In terms of value, the Asia Pacific medical packaging market is projected to grow at the highest CAGR from 2018 to 2023
NEW YORK, Dec. 18, 2018 /PRNewswire/ -- Increased demand for medical packaging solutions in the medical packaging industry is projected to drive the overall growth of the medical packaging films market across the globe from 2018 to 2023.
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The medical packaging market is projected to grow from USD 5.6 billion in 2018 to USD 7.1 billion by 2023, at a CAGR of 4.87% during the forecast period. The growing demand for medical packaging films and increasing demand for bi-axially oriented films in the healthcare industry are factors that are driving the growth of the medical packaging films market across the globe. However, various environmental regulations across regions for packaging products is projected to inhibit the growth of the market.
In terms of volume, the thermoformable film segment is projected to grow at the highest CAGR during the forecast period.
The thermoformable film segment in the medical packaging films market is projected to grow at the highest CAGR during the forecast period, in terms of volume.This segment is projected to witness significant growth due to the high strength and durability offered by thermoformable films.
Medical products are available in a wide range of shapes and sizes. Leading players provide thermoforming film packages for medical drugs and equippers to offer unique packaging solutions to the industry.
In terms of both, value and volume, the polyethylene segment is projected to lead the medical packaging films market from 2018 to 2023.
The polyethylene segment is projected to lead the medical packaging films market from 2018 to 2023, in terms of both, value and volume.Polyethylene film is a thin plastic material manufactured of polyethylene resins and is one of the most commonly used plastic films.
Polyethylene is available in various densities such as low-density PE (LDPE), linear low-density PE (LLDPE) and high-density PE (HDPE).Polyethylene film is also used in various applications such as packaging, plastic bags, labels, and has enhanced heat sealing properties.
LDPE is used to manufacture thin films, general-purpose films, and high-barrier films.High-density polyethylene (HDPE) is widely used in medical tubing.
Due to its low cost, low friction, and chemical resistance properties, LDPE remains a preferred alternative to PVC.
In terms of value, the Asia Pacific medical packaging films market is projected to grow at the highest CAGR during the forecast period.
In terms of value, the Asia Pacific medical packaging market is projected to grow at the highest CAGR from 2018 to 2023.The growth of the market in this region is attributed to the population growth in various countries of the Asia Pacific, which has resulted in a large customer base for medical products and medical packaging solutions.
This, in turn, is projected to drive the growth of the medical packaging film market in the Asia Pacific region. Other key factors such as rising industrialization, increasing disposable income of the middle-class population, conversion of single-use packaging into multi-use packaging solutions, and growing consumer awareness about reducing packaging waste are factors projected to drive the demand for medical packaging films in the Asia Pacific region during the forecast period.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the medical packaging films market.
•?By Company Type: Tier 1: 35%, Tier 2: 30%, and Tier 35%
•?By Designation: Director Level: 61%, Managerial Level: 39%
•?By Region: North America: 15%, Europe: 21%, Asia Pacific: 51%, Middle East & Africa: 8%, and
South America: 5%
The medical packaging films market comprises major manufacturers such as Amcor (Australia), Berry Global Group (US), DuPont (US), Weigao Group (China), PolyCine (Germany), Covestro AG (Germany), Glenroy (US) and 3M Company (US), Wipak Group, and Renolit SE (Germany).
Research Coverage
The market study covers the medical packaging films market across various segments.It aims at estimating the market size and the growth potential of this market across different segments based on type, material, application, and region.
The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the medical packaging films market.
Key Benefits of Buying the Report
The report helps the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall medical packaging films market and its segments and subsegments.This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and adopt suitable go-to-market strategies.
The report also aims at helping the stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
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