The medical packaging films offer a high barrier against moisture, water, oxygen, and other gases. Medical packaging films are employed in packaging formats such as labels, bags & pouches, blister packs, sachets, and wraps. Usually, aluminum, plastic, oxides are used to manufacture medical packaging films. The medical packaging film primarily consists of high barrier films, co-extruded films, and formable films. According to a study published by Insure Insights, the global medical packaging films is anticipated to grow at a CAGR of 6.4% during the forecast period.
Top Driver: Increasing Investment in the Healthcare Sector and Growing Demand for Bioplastic Material
Increasing investment in the healthcare sector, rising demand for sustainable packaging solutions across the world, and growing demand for bioplastic material are prominent factors expected to drive the medical packaging film market. Moreover, benefits concerning sustainable packaging such as eco-friendliness that provide the advantages and outbalances of the cost factor will boost the market growth. Furthermore, increasing demand for improved quality and better products for medical packaging films is estimated to drive the market.
On the other hand, instability and vulnerability in the prices of raw materials required for production and various environmental regulations for the packaging of medical products might hinder the market growth.
The Bags Segment to Lead the Market Towards Growth
The global medical packaging films market can be segmented on the basis of application into Bags, Parenteral Nutrition Bags, Blood Bags, Biomedical Bags, Drainage Bags, Others. The bags segment is expected to make a crucial contribution to the growth of the market. On the basis of material, the market is segmented into Polypropylene (PP), Polyvinyl Chloride (PVC), Polyamide (PA), Polyethylenes (PE), Others. On the basis of type the market is segmented into High Barrier Film, Thermoformable Film, Metallized Film, Others
Rising Consciousness Among The Customers To Benefit Asia Pacific Market
The Asia Pacific region is predicted to gain surge, due to increasing consciousness among the customers related to reusable packaging as well as a strong industrial base in the continent. Furthermore, the high presence of key manufacturers in the region would help the industry grow. The rise in the need for sustainable packaging will further help the market gain lucrative growth. The Asia Pacific is estimated to dominate the business in terms of both volume and revenue. North American market is slated to witness remarkable growth during the assessment timespan, subject to a rising in the geriatric population preferring the product.
Players to Focus on Medical Packing Films Market
The global market is expected to stay fragmented with the increase in the number of new entrants in the coming years. Amcor, Berry Global Group, Weigao Group, PolyCine, DuPont, Covestro AG, Glenro, 3M Company, Wipak Group, and Renolit SE among others could be at the forefront of the competition in the global market.
Amcor Limited: In September 2018, Amcor Limited had invested USD 25 million for up gradation of the Madison manufacturing facility. Madison plant manufactures packaging solutions for products ranging from food to medical devices, to expand higher capacity, improve quality, and minimize waste while updating technology.
Berry Global Group: In August 2018, Berry Global Group had recently adopted inorganic strategies such as acquisitions. The company had acquired Laddawn, Inc, which manufactures blown polyethylene bags and films. Laddawn also has a strong web and mobile sales platform, which will help Berry Global Group to market its product.
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