Medical Packaging Films Market Trends

Growth Drivers

• Worldwide Increasing Shipment of Medical Devices - In the modern world, innovation in medical technology is at its peak and new devices are being launched back-to-back. Therefore, the requirement for their shipment across the globe emerges, boosting the significant demand for medical packaging films. Many of these devices are expensive and can be damaged easily while exporting and importing. Hence, such higher demand is expected to propel the market growth over the forecast period. For instance, approximately 80 percent of the medical devices in India was imported in the year 2022.
• Growing Spending on Medicine Across the Globe - The total spending on medicine worldwide is projected to reach approximately USD 15,00 U.S. dollars by the year 2026.
• Escalated Utilization of Syringes and Bandages - In 2020, the export volume of syringes reached around USD 100 million in the United Kingdom alone.
• Escalating Production of Bioplastic Materials – For instance, based on a report, the potential to produce bioplastics is expected to increase from nearly 3 million tons in 2022 to around 7 million tons in 2027 across the globe.
• Rising Approval of Drugs as of Higher Prevalence of Diseases and Disorders - For instance, in 2021, more than 45 novel therapeutics were approved by Drug Evaluation and Research.

Challenges

• Presence of Alternatives in the Market – Several alternatives of medical film packaging such as medical-grade paper, aluminum, and so on are available in the market. These alternatives have the huge potential to replace medical films for packaging. Therefore, this factor is anticipated to hinder the market growth of medical film packaging during the projected timeframe.
• Requirement for Higher Initial Investment
• Disrupted Supply-Chain as a Result of COVID-19