CHICAGO, Oct. 30, 2023 /PRNewswire/ -- The report "Medical Packaging Films Market by Material (Polyethylene, Polypropylene, Polyvinyl Chloride, Polyamide), Type (Thermoformable Film, High Barrier Film, Metallized Film), Application (Bags, Tubes), and Region - Global Forecast to 2028", size is estimated to be USD 7.8 billion in 2023, and it is projected to reach USD 10.4 billion by 2028 at a CAGR of 6.0%.
Rising population, improving living standards, increasing industrialization, rising awareness for health, and rising urbanization led to an increase in demand from healthcare facilities, which drives the market of medical packaging films during the forecast period. Apart from this, technological advancements and increasing awareness towards sustainability also help in driving the market of medical packaging films during the forecast period. The fluctuation in the prices of raw materials is becoming the main restraining factor in this market. However, growing opportunities in emerging economies and the development of eco-friendly packaging provide lucrative opportunities for medical packaging films producers. Stringent government rules & regulations are the major challenge of this market.
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By Material, Polypropylene accounted for the second-largest share in 2022.
During the forecast period, the polypropylene (PP) segment within the medical packaging film market is anticipated to experience the most substantial compound annual growth rate (CAGR) in terms of value. Polypropylene, commonly known as PP, is an economical thermoplastic material celebrated for its remarkable characteristics, including high transparency, a glossy finish, and enhanced tensile strength. It boasts a higher melting point compared to polyethylene (PE), making it exceptionally well-suited for applications that demand sterilization at elevated temperatures. Additionally, the ability of PP to be metalized further enhances its gas barrier properties, proving valuable in applications where extending product shelf life is a paramount concern.
By Type, Thermoformable Film accounted for the largest share in 2022.
Thermoformable film is a type of flexible packaging material that becomes pliable and moldable when exposed to heat. It offers a versatile and cost-effective solution for packaging various products, and its ability to provide customized protection makes it a popular choice across multiple industries. It provides solutions that meet the specific needs of the healthcare and pharmaceutical industries, ensuring the safety, sterility, and convenience of medical products.
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By Application, Bags accounted for the largest share in 2022.
The healthcare industry is expected to witness a growing demand for medical packaging films. This trend is driven by the continued preference for plastic films in the production of medical bags. Plastic films offer advantages such as extended shelf life, reduced susceptibility to bacterial contamination, resistance to breakage, and more convenient shipping when compared to glass bottles. Medical bags find extensive application in both the medical and pharmaceutical sectors, especially when cost-effective packaging solutions are needed in substantial quantities.
Asia Pacific is the fastest-growing market for the medical packaging films market.
The Asia-Pacific region is poised to take the lead in the medical packaging market, both in terms of value and volume, from 2023 to 2028. This growth is underpinned by the rising consumer awareness of sustainable packaging and the robust industrial foundation within the region. The European market for medical packaging films is also expected to experience favorable growth, in harmony with the regional economic development and the escalating domestic demand for medical devices and products. Furthermore, the growing public consciousness regarding the reduction of packaging waste is anticipated to be a driving force in propelling the medical packaging film market within the region.
The Medical packaging films chemicals market comprises major players such Amcor Plc (Switzerland), Berry Global Inc. (US), DuPont de Nemours Inc. (US), RENOLIT SE (Germany), Weigao Group (China), Sealed Air Corporation (US), Covestro AG (Germany), 3M (US), Toppan, Inc. (Japan), Wipak (Finland), and Mitsubishi Chemical Corporation (Japan). Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the medical packaging films market.
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