|Medical Flexible Packaging Market Value Predicted To Reach US$ 20.5 Billion By 2027 Covering COVID-19 Impact: Acumen Research and Consulting|
|By GLOBE NEWSWIRE|
|Friday, 11 June 2021 04:17|
LOS ANGELES, June 11, 2021 (GLOBE NEWSWIRE)
LOS ANGELES, June 11, 2021 (GLOBE NEWSWIRE) -- The Global Medical Flexible Packaging Market is expected to grow at a CAGR of around 6.6% from 2020 to 2027 and reach the market value of over US$ 20.5 Bn by 2027.
North America holds a sizable market share in the global medical flexible packaging market. Product demand in North America is being driven by an improving economic outlook and increased barrier material innovation. Furthermore, the strong presence of major companies such as Amcor and Bemis is expected to boost regional growth during the forecast period. Furthermore, as the use of drug delivery systems such as IV bags and nutrition bags grows, so does product demand.
On the other hand, Asia Pacific is expected to have the fastest growing CAGR in the global medical flexible packaging market during the forecast period. This is due to rising product demand from emerging markets like India and China. Rising per capita income, combined with a growing healthcare industry, is also expected to benefit market development. Contract manufacturing will be one of the region's key end-use sectors over the forecast period, providing lucrative growth opportunities for medical flexible packaging manufacturers in the coming years.
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The declining growth of the pharmaceutical industry in France, Germany, and Italy as a result of shifting manufacturing base to regions with lower manufacturing costs is expected to have a negative impact on the European regional market. However, rising R&D spending in Europe's pharmaceutical industry is expected to indirectly boost product demand over the forecast period.
The market is being driven by the expanding pharmaceutical market in emerging economies, as well as the expansion of drug delivery systems. The extensive use of flexible packaging solutions in the medical and pharmaceutical sectors is driving market growth due to product variety, low weight, easy disposal, and the requirement of fewer raw materials. Pouches and bags were the market's most important product segment in 2020. These products are available in a variety of sizes and have a broad range of applications in a variety of end-use sectors, which drives their demand.
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The global medical flexible packaging market is segmented based on material, product, and end-user. By material, the product is segmented as plastics, paper, aluminium, and bioplastics. Plastics, is further segmented as polyvinyl chloride, polypropylene, polyethylene terephthalate, polyethylene, and others. Further, product is segmented as seals, high barrier films, wraps, pouches & bags, lids & labels, and others. High Barrier Films is further segregated as biaxially oriented polyethylene terephthalate (BOPET), ethylene vinyl alcohol (EVA), polyacrylonitrile, silicon oxide, aluminum oxide, polyvinylidene chloride, and others. End-use is further segmented as pharmaceutical manufacturing, medical device manufacturing, implant manufacturing, contract packaging, and others
Some of the leading competitors are Bemis Company, Inc., Dätwyler Holding, Inc., Becton, Dickinson & Company, Berry Global, Inc., Catalent, Inc., Coveris, Winpak Ltd., Sealed Air Corporation, and among others.
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Some of the key observations regarding medical flexible packaging industry include:
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