Increasing popularity of bi-axially oriented films, and the elevated demand for sustainable packaging solutions has resulted in boosting the medical packaging films market.
The global medical packaging films market size is expected to reach USD 9.47 Billion by 2028, registering a CAGR of 5.1% over the forecast period, according to a new report by Reports and Data. Major factor driving medical packaging films market revenue growth is continuous focus on R&D activities by various market players. Changing consumer preference and increasing environment concerns among consumers is another factor which is opening up new avenues for the medical packaging films market. Changing consumer preference has resulted in an increasing demand for bioplastic material. For catering to such changing consumer preference and stay relevant to market demand, key players in the medical packaging films market are launching new products.
Different inorganic strategies opted by market players have also resulted in spurring the growth of the overall market. In August 2018, Bemis Company, Inc. (US) was acquired by Amcor Limited in an all-stock combination. Such initiatives help in enhancing R&D capacities and increase their geographical presence, which, in a way, helps in the expansion of the overall medical packaging films market.
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Further key findings from the report suggest
On the basis of product type, the high barrier film segment generated the highest revenue in 2020 in the medical packaging films market. Factors like increasing demand for healthcare products with extended shelf life along with the minimal scope of bacterial contamination contributes to the revenue generated by this segment.
On the basis of film structure, the coextrusions segment held the largest medical packaging films market share in 2020, with the second-highest growth rate of 5.2% during the forecast period. This large market share of coextrusions segment is attributed to its ability to provide multilayer film structure at a lower cost as compared to other film structure.
On the basis of application, the bags segment held the largest revenue share in the medical packaging films market in 2020. The increasing demand for medical bags in healthcare sector contributes to the segment’s larger market share.
North America occupies the second-largest medical packaging films market share in 2020 and expected to register a CAGR of 5.3% during the forecast period. Presence of several key players in this region like Glenroy, 3M Company, DuPont, a mature pharmaceutical industry and increasing geriatric population are some of the factors contributing to the region’s high market revenue share.
Key participants in the medical packaging films market include Berry Global Group, Renolit, DowDuPont, Amcor, Polycine GmbH, Weigao Group, 3M, Covestro AG, Wipak Group, and Glenroy.
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For the purpose of this report, Reports and Data has segmented the medical packaging films market according to product type, material, film structure, application, and region:
Product Outlook (Revenue, USD Billion; 2018 – 2028)
High Barrier Film
Material Outlook (Revenue, USD Billion; 2018 – 2028)
Polyvinyl Chloride (PVC)
Film Structure Outlook (Revenue, USD Billion; 2018 – 2028)
Application Outlook (Revenue, USD Billion; 2018 – 2028)
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Gives the reader a holistic comprehension of the global market
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COVID-19 impact on the market and industry as well as the recovery analysis.
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