Flexible Packaging for Healthcare Market Trends

Growth Drivers

• Constantly Developing Pharmaceutical Industry - In 2021, the global pharmaceutical industry was estimated to generate total revenue of USD 1.5 trillion. Meanwhile, the sales of pharmaceuticals in the oncologic were estimated to be around USD 100 billion in the similar year.

• The pharmaceutical industry has a huge demand for flexible packaging since it is used to prevent drug products from decaying. Some of the common examples of these products are capsules, tablets, powders, and others. Flexible packaging can take any shape when filled with a particular product. The common types of flexible packaging are vacuum pouches, ziplock, laminated tubes, and others. Hence, such factors are estimated to propel the growth of the market over the forecast period.

• Growing Spending on Medicine Across the Globe - As of 2021, it was estimated that nearly USD 1.5 trillion was spent on medicines globally which was an increase from around USD 850 billion in 2010. Furthermore, between 2020-21, the total export worth of drugs and other pharma products was noticed to be around USD 25 billion in India alone.

• Rising Demand for Implants - For instance, the global implant segment was projected to reach approximately USD 100 billion by the year 2023. Additionally, it was also observed that approximately 34 million Americans are in the need of at least one tooth. Flexible packaging is the most suitable for the packaging of implants since it can take any shape.

• Increasing Manufacturing of Medical Devices - The orthopedic devices segment was projected to hit a total value of around USD 50 billion by 2027. On the other hand, approximately 2 million medical devices of different kinds are found in the market currently. Medical devices need to be sterilized and clean, hence, flexible packaging becomes quite beneficial to pack medical devices.

Challenges

• Lack of Awareness and Required Workforce - Flexible packaging for healthcare isn’t that popular since manufacturers still tend to go for traditional methods of packaging medicines. This lack of awareness is projected to hamper the growth of the market over the forecast period.
• Requirement for Higher Initial Investment
• Decline in Supply-Chain due to COVID-19