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Will the Global Plastic Healthcare Packaging Market Continue to Grow?
The plastic healthcare packaging market has seen strong growth in recent years, with its value set to increase from $29.91 billion in 2023 to $32.23 billion in 2024 at a compound annual growth rate CAGR of 7.8%. This growth in the historic period can be attributed to factors such as rising occurrences of respiratory diseases, increased use of plastic packaging in the healthcare industry, growing incidence of chronic disease, escalating investment in healthcare infrastructure, and an expanding geriatric population.
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What Are the Projected Growth and Future Trends in the Plastic Healthcare Packaging Market?
Strong growth is expected in the plastic healthcare packaging market in the next few years, reaching an estimated $44.09 billion in 2028 at a compound annual growth rate CAGR of 8.1%. This growth can be attributed to factors such as increasing demand for pharmaceuticals, rise in demand for medical devices, heightened consumer awareness about plastic packaging, regulatory compliance and sustainability initiatives, and a growing demand for lightweight packaging products from the consumer base. Major trends expected to drive this growth further in the forecast period include innovative packaging designs, advanced smart packaging technologies, innovations in eco-friendly packaging materials, advancements in plastic packaging technology, and innovations within the healthcare industry.
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What Are The Main Drivers For The Growth Of The Plastic Healthcare Packaging Market?
The expansion of the pharmaceutical industry is expected to propel the growth of the plastic healthcare packaging market. This industry, which focuses on the research, development, manufacturing, and marketing of medications and drugs, is expanding due to factors such as the increasing aging population, longer life expectancy, and advances in medical science. Plastic healthcare packaging plays a critical role in supporting the pharmaceutical industry by ensuring product safety and integrity, enhancing patient convenience, reducing costs, and enabling drug delivery and administration innovation. To illustrate this, the total pharmaceutical production in Europe accounted for $384,200 million €340,000 million in 2022 according to the European Federation of Pharmaceutical Industries and Associations EFPIA, indicating an increase of approximately 4.95% from 366,267 million €323,950 million in 2021.
Which Key Companies Are Playing A Major Role In The Plastic Healthcare Packaging Market?
Major companies operating in the plastic healthcare packaging market include McKesson Corporation, Amcor Limited, Berry Global Group Inc., Mondi Group PLC, Sealed Air Corporation, Catalent Inc., Nipro Corporation, Aptar Group Inc., West Pharmaceutical Services, Tekni-Plex Inc., Gerresheimer AG, Constantia Flexibles Group, Klockner Pentaplast Group, Wipak Ltd., Comar LLC, Aphena Pharma Solutions Inc., Bilcare Limited, Adelphi Healthcare Packaging, Clondalkin Group, and Alexander James Corporation.
In What Ways is the Plastic Healthcare Packaging Market Segmenting?
The plastic healthcare packaging market can be segmented in the following ways:
1 By Type: Bottle Packaging, Blister Packaging, Syringes Packaging, Vial Packaging, Device Packaging, Other Types
2 By Material Type: Polyethylene, Polyvinyl Chloride, Polystyrene, Polypropylene, Polyethylene Terephthalate, Other Material Types
3 By Type Of Drug Delivery: Pulmonary, Oral drugs, Transdermal, Injectable, Nasal, Topical, Ocular
4 By End-User: Pharmaceutical Companies, Medical Device Manufacturing Companies, Other End-Users
What can we expect from Different Regions in the Plastic Healthcare Packaging market?
In 2023, North America was the largest region in the plastic healthcare packaging market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The regions covered in the plastic healthcare packaging market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
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