Market Trends of Medical Packaging Films Industry
This section covers the major market trends shaping the Medical Packaging Films Market according to our research experts:
Increasing Demand for Bioplastic Material and Recyclable Packaging Material Drives the Medical Packaging Films Market
- Bioplastics are being used in the market studied to reduce environmental impact. The amount of waste increased dramatically due to the extensive use of plastics in the industry. Thus, using biodegradable plastic in medical applications contributes to environmental protection.
- Medical bags are widely used in medical applications, particularly when low-cost packaging in large quantities is required, owing to the primary benefits, such as medical product protection, ease of transportation, and brand promotion. These bags are frequently used to store first aid kits, medications, and medical equipment. Pouches can be used to store tools or liquid medications.
- Moreover, packaging film manufacturers are focusing on innovating medical packaging solutions with recyclable materials to achieve greater sustainability in their product offerings. For instance, in November 2021, Coveris, a sustainable packaging solution provider, launched recyclable mono-PE film based on mono films branded Flexopeel T and Formpeel T for medical packaging. The company combined an uncoated Tyvek 1073B from DuPont and a mono-structure film from Coveris, based on PE resins.
- The increasing demand for bioplastic material in the packaging segment has been driving the market study, as packaging product producers have alternatives for polymer-based plastic in the form of bioplastic. Using bioplastic reduced the impacts of bans and an anticipated reduction in polymer plastic-based packaging usage in medical packaging, owing to sustainability concerns. According to European Bioplastics, in 2021, the global production capacity of bioplastics for flexible packaging was 665,000 metric tons.
- Key players in the market studied are launching new products to cater to changing consumer preferences and stay relevant to market demand. For instance, the Canadian packaging and medication dispenser company Jones Healthcare Group expanded the Qube and FlexRx medication adherence product lines for pharmacies with sustainable packaging products in December 2021. The company launched Qube Pro, FlexRx One, and FlexRx Reseal blister packs made of Bio-PET, a bioplastic that received medical approval.
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Asia Pacific is Expected to be the Fastest Growing Market
- The Asia Pacific is expected to expand with the highest growth rate in the market studied, majorly due to the increasing middle-class population, disposable incomes, and demand for medical and pharmaceutical products in developing economies such as China, India, Indonesia, and Malaysia. The booming pharmaceutical production in the region is significantly driving the growth of the barrier film market in the region.
- The increasing prevalence of kidney disease in Asia necessitated the development of new therapies, including sophisticated devices to improve treatment. The prevalence of kidney disease in Asia is increasing due to increasing rates of diabetes and hypertension. Furthermore, the emphasis on extending the shelf life of medical devices and products and eliminating the possibility of bacterial or viral contamination increased the demand for packaging film in the medical and healthcare industries.
- As medical packaging film solutions offer benefits, like cost savings, sustainability, and safety of packaged products, significant growth has been seen for medical packaging films from populated developing countries, such as China and India. Moreover, the Asia-Pacific region is anticipated to lead the market studied in terms of value and volume due to the solid industrial base, increased demand for sustainable packaging solutions, and the presence of key manufacturers in the region.
- The demand for medical packaging films is also fueled by the increasing demand for implantable devices and the booming healthcare market. The market expanded due to the escalating demand for implantable devices and increasing public awareness in developing nations like China and India.
- Along with the expanding healthcare sector, China's medical device market is increasing at an incredible pace. This specific sector is one of the fastest-increasing sectors in China. The sector is increasing at a double-digit growth rate, driven by dynamic regulations, nearly 70% of which was contributed to by hospital procurement. Traditionally China's medical devices market is well known for large volumes of low-end consumables, mechanotherapy devices, and aids. There has been large dependence on imports for procuring required high-end consumables as they were not traditionally manufactured in the country.
- Currently, there has been a shift toward domestically made high-value and high-risk medical devices, which are expected to drive the Chinese medical packaging film market. Moreover, the aging population is one of the driving factors for the increase in demand for high-end Chinese devices. According to the World Health Organization (WHO), the population aged more than 60 years is expected to reach 28% in China by 2040. This increasing demographic, which is increasingly affluent, is expected to be able to spend more on healthcare services than before.
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