Global Healthcare Packaging Market is Expected to Grow at a CAGR of 6.3% in the Forecast Period of 2024-2032

The global healthcare packaging market is being driven by innovation in packaging and diversification of drugs being produced in the market. With the increasing life expectancy rates, the geriatric population is constantly rising. This has increased the scope for the growth of medical device manufacturers and the pharmaceutical industry over the years, which has, in turn, aided the growth of the healthcare packaging market. Within the market, the blister packaging segment is expected to have the maximum growth due to its seal integrity and protection from moisture. Regionally, North America is expected to continue to be a leading market for healthcare packaging alongside Europe due to the presence of major pharmaceuticals and medical device manufacturers in the regions. Some of the major players in the industry also have their headquarters in the region like Avery Dennison Corporation [NYSE: AVY], Bemis Co. Inc., and WestRock Company. In the coming years, the Asia Pacific is going to witness a robust growth, with India and China developing at a strong rate in the regional market.

Aphena Pharma Solutions Inc., based in the United States, is a leading organisation offering contract packaging solutions for the medical device, pharmaceutical, and consumer health markets. It announced in May 2020 that it had approved USD 7 million for a company-wide expansion and future growth opportunities, which is to be completed by the end of 2020. Targeted expansion areas include additional manufacturing space, custom blending suites, new liquid blending vessels, and an additional high-speed bottling line. This is likely to provide an impetus to the growth of the healthcare packaging market.

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Market Analysis by Product Type, End Use, and Region:

• Based on product type, the market can be divided into pouches, bags, clamshell packs, trays, blister packs, syringes, caps and closures, and cartons, containers, and boxes, among others.
• On the basis of end use, the market is bifurcated into pharmaceutical and medical devices.
• The regional markets for healthcare packaging include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increment in the prevalence of chronic conditions and the expenditure on healthcare facilities is driving the market growth.
• The strong growth in the demands for healthcare products is aiding the development of the market.
• Advancement in technology in healthcare and medical industries is propelling the market growth.
• The rising geriatric population, owing to the increased life expectancy, is also driving the market growth.
• The increasing demand for mechanisms to prevent counterfeiting of drugs is supporting the market development further.

Key Offerings of the Report:

• The EMR report gives an overview of the global healthcare market for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the product types, end-uses, and major regions of healthcare packaging.
• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods. 
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global healthcare packaging market are WestRock Company, Sonoco Products Company, Avery Dennison Corporation, Gerresheimer AG, DuPont de Nemours, Inc., and Amcor plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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