The global medical flexible packaging market size was US$ 16.1 billion in 2021. The global medical flexible packaging market is forecast to grow to US$ 28.4 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The demand for flexible packaging products in the medical and pharmaceutical sectors is growing steeply due to improving healthcare infrastructure and rising demand for novel devices. In addition, the benefits of medical flexible packaging products, such as efficient variety, low requirement for raw material, and lightweight, are forecast to fuel the growth of the market. Furthermore, the fact that medical flexible packaging is easy to dispose of will amplify its demand during the forecast period.
Other factors, such as the growing population and increasing disposable income, will exhibit huge growth potential for the medical flexible packaging market. On the contrary, the high cost of packaging may limit the growth of the market during the forecast period.
The growing prevalence of diseases has upsurged the demand to escalate R&D activities and bring new innovations to the market. It is forecast to be opportunistic for the companies thriving in the medical flexible packaging market.
Regional Analysis
The Asia-Pacific medical flexible packaging market is forecast to grow at the highest rate due to the rising individual spending on healthcare. Furthermore, the demand for efficient medical products is increasing in emerging economies, such as India and China. As a result, it will be opportunistic for the medical flexible packaging market.
North America is forecast to emerge as a significant contributor to the medical flexible packaging market, owing to the improving economic outlook and rising number of innovations on barrier materials in the region. In addition, the presence of renowned manufacturers, such as Amcor and Bemis will boost the growth of the medical flexible packaging market.
COVID-19 Impact Analysis
The global COVID-19 pandemic has been positive for the healthcare sector. Even though various segments witnessed an abrupt loss in terms of revenue, the global medical flexible packaging market witnessed lucrative growth opportunities. The demand for high-quality medical devices increased from the healthcare bodies, majorly in India and China. Furthermore, governments' push towards improving healthcare and medical infrastructure and offering efficient healthcare services to the citizens further augmented the medical flexible packaging market growth.
In addition to that, the pandemic highlighted the need for increasing R&D activities and introducing novel pharmaceutical innovations. Thus, the demand for medical flexible packaging increased as a result of the COVID-19 pandemic.
Competitors in the Market
Market Segmentation
The global medical flexible packaging market segmentation focuses on Material, Product, End-Use, and Region.
By Material Outlook
By Product Outlook
By End-Use Outlook
By Regional Outlook
