Medical Packaging Films Market Analysis: Maximum of the Revenue to be generated by the Blister Packs Segment in 2018
The global medical packaging films market was valued at US$ 14,092 million in 2017. The market is forecast to expand at a CAGR of 5.9% during the forecast period, 2018-2026.
Medical packaging films market primarily consists of high barrier films, co-extruded films, and formable films. Medical packaging films provide a high barrier against moisture, water, oxygen, and other gases. Medical packaging films are used in the manufacture of packaging formats such as bags & pouches, blister packs, labels, sachets, and wraps. Materials used to manufacture medical packaging films include, plastic, aluminum, and oxides. High barrier films segment is further segmented into metallized and coated films. Metallized medical packaging films segment is expected to witness a positive growth, registering a CAGR of 5.1%. Coated medical packaging films are coated with polymers or aluminum to improve their barrier property. Medical packaging films are used as lidding on trays. For tray lids, the seal area should transmit the peeling force smoothly around the package. The shape of the seal and design and location of the peel tabs affect the relative ease of opening. Bags & pouches are used for the packaging of gloves, catheters, syringes, dressings, bandages, etc. Medical packaging films tend to provide less physical protection than the rigid ones. The sealing of medical device packaging is critical. Inappropriate sealing can negatively affect the package integrity of the medical packaging films.
Manufacturers are exploring the clinical requirement for two sterile barriers on the medical device. Depending on the attributes of the device, including its size, design specifications, complexity, number of components, and the clinical procedure itself, having two sterile barriers in medical packaging films is an unnecessary use of packaging materials and resources. It is estimated that by the year 2050, over 5% of the U.S. population will be over the age of 85 and will overall drive the medical packaging films market. The aging trend is not limited to the United States but is a global phenomenon that warrants the consideration of packaging for all types of products. Not only do aging consumers use medical products at a higher per capita rate than the general population, but they are also at risk of inappropriate product use for a variety of reasons. Therefore, manufacturers of medical packaging films have engaged in patient-centric packaging.
Medical packaging films need to be approved for use with a specific medical device by the Food & Drug Administration. However, generally, the FDA regulates medical devices but leaves the choice of acceptable medical packaging films largely up to the device makers. The FDA doesn’t approve medical packaging films as independent products. Medical packaging films are validated for medical use by the device maker. The validation specifies and essentially freezes every aspect of production, including exact resin grades and additives, extrusion parameters, and even which specific extruder in a plant makes the medical packaging films. This relatively inflexible system means that a medical packaging films processor must be assured of a stable, long-term supply of approved resins. If a resin company stops producing one of those materials, medical packaging films have to be requalified with new resin.
North America has shown impressive growth in medical packaging films production as well as consumption, such that it towers over the rest of the countries in the APAC region, and beyond. The Chinese medical packaging films market currently accounts for more than 60% of the global medical packaging films consumption alone. North America’s medical packaging films market was significantly boosted, owing to the increase in geriatric population and is expected to continue the momentum of growth of medical packaging films market during the forecast period. Therefore, medical packaging films manufacturers are expected to eye the Asia Pacific region for potential business expansion. Therefore, the outlook for the global medical packaging films market is expected to be positive during the forecast period.
Blister strips using formed aluminum foil or laminate for the base layer usually take up a bigger footprint than those made from medical packaging films, because of the limitations in the depth and gradient of pocket size that can be achieved with this material. Larger packs are not favored by patients or pharmacists, so for products requiring a high barrier to moisture, producers should consider the use of high-barrier medical packaging films instead, as these materials allow the production of smaller footprint blisters whilst still providing high moisture barrier properties. The trend for calendared blister medical packaging films is witnessed in regions such as North America and Europe and is soon to gain a market footprint in the APAC and MEA region.
The global medical packaging films market has been segmented on the basis of material type, product type, application, end-use, and region.
The various material types considered in the medical packaging films market study include plastic, aluminum, and oxides. Of these, the plastic medical packaging films segment accounts for the lion’s share of the global medical packaging films market.
