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By 2028, Global Medical Packaging Films Market is Expected To Reach Approximately Us$ 5.6 Bn, Witnessing A Moderate CAGR Over The Forecast Period (2020-2028).
Rising demand for bioplastic material and consumer’s increased expenses on healthcare facilities across the globe are the major factors boosting the growth of medical packaging films market.
The growing need for sustainable packaging solutions is another prime factor driving the market growth in years to come. In addition to this, the benefits of sustainable packaging such as low cost, fast recyclability are expected to support the growth of the medical packaging film market. Increasing business expansion opportunities in emerging countries and growth in demand for Bi-Axially oriented films are some other factors expected to enhance the market growth during the forecast period.
Growing healthcare industry in Asia Pacific is one of the prominent factors that is anticipated to drive the market throughout the forecast period. Wide application of medical packaging films for biomedical bags, blood bags, tubes is anticipated to support the growth of the market during the forecast period (2020-2028).
By Material, Polypropylene Segment Is Expected To Account For Highest Share Of Global Medical Packaging Films Market During The Forecast Period
Polypropylene Accounted For Highest Share Of XX% In Global Medical Packaging Films Market In 2019.
Polypropylene segment is expected to grow owing to its low cost, high glossy texture, enhanced tensile strength and high clarity. Many medical products providers prefer this material over others as packaging made up of polypropylene is more appealing to the customers.
Polypropylene has a high melting point than other materials and this is another benefit which due to which it is anticipated to grow over the forecast period. The improved gas barrier for extended product life is another prominent factor responsible for the growth of the segment. Polypropylene has various benefits such as heat resistance, stability, good barrier properties and others, which is expected to support market growth in years to come. In addition, propylene is suitable for the packaging of medical and pharmaceutical products that are projected to drive the market throughout the forecast period.
By Application, Bags made up of medical packaging films are gaining traction
By Application, Bags accounted for a major share of XX% in Global Medical Packaging Films Market in 2019. The bags segment accounted for significant share in the market in terms of volume and value in 2019. The extensive use of bags in the healthcare industry is the key reason for the dominant position of the segment. Ease of transportation, low-cost packaging, brand promotion, are major benefits of bags, that is boosting the growth of the market. High use of bags to store medicines, first aid kits and medical equipment is another factor anticipated to support the growth of the medical packaging films market during the forecast period.
Growth prospects of Medical Packaging Films are high in Asia Pacific
In 2019, Asia Pacific had accounted for highest share in the medical packaging film market in terms of value and volume. The rapid growth of the healthcare industry in Asia Pacific Countries such as China and India is one of the major factors responsible for the dominance of the region.
Rising demand for medical packaging films in the most populated countries accompanied by increased government investments for the growth of the pharmaceutical industry are some other factors expected to drive the market in years to come. The presence of numerous manufacturers, growing demand for sustainable packaging solutions and large industry base are some of the major factors anticipated to enhance the market growth over the forecast period. As a result of the aforementioned factors, the region is projected to dominate the market throughout the forecast period.
North America has a significant share in the global medical packaging film market. The developed healthcare industry is the major factor responsible for the significant share of the region. Rising technological advancements in the region are expected to enhance market growth over the forecast period.
Global Medical Packaging Films Market is very competitive with presence of a large number of global and local/regional manufacturers. Berry Global Group, Weigao Group, Covestro AG, Amcor, Renolit SE, Wipak Group, 3M Company, Honeywell International, Dunmore Corporation, and Toray Plastics (America), Inc. are some key players operating at regional as well as country level. Acquisitions, investments, partnerships, collaborations and others are expected to be the key strategy by the market players.
- Polyethylenes (PE)
- Polypropylene (PP)
- Polyamide (PA)
- Polyvinyl Chloride (PVC)
- Thermoformable Film
- High Barrier Film
- Metalized Film
- Blood Bags
- Parental Nutrition Bags
- Drainage bags
- Biomedical Bags
- North America
- Latin America
- Asia Pacific
- Middle East and Africa