New Delhi: According to a recent study on medical packaging, the global market is set to be valued at US$ 81.5 Bn in 2021 and rise at a compound annual growth rate of 7.4% over the assessment period of 2021-2031. Study by market research and competitive intelligence provider, Fact.MR, estimates that medical packaging is set to witness high-end growth on the back of rising inclination of pharmaceutical companies towards cost-effective and sustainable packaging solutions.
The market of medical packaging is firmly dominated by tech giants such as 3M Company, Amcor Plc, Ardagh Group S.A., Becton, Dickinson and Company, UDG Healthcare plc, and a few others. Product offerings of players mentioned are spread across a wide spectrum, and are designed in unique manner serving various applications.
R&D has remained a consistent pillar pushing market growth for medical packaging. Players with abundant resources and capital investments have been continuously investing on developing sustainable packaging solutions to resolve environmental issues. They have also been working alongside pharmaceutical companies to offer cost-effective packaging solutions.
Most market players have been focusing on the expansion of their manufacturing capabilities in order to meet product demand. Announcements in respect with expansion of global sales footprints have also been observed, allowing the market to grow far beyond expected.
Key Takeaways from Market Study
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The medical packaging market is anticipated to add 2.1X value by 2031.
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Amcor, a top giant in the industry, launched its latest innovation called the New AmSky blister system.
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Plastics/polymers capture a major chunk of the market and are set to create an absolute $ opportunity of around US$ 44 Bn by 2031.
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Among the applications, the bottles segment has been the fastest-growing one globally.
