July 06, 2022 22:00 ET | Source: FACT.MR FACT.MR

Seoul, South Korea, July 07, 2022 (GLOBE NEWSWIRE) -- As per Fact.MR analysis, the global medical flexible packaging market is set to register a moderate CAGR of 4.6% between 2017 and 2022. With rapidly expanding pharmaceutical and medical device industries, the overall market is anticipated to generate a revenue of over US$ 25 Billion through 2022.

The global medical flexible packaging market is driven by increasing prevalence of diseases worldwide, rapid production of medical devices, growing health awareness and rising demand for better and sustainable packaging solutions across healthcare sector.

Medical flexible packaging solutions offer various advantages such as superior product protection, easy portability, and lightweight and customized nature. Due to these excellent features, they are extensively used for packaging medical products in healthcare industry.

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With the rapid rise in lifestyle diseases, people are spending huge amounts on purchasing medicines and other medical devices. This is in turns boosting the growth of medical flexible packaging market.

Moreover, growing focus towards sustainability has ushered in a new light into medical flexible packaging market. Key packaging manufacturers are integrating various technologies for developing eco-friendly products. New partnerships are being established to promote better waste management and recycling infrastructure. For instance, in March 2021, Amcor partnered with McKinsey.org for building sustainable recycling systems in Latin America. This is positively impacting the market growth.

Paper based packaging and bioplastics are gaining traction due to their economical and highly recyclable nature. Implementation of stringent government regulations on the use of plastic is pushing the sales of these products.

As per Fact.MR, Polyvinyl chloride (PVC) is set to remain the most preferred material for medical flexible packaging. PVC is more durable and lightweight which makes it ideal for the packaging of healthcare products such as medicines and medical devices and blood collection bags. Regionally, North America will continue to remain the most lucrative market for medical flexible packaging solutions, accounting for a major revenue share. Growth in the region is attributed to the rising prevalence of chronic diseases, growing health awareness and heavy presence of leading packaging and medical device companies.

Which region accounts for more enhanced demand for Medical Flexible Packaging Market?

North America medical flexible packaging market accounts for 25.1% of the overall market. The region is projected to witness a CAGR of 4.6% during the forecast years of 2022-2032. This is attributed to growing innovation in barrier materials. The escalating usage of drug delivery systems such as nutrition bags and IV bags is leading to enhanced growth of the medical flexible packaging market.

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Key Segments Covered in the Medical Flexible Packaging Industry Survey

Leading players operating in the medical flexible packaging market are aiming at developing innovative products with cost effective and environment friendly features. They have adopted various growth strategies such as partnerships, new product approvals, collaborations and launching awareness campaigns to expand their global footprint.

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Key players in the Medical Flexible Packaging Market

Key Takeaways from Medical Flexible Packaging Market Study

Fact.MR’s Domain Expertise in Healthcare Sector

Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.

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