Medical Packaging Films Market worth $10.4 billion by 2028 Globally, at a CAGR of 6.0%, says MarketsandMarkets™

Chicago, Nov. 19, 2023 (GLOBE NEWSWIRE) — The Global Medical Packaging Films Market size is estimated to be USD 7.8 billion in 2023, and it is projected to reach USD 10.4 billion by 2028 at a CAGR of 6.0%., as per the recent study by MarketsandMarkets™. Medical packaging films are specialized materials used in the healthcare and medical industry for the purpose of packaging and protecting various medical products, including medical devices, diagnostic kits, and other healthcare supplies.

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List of Key Players Medical Packaging Films Market:

  1. Amcor Plc (Switzerland)
  2. Berry Global Inc. (US)
  3. DuPont de Nemours Inc. (US)
  4. RENOLIT SE (Germany)
  5. Weigao Group (China)
  6. Sealed Air Corporation (US)
  7. Covestro AG (Germany)
  8. 3M (US), Toppan, Inc. (Japan)
  9. Wipak  (Finland)
  10. Mitsubishi Chemical Corporation (Japan).

Drivers, Restraints, Opportunities and Challenges in Medical Packaging Films Market:

  1. Drivers: Increasing healthcare expenditures, alongside a growing incidence of chronic diseases
  2. Restraints: Variability in the cost of raw materials
  3. Opportunity: Increasing interest in eco-friendly packaging alternatives
  4. Challenges: Stringent government rules and regulations

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Key Findings of the Study:

  1. By Material, Polypropylene accounted for the second-largest share in 2022.
  2. By Type, Thermoformable Film accounted for the largest share in 2022.
  3. By Application, Bags accounted for the largest share in 2022.
  4. Asia Pacific is the fastest-growing market for the medical packaging films market.

In terms of materials, the market is categorized into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyamide (PA), and other materials. Among these, polyethylene (PE) emerged as the dominant material in the medical packaging films market in 2022, both in terms of market share and value. During the forecast period, it is expected to exhibit the second-highest compound annual growth rate (CAGR). Polyethylene film is a thin plastic material manufactured from polyethylene resins and ranks among the most widely used plastic films. Polyethylene is available in various densities, including low-density PE (LDPE), linear low-density PE (LLDPE), and high-density PE (HDPE). Polyethylene film is recognized for its excellent sealing properties and is employed across a range of applications, including packaging, plastic bags, and labels.

Based on the type of medical packaging films, the market is divided into three segments: thermoformable film, high-barrier films, and metalized film. In 2022, the thermoformable film segment held the most substantial market share, and it is expected to continue leading the medical packaging films market in both value and volume from 2023 to 2028. This is because medical products come in various shapes and sizes, and thermoformable film packaging presents innovative and tailored solutions for packaging medical drugs and equipment.

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The Medical packaging films market is segmented based on the applications. Medical packaging films can be used in different applications such as bags, tubes, and others. In bags, these films are used in Parenteral nutrition bags, Drainage bags, Blood bags, Biomedical bags, and others. In the tubes, these films are used in single-use medical tubing applications, such as intravenous (IV) lines, urinary catheters, and the vascular catheters. In other segments these films are used in trays, wrapping films, and surgical suit films.

The Medical packaging films market is studied in five regions, namely, Asia Pacific, Europe, North America, South America, and Middle East & Africa. Asia Pacific is the fastest-growing market of medical packaging films globally. This is attributed to the rise in urbanization, rising industrialization, increasing disposable income, improving living standards, and increasing awareness for health, which led in rising the demand for medical products which supports the growth of the medical packaging films in the forecast period.

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