Healthcare Packaging Market Trends

Growth Drivers

• Growing Pharmaceutical Industry Across the Globe – In 2021, the worldwide pharmaceutical industry was estimated to generate approximately 1 trillion in revenue. The pharmaceutical industry includes research and development, distribution, quality control, and the use of pharmaceuticals and medical devices. Owing to the growing need for medical supplies and medications, the healthcare packaging market is expected to develop over the projected timeframe.
• Rising Inclination of the Global Population Toward Early Diagnosis – Early diagnosis is a crucial public health approach in all settings as it improves outcomes by giving care at the earliest feasible time. Hence, the market is estimated to grow on the back of the rising number of laboratories and imaging centers across the globe, backed by the increasing purchase of test equipment and medicinal drugs. The market for diagnostic imaging devices was predicted to reach USD 45 billion in 2022.
• Expanding Packaging Industries – Growing packaging industries around the world, which provide pharmacy manufacturers with a variety of cutting-edge packaging solutions, are anticipated to propel healthcare packaging market expansion. It was found that in the United States, the packaging market was estimated to be worth USD 184 billion in 2021 and is projected to grow to USD 218 billion by 2027.
• Growing Demand for Modern Medical Equipment– Modern medical equipment has made it possible to diagnose illnesses or diseases at an early stage, and the increasing production and sales of these medical devices from one area of the world to another are predicted to boost market growth as packaging is crucial during shipping. For instance, in 2022, the revenue generated by orthopedic devices was anticipated to be around USD 45 billion.
• Increasing Spending on Medicines – The market is expected to increase as a result of the rising sales of over-the-counter medications and medicines sold through online channels, where vendors guarantee to deliver medications to customers' doorsteps in reliable, high-quality packaging. It was noted that, globally around 1.5 trillion USD was spent on medicine in 2021.

Challenges

• Low adoption of standard quality packaging - Government agencies often impose very strict regulations for healthcare packaging. Therefore, the low adoption of standard packaging requirements in low- and middle-income countries and poor public awareness of the need for uniform, durable pharmaceutical packaging is predicted to be the main hindrance to the healthcare packaging market growth.
• Requirement for higher set-up cost
• More packaging weight results in more expensive transportation