Technologically-driven innovation has been, and will continue to persist as an instrument to lead the progress of the packaging industry in the coming years. As e-Commerce remains the newly found interest of numerous end-use industries, the packaging industry requires a sustained upshift in investments to target the niche demands of these industries, and make way for advancement.
Healthcare packaging is one such lucrative end-use segment of the packaging industry, which has been on an incremental growth path, given the influence of doorstep delivery on consumers. As the scale of innovation shifts towards a higher range in the healthcare industry, with the advent of customized-drug development, healthcare packaging manufacturers step up their efforts to devise solutions, competent enough to handle drugs in even small batches.
Sensing the growth potential, Transparency Market Research (TMR), in its latest study, brings to the fore actionable intelligence regarding the significant parameters influencing the shape and size of the healthcare packaging market during the historical period of 2014-2018 and forecast period of 2019-2027.
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Uncovering the Evolution of the Healthcare Packaging Market
Healthcare packaging has been an integral part of the packaging industry for ensuring the safe and secure transportation of medical products. Concerns apropos of the infiltration of counterfeit products in the supply chain have incited stakeholders of the pharmaceutical industry to safeguard their brands from defamation, which has channelized huge capital in the healthcare packaging industry. In 2018, ~ 167 billion healthcare packaging units were sold, which corresponds to a value of ~ US$ 91 billion.
As medical supplies and devices encounter numerous issues – drug leakage, ruined labels, misaligned pallets, and deformation of containers – the demand for rigid healthcare packaging is likely to grow and bring in high conversion in terms of volume sales. Automation in the manufacturing facility, in general, and production line, in particular, is the lever to address the evolving demands of the pharmaceutical industry. This has encouraged manufacturers to prioritize investments in their manufacturing hubs to match the designated supply with the demand in stipulated time.
In the future, the shifting paradigm of manufacturers away from glass to plastic, on account of its durability, wide availability, low cost, and flexibility, is likely to significantly reduce operational costs. Besides, the evolutionary landscape will spectate a movement towards child-resistance, tamper-proof, anti-counterfeit, and senior-citizen-friendly packaging, which can be achieved by improving the performance of materials and functionality of packaging products.
Undercurrents Molding the Growth of the Healthcare Packaging Market
Preference for Plastic Increasing as a Packaging Material
Traditionally, the healthcare packaging industry remained driven by cost and safety; however, as the landscape expands its horizons, ‘functionality’ and ‘performance’ have become the new attractive propositions.
On similar lines, despite growing intolerance and stringent regulatory norms, plastic has been reigning as the ‘material of the hour’ in the healthcare packaging industry, enjoying around two-third share of the market. With the availability of diverse categories of plastic – Polyethylene, Polypropylene, Polystyrene, Polyvinyl Chloride, Polyamide, and Polyurethanes, among others – manufacturers have the luxury of choosing an ideal material for their packaging needs. However, as manufacturers adopt environmental-thinking, R&D initiatives towards paper packaging materials are likely to boost the market share of paper and paperboard through to 2027.
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