The global medical packaging films market is expected to

2023-02-05 17:56:44 By : Mr. Jason Zhou

February 03, 2023 07:15 ET | Source: ReportLinker ReportLinker

New York, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Packaging Films Market - Global Outlook & Forecast 2022-2027" - https://www.reportlinker.com/p06415605/?utm_source=GNW This packaging ranges from pre-formed packages to customized packages for specialty parts. Medical packaging films are also used in the pharmaceutical packaging process. They provide a protection layer from extreme environmental conditions and other external factors until the product reaches the consumer from the main point of packaging of these products. MARKET TRENDS & DRIVERS Increasing Demand for Innovative Packaging Films Several vendors have recently made several technological innovations in developing advanced medical packaging films. These innovations include cold-formed foils (alu-alu packs), the introduction of anti-counterfeiting features (holographic printing and multi-colored), child-resistant films, senior-friendly packaging films, and ultra-high barrier films. Alu-alu packs make it possible to eliminate water vapor permeability as well as oxygen and light ingress almost entirely. For instance, India-based ACG offers a wide range of alu-alu packs, child-resistant films, senior-friendly films, and thermoformable films with an ultra-high barrier. Amcor, Berry Global, India-based Neelam Global, and Germany-based Schur Flexibles also offer a wide range of thermoformable films. Packaging companies always demand and provide these innovations in the market. These innovations will play a significant role in the future of the medical packaging film market. Rising Demand for Flexible Packaging The wide use of flexible packaging solutions in the pharmaceutical sector is driving growth in the global medical packaging films market. Flexible packaging offer multiple advantages, such as it readily takes the shape of the items to be packed, offers easy shipping and product protection, and generates low waste, coupled with shortening packaging weight by up to about 70%. Flexible packaging is beneficial, mainly for packaging single-use products. The packaging presents lessened chances of contamination as the products can be sterilized along with the packaging. INDUSTRY RESTRAINTS Volatility in Raw Material Prices All the packaging trends come at a cost, which is quickly escalating. Rising volatile raw material and commodity prices are affecting every industry. Material suppliers struggle to profit; tier suppliers and OEMs are torn between raising prices and suffering cost increases. Raw materials procurement is under threat because of increasing trade restrictions during the COVID-19 pandemic owing to lockdown restrictions across the world; however, post-pandemic relaxation in the trade restrictions is expected to create a positive influence for key players in the market. However, fluctuations in raw material prices and stringent rules and regulations are the major restraining factor for the medical packaging films market growth and are expected to be the same during the forecast period. Various environmental regulations have been implemented in several European and Asian countries, thus impacting the market’s growth. SEGMENTATION INSIGHTS INSIGHTS BY MATERIAL The polyethylene segment holds the highest share of 28.09% in the global medical packaging films market. It is projected to grow at the highest CAGR of 6.60% during the forecast period. The growth can be attributable to its high flexibility, conformability, excellent chemical resistance, and a good barrier against moisture to prevent contamination in the product. Among PE, the most common materials used are HDPE and LDPE. LDPE is well known for being widely used in plastic bags because of its low density. Polypropylene (PP) materials constituted 25.5% of the global medical packaging films market share in 2021. PP is a low-cost thermoplastic with high clarity, gloss, and enhanced tensile strength. It has a higher melting point than polyethylene, thus making it more suitable for applications requiring sterilization at high temperatures. Metalizing PP can improve gas barrier properties which is essential for extended product shelf life. Segmentation By Material • Polyethylene • Polypropylene • Polyvinyl Chloride • Polyamide • Metal INSIGHTS BY TYPE The global medical packaging films market by type is segmented into thermoformable and high-barrier films. The thermoformable films segment accounted for the highest revenue share of 57.78% in 2021. The packaging industry has found productive results with the thermoforming film packaging process. They are ideal for packing consumable and non-consumable products for medical industries. The advantages of thermoformable films include product protection, cost-effectiveness, sustainability, fast turnaround, low waste, and more. Thermoforming is a financially efficient option due to the low costs of the materials. Thermoformed plastic products cost up to 15% less than plastic packaging made through injection molding. The process also has a quick turnaround time, which can save on labor costs. Segmentation By Type • Thermoformable Films • High-Barrier Films INSIGHTS BY APPLICATION The global medical packaging films market is segmented into bags, tubes, and others under the application segment. In 2021, bags accounted for more than