Market Trends of Healthcare Packaging Industry
This section covers the major market trends shaping the Healthcare Packaging Market according to our research experts:
Blister Packs are Expected to Witness Significant Growth
- Blister packs are one of the popular and convenient dosage formats. Companies operating in the healthcare packaging industry are economical alternatives to those offered in traditional markets where healthcare and pharmaceutical companies meet sustainability goals and shelf life requirements. Blister packs are used in medical devices and instruments such as catheters and subcutaneous syringes. However, blister packs are less useful in packaging medical devices than in pharmaceutical packaging.
- The occurrence of new diseases focused on population health management, the emergence of informed customers, and the growth of OTC (over-the-counter) drugs have augmented the growth of blister packaging in the pharmaceutical industry. Also, blister packaging has gained popularity to protect medication from moisture. In response to these trends, companies like Burgopak and Ecobliss have developed innovative blister packaging that is child-proof.
- Market vendors are making significant first-mover initiatives catering to material use. For instance, in October 2021, Astellas started employing plant-derived biomass-based polymers in blister packages as the primary packaging for pharmaceutical items. The blister package contains 50% biomass-based plastic polyethylene generated from sugarcane. It's a green packaging that adheres to the notion of carbon neutrality, which seeks to balance greenhouse gas emissions and absorption.
- Further, in April 2021, Amcor announced custom trails for the first recyclable polyethylene-based thermoform blister packaging. The new packaging is expected to launch in the market in the second half of 2022, which is designed to meet the strict standards of highly specialized and regulated pharmaceutical packaging while also providing a more sustainable alternative to the in-demand healthcare packaging type. Compared to other packaging options, the packaging has a carbon footprint of up to 70%.
- Moreover, as the healthcare, nutritional, and pharmaceutical industries are becoming mindful of the need to reduce the use of plastics that may take many years to degrade, there is an increased pressure on vendors to bring out plastic-free blister packs that may provide the same quality and maintain the shelf life of the pills. Many of the benefits inherent in the blister pack design align with the pharmaceutical industry's current demands. As a result, blister packs have been and may continue to be one of the fastest-growing packaging options in the industry.
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North America is Expected to Dominate the Market
- In North America, the United States and Canada are countries with booming economies, aging population segments, well-developed health care delivery systems, gross domestic product (GDP) levels, and health insurance. However, the United States is one of the largest geographic markets for healthcare packaged products due to its advanced primary care community, extensive healthcare and life sciences research activities, high healthcare cost concentration, and large pharmaceuticals.
- According to a survey conducted by IQVIA Inc. in May 2021, total net health care costs are expected to rise from USD 359 billion in 2020 to USD 380 billion to USD 400 billion in 2025, with annual compound interest growth of 0% to 3% in the United States. New brand launches are anticipated to continue at record levels, with 50-55 new active ingredients expected to be launched each year, about USD 133 billion to be spent by 2025, slightly higher than in the last five years.
- Also, as the United States faces high drug imports from countries other than Canada, the U.S. government has approved a pilot project for wholesalers and pharmacists to import FDA-approved drug versions from Canada. The FDA implements a legal route to import certain prescription drugs from Canada to reduce the cost of certain prescription drugs to U.S. consumers without introducing additional risks to public health and safety. This leverages the healthcare packaging market with more imports into the country.
- Companies are also focused on the expansions of their business to gain more revenue in the market and sustain the competition. For instance, in June 2022, focusing on sterile barrier packages for the orthopedic medical device market, Guardian Medical USA recently raised more than USD 2.0 million in private funding. With this funding, the company will accelerate product development and facility growth to meet the growing demand and interest in using rigid tubes for sterile packaging orthopedic implants and devices of all types and sizes.
- Similarly, in September 2021, Jones Healthcare Group and Good Natured Products Inc partnered to expand sustainable packaging solutions at a new and innovative facility. With this new plant-based solution, Jones will streamline packaging design, eliminate concerns about chemicals, and make packaging easier to recycle in most homes in North America. Materials for this new custom blister pack are available from independent national chain pharmacies throughout Canada.
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