The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
The global medical flexible packaging market is expected to reach USD 34.62 billion by 2025, according to a new report by Grand View Research, Inc. The growing demand for medical devices and implants coupled with innovation in packaging materials is driving the demand for these products.
Flexible packaging provides many advantages as it is lightweight, has increased shelf life, and consumes less amount of material. Medical flexible packaging products are expected to experience increased demand over the forecast period owing to the presence of a wide variety of offerings that cater to specific purposes. The development of eco-friendly high strength paper is expected to further augment the market demand.
North America was the largest regional market in 2016 backed by the thriving medical device and implant manufacturing industries. The presence of advanced medical device manufacturers with specialized packaging needs is expected to drive the demand for these products. The improving economic outlook and growing innovation on barrier materials are expected to have a positive impact on the consumption in North America. The presence of major companies such as Amcor and Bemis is expected to further boost the consumption over the forecast period.
Further key findings from the report suggests:
- The aluminum material segment is projected to grow at a CAGR of 6.1% from 2017 to 2025 owing to the need for special packaging products
- High barrier films are the fastest-growing product segment and expected to reach USD 7.72 billion by 2025 due to the growing popularity of high-performance laminates
- Medical device manufacturing is the largest end-use segment and accounted for over 31% of market share in 2016
- The Middle East & Africa region is expected to grow at a CAGR of 4.8% from 2017 to 2025 backed by the growing demand for low-cost medical devices
- Various strategies adopted by industry players include mergers & acquisitions, new product developments, and regional expansions