half of the medical packaging films market share. For manufacturing medical bags, the use of plastic films remains high, as they tend to enhance shelf life, reduce bacterial contamination, and make the bags resistant to breakage and shipment of plastic bags. The US-based Nelipak Healthcare Packaging, a global technology provider, provides innovative packaging solutions and complementary products and services and offers a wide range of rigid bag and flexible bag films, such as LLDPE bag films. Segmentation By Application • Bags • Tubes • Others INSIGHTS BY END-USER The pharmaceutical companies segment accounted for the highest revenue share in the global medical packaging films market by end-user category. As the demand for pharmaceuticals continues to grow, the demand for packaging has grown significantly in the pharmaceutical industry. Pharmaceutical companies are highly focused on emerging markets and are developing pharmaceuticals for emerging markets, such as cell and gene therapy, 3D printed drugs and precision medicines. These are expected to create lucrative opportunities for medical packaging film manufacturers to develop innovative and advanced packaging. Segmentation By End-User • Pharmaceutical Companies • Medical Devices Companies • Others GEOGRAPHICAL ANALYSIS In 2021, APAC accounted for the highest share of the global medical packaging films market, attributable to the growing demand for pharmaceuticals. APAC accounts for 30% of all global pharmaceutical spending, which will increase as the region’s healthcare burden rises, especially for chronic disease treatment. APAC is the leading region with the highest aging population; increasing chronic diseases and growing healthcare spending are propelling the growth of the medical packaging films market in the region. Further, the rising flexible packaging attributed to the rising consumption of plastics in the medical industry is the major driving factor of the medical packaging films market. In China, the flexible packaging market is in high demand, majorly driven by rising plastic production. Several consumers are opting for convenient packaging solutions, resulting in the growth of the flexible packaging market. Europe is the second largest pharmaceutical packaging market then, followed by North America, Latin America, and Middle East & Africa. Massive demand for recyclable plastics for pharmaceutical packaging contributes to the significant growth of the medical packaging films market in Europe, with the recycling volume of plastic packaging waste increasing sharply from 2009 to 2019 by 50% between 2009-2019 in the region. Segmentation by Geography • APAC o China o India o Japan o South Korea o Australia • Europe o Germany o Italy o Spain o France o UK • North America o US o Canada • Latin America o Brazil o Mexico o Argentina • Middle East & Africa o Turkey o South Africa o South Arabia VENDOR LANDSCAPE The global medical packaging films market is highly dynamic and competitive, with several international, regional, and local vendors offering a diverse and comprehensive range of medical packaging films with wide applications. Technological innovations, including child-resistant films, senior-friendly films, high-barrier films such as alu-alu packs or aluminum cold-forming blister foils, thermoforming films, specialty films, unit-dose packaging films, and eco-friendly or bioplastic films are trending in the market. ACG and adapa Group (formerly Schur Flexibles) companies provide a wide range of thermoforming films that provide the highest barrier against oxygen and moisture. Specialty Films company offers Maskit Thermoformable Protective Film that can withstand high temperatures up to 190° C and is also easy to peel off, resealable and 100% recyclable, and eco-friendly. Anti-counterfeiting features in the films are also trending to protect and keep track of the product. Recent Mergers And Acquisitions In The Global Medical Packaging Films Market • In 2019, Amcor invested around USD 11 million for cast films in Bristol, UK, as its next generation of medical device packaging, a new Advanced Cast Extrusion Technology. • In July 2021, Pregis, a global provider of innovative protective packaging materials, invested about USD 80 million in a new blown film extrusion facility to produce the latest engineered films to manufacture medical device packaging solutions. Key Vendors • Berry Global • Amcor • AptarGroup • Sealed Air Other Prominent Vendors • 3M • ACG • adapa Group • Avient • AVI Global Plast • CCL Industries • CellBios Healthcare & Lifesciences • Covestro • Coveris • DuPont • Glenroy • Honeywell International • Liveo Research • Meghmani Group • Neelam Global • Novolex • Profol • POLYCINE • Printpack • RENOLIT • Speciality Polyfilms • Super Olefins • Tekniplex • West Pharmaceutical Services • Wihuri Group KEY QUESTIONS ANSWERED 1. How big is the medical packaging films market? 2. What is the growth rate of the global medical packaging films market? 3. What is the projected global medical packaging films market by 2027? 4. What are some significant trends in the medical packaging films market? 5. Which region dominates the global medical packaging films market? 6. Who are the global medical packaging films market’s key players? Read the full report: https://www.reportlinker.com/p06415605/?utm_source=GNW About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place. __________________________