The growth of the medical and healthcare packaging market is being propelled by the rising incidence of chronic diseases such as cancer, diabetes and others. As per the International Diabetes Federation, the number of adults with diabetes in the US was 31 million in 2019, while in Canada it was 2.8 million. It is estimated that this incidence will rise to 12.1% in 2030 and 12.8% in 2045. In 2019, Germany had the highest prevalence of diabetes in Europe, with 15.3% of its adult population suffering from the disease, followed by Portugal with 14.2%. Additionally, over 34.2 million Americans have diabetes, and another 88 million have prediabetes, a condition that increases their risk for type 2 diabetes. These factors are contributing to the growth of the medical and healthcare packaging market.
PA, PUR, PVT, PVC, PE, PP, and PS are the types of plastics used in the Healthcare Packaging industry. the largest type used in healthcare packaging is likely PVC (Polyvinyl chloride). PVC is a widely used plastic in the healthcare industry due to its versatility, cost-effectiveness, and compatibility with various sterilization methods. It is commonly used in the production of medical bags, tubing, IV bags, blood bags, and blister packaging for pharmaceutical products. PVC's ability to maintain the integrity of packaged contents, its durability, and its resistance to chemical degradation make it a popular choice for large-volume healthcare packaging applications.
Amcor recently announced the addition of new, more sustainable High Shield laminates to its pharmaceutical packaging range which will have low carbon content, high barrier and performance.
Berry Global Group, Inc. will begin product production at its new manufacturing facility and healthcare center in Bangalore, India as early as April 2023.
In North America, the US and Canada are countries with flourishing economies, aging population, well-developed health care industry, and health insurance. The US is one of the largest markets for healthcare packaging on the back of its advanced primary care community, extensive healthcare and life sciences research activities, high healthcare cost concentration, and large pharmaceuticals.
The market growth of medical and healthcare packaging is expected to be driven by the rise in chronic illnesses and an aging population. Over the next decade, the number of individuals aged 60 or above is projected to grow continuously, reaching 2.0 billion by 2050. This demographic shift, coupled with the increased frequency of chronic diseases such as diabetes, is driving demand for advanced medical devices and treatments, leading to an increase in the medical and healthcare packaging market.
Fluctuation in raw material cost negatively impacted market growth
A substantial increase in raw material costs has put pressure on the nation's drug manufacturers, causing some to ask for government intervention to regulate prices. One leading drug manufacturer has warned that it may need to pass on the cost increase to consumers. In the past three months, prices of key components such as active pharmaceutical ingredients (APIs), excipients, glass vials, and packaging material have all gone up, thereby limiting market growth in the forecast period.
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