between 2020 and 2027.
Availability of Advanced Healthcare Facilities in North America to Aid Growth
Among all the regions, North America is expected to hold the highest position in the global healthcare flexible packaging market in the forthcoming years. This is attributable to the availability of advanced healthcare and medical facilities in the region. According to the data by the Centers for Medicare & Medicaid Services, the U.S. healthcare spending grew by over 4.6% in 2019, while reaching USD 3.8 trillion.
The market in Europe is likely to experience considerable growth backed by the increasing government expenditure on improving healthcare facilities that will boost the adoption of innovative healthcare flexible packaging solutions in the region.
Major Companies Invest in R&D Activities to Amplify Their Market Positions
The global healthcare flexible packaging market is consolidated by the presence of major companies that are striving to maintain their presence. They are doing so by investing in R&D activities to develop advanced healthcare flexible packaging solutions to cater to the growing healthcare demand.
November 2019 – Amcor announced the investment of around 10 million Euros to produce cast films. The company aims to strengthen its position by focusing on providing low cost and durable healthcare flexible packaging services.
List of the Companies Profiled in the Global Market for Healthcare Flexible Packaging:
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