Plastics for Healthcare Packaging Market to Reach $46.1 Billion by 2028: BCC Research

Plastics play a vital role in healthcare packaging due to its adaptability and cost-effectiveness, protecting medical products and promoting sustainability through innovations such as bioplastics and recycling.

BOSTON, May 7, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for Plastics for Healthcare Packaging is growing from $32.1 billion in 2023 to $46.1 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.5% from 2023 through 2028."

This report analyzes the global plastics for the healthcare packaging market, focusing on resin and product packaging segments. It covers the period from 2023 to 2028, with estimates provided in terms of volume (kilo tons) and revenue (millions of U.S. dollars). Resin categories include polypropylene, HDPE, polystyrene and copolymers, LDPE/LLDPE, PVC, PET, and others, with polypropylene dominating. Product packaging encompasses containers, caps and closures, vials, IV bags, prefilled syringes, blister packs, bags/pouches, medication tubes, prescription containers, and others.

Plastic companies like Avient Corporation and Neste, along with packaging companies such as Amcor and Bormioli Pharma, are investing in bio-based plastics and packaging. Bormioli Pharma partnered with Loop Industries, Inc., unveiling a new pharmaceutical packaging bottle made with 100% recycled PET resin at Pharmapack Europe 2024. This reflects a growing trend towards sustainable practices in the pharmaceutical packaging industry.

To learn more about the "Healthcare Packaging Plastics" report, click here for more information.

Key Drivers of Plastics for Healthcare Packaging

Growing Pharmaceutical and Pharmaceutical Packaging Industry: The pharmaceutical industry is expanding worldwide, driven by factors such as population growth and increasing health awareness. As more drugs and medical devices are developed, the need for secure packaging continues to grow. Plastics are preferred because of their versatility, sterility and lightness, which is perfect for industry. This synergy is driving the adoption of plastic materials in healthcare packaging.

Benefits and Cost-Effectiveness of Plastics over Other Packaging Materials: Plastic has many advantages over alternatives such as glass or metal. They are more cost effective, easier to handle and less likely to break during shipping. Their lightweight properties reduce transport costs and energy consumption. Many types of plastic can be recycled, which contributes to sustainability. They also offer design flexibility and provide security features such as tamper-proof sealing. Plastic has a lower carbon footprint and is on the eco-friendly trend, making it the best choice for both manufacturers and consumers.

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Report Synopsis 

Segmentation Analysis:

• Resin Types: Plastics like PP, HDPE, Polystyrene, LDPE/LLDPE, PVC, PET, and specialty blends are used in medical packaging for their specific properties.
• Product: Containers, caps & closures, vials, IV bags, prefilled syringes, blister packs, bags/pouches, medication tubes, prescription containers, and miscellaneous items make up medical packaging.
• Geographical Regions: North America, Europe, Asia-Pacific, and Rest of World each have distinct characteristics in the medical packaging market.

This report on the Plastics for Healthcare Packaging provides comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the market?
   The plastic for healthcare packaging market is projected to grow from $29.9 billion in 2022 to $46.1 billion in 2028 at a compound annual growth rate (CAGR) of 7.5% during the forecast period.
2. What are the key factors driving the growth of the market?
   The key factors driving the growth of the plastic for healthcare packaging market include:
   Growing pharmaceutical and pharmaceutical packaging industry.
   Benefits and cost-effectiveness of plastic over other packaging materials.
3. What segments are covered in the market?
   The plastic for healthcare packaging market is segmented based on resin, packaging products, and region.
4. By product, which segment will dominate the market by the end of 2028?
   The containers segment will dominate the market by the end of 2028 in terms of volume.
5. Which region has the highest market share in the market?
   Asia-Pacific holds the highest share in the market by value. A few of the main factors propelling the Asia-Pacific market are the existence of several domestic and foreign companies, the accessibility of resources, technological advancements, and the spike in demand for packaging products in the medical sector.

Some of the Key Market Players Are:

•  AVIENT CORP.
• BASF SE
• CELANESE CORP.
• EASTMAN CHEMICAL CO.
• ENSINGER
• EVONIK INDUSTRIES AG
• EXXON MOBIL CORP.
• HMC POLYMERS CO. LTD.
• NESTE
• SABIC
• SUMITOMO CHEMICAL CO. LTD.
• TEIJIN LTD.
• TORAY INDUSTRIES INC.

Browse More Related Reports:

Medical Plastics: Global Markets: Global medical plastics market analysis covers segmentation by application and resin type from 2023 to 2028, with 2022 as the base year. Market estimates are given in terms of volume (kilotons) and revenue (million USD). Applications include single-use (eg medical bags, syringes, tubing) and single-use items (eg surgical instruments, prostheses). Resin types include commercial thermoplastics, styrene resins, engineering resins, thermosets, TPEs, and other materials.

Medical Device Coatings: Global Markets: This report examines the segments of the medical device coatings market, including antibacterial, hydrophilic, drug-releasing, antithrombotic, and other coatings. Materials used include polymers, metals, ceramics, and more, and applications range from general surgery to cardiovascular devices, orthopedics, radiology, dentistry, neurology, gynecology, and more. Geographically, the market is segmented into North America, Europe, Asia Pacific and rest of the world.

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