On the basis of product type, the global medical packaging film market has been segmented into high barrier films, co-extruded films, and formable medical packaging films. The high barrier segment has been further subdivided into two categories, which include metallized and coated medical packaging films. The metallized films segment is expected to heavily dominate during the forecast period, accounting for more than 70% of the metallized medical packaging films demand.
Key players considered in the report on medical packaging films market include 3M Company, Winpak Ltd, Bemis Company, Inc., Dunmore Corporation, Berry Global Group, Inc., Honeywell International, Toray Plastics (America), Inc., Klöckner Pentaplast Europe GmbH & Co. KG, Glenroy Inc., and Renolit Group.
In this report, Transparency Market Research offers an 8-year forecast of the global medical packaging films market between 2018 and 2026. In terms of value, the global medical packaging films market is expected to expand at a CAGR of 5.9% during the forecast period. The study reveals the dynamics of the medical packaging films market in five geographic segments along with a market analysis for current market environment and future scenario over the forecast.
This Transparency Market Research report studies the global medical packaging films market for the period 2018–2026. The prime objective of this report is to offer insights and key market trends pertaining to medical packaging films market that are gradually helping transform global businesses.
The global medical packaging films market report begins with an executive summary for various categories and their share in the medical packaging films market. It is followed by the market dynamics and an overview of the global medical packaging films market, which includes TMR analysis of market drivers, restraints, opportunity analysis, and trends that are affecting the growth of the medical packaging films market. Furthermore, to understand the popularity of the medical packaging films segment, the attractiveness index and BPS analysis with elaborated insights on the same are provided. These will show the market’s attractiveness based on factors such as CAGR and incremental opportunity. To show the performance of the medical packaging films market in each country and region, BPS and Y-o-Y growth analysis are provided.
The global market for medical packaging films is further segmented as per material type, product type, application, and end use. On the basis of material type, the global market for medical packaging films is segmented into plastics, aluminum, and oxides. On the basis of product type, the global market for medical packaging films is segmented into high barrier films, co-extruded films, and formable films. On the basis of application, the global medical packaging films market is segmented into bags & pouches, blister packs, lidding, sachets, wraps, and labels. On the basis of end use, the global market for medical packaging films is segmented into pharmaceutical and medical device packaging.
The next section of the report highlights the medical packaging films market by region and provides the market outlook for 2018–2026. The study investigates the Y-o-Y growth regionally, as well as analyses the drivers that influence the regional medical packaging films market. Main regions assessed in this report include North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa (MEA). The report evaluates the present scenario and growth prospects of the regional medical packaging films market for 2018–2026.
To ascertain the market size in terms of value and volume, revenue generated by the key manufacturers and their respective production capacity is taken into consideration. The forecast presented here assesses the total revenue generated by value, across the medical packaging films market. In order to provide an accurate forecast, we initiated by sizing up the current market, which forms the basis of how the medical packaging films market is expected to develop in the future. Given the characteristics of the market, we triangulated the outcome on the basis of three different types of analysis; based on the supply side, downstream industry demand, and the economic envelope. Additionally, it is imperative to note that in an ever-fluctuating global economy, we not only conduct forecasts in terms of CAGR but also analyze the market based on key parameters, such as year-on-year (Y-o-Y) growth rates, to understand the predictability of the medical packaging films market and identify the right opportunities across the market.
The market segments for the global medical packaging films market have been analyzed in terms of basis point share (BPS) to understand the individual segment’s relative contributions to market growth. This detailed level of information is important for identifying various key trends in the medical packaging films market. Another key feature of global medical packaging films market is the analysis of key segments in terms of absolute dollar opportunity. Absolute dollar opportunity is critical for evaluating the scope of opportunity that a provider can look to achieve, as well as to identify potential resources from a delivery perspective of the medical packaging films market. The overall absolute dollar opportunity along with the segmental split is mentioned in the global medical packaging films market.
To understand key growth segments in terms of growth and adoption for the medical packaging films market, Transparency Market Research has developed the ‘Attractiveness Index.’ The resulting index should help providers identify real market opportunities.
In the final section of the report, the ‘dashboard view’ of the companies is provided, to compare the current industrial scenario and their contribution to the medical packaging films market. Moreover, it is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors based on the in-depth assessment of their capabilities and success in the medical packaging films marketplace.