September 14, 2022 10:03 ET | Source: Precedence Research Precedence Research
Tokyo, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The global healthcare packaging market size will reach at USD 140.47 billion in 2022. The healthcare sector has advanced from its old forms of practices to the current state, where high-tech tools are being used to increase productivity and meet the rising need for environmentally friendly packaging and processing methods. Pharmaceutical businesses are being pushed to adopt sustainable practices by government laws and a growing public awareness of environmental problems. These advancements by the manufacturers of pharmaceuticals and medical equipment are opening up opportunities for the market for healthcare packaging to grow.
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The packaging for medical devices creates a clean environment for their contents, and this sterility must be maintained until the box is opened for usage. The growth of the healthcare sector is attributed to an increase in the number of hospitals, producers of therapeutic equipment, and diagnostic facilities around the world. Revenue of sterile therapeutic packing are expected to increase as a result of growing environmental concerns and rising demand for microbiological packaging. Due to regionally varied increases in life expectancy, there is a rising market for medicines and medical device producers.
The production and packaging procedures used in the medical device and pharmaceutical sectors place a strong emphasis on safety and sustainability. To combat the sale of counterfeit drugs and medical devices, traceability laws have been implemented throughout the healthcare industry. Traceability regulations are present in both established and developing regions.
The US Drug Quality and Security Act (DQSA), for instance, mandates serialization of all prescription medications and supply chain history throughout North America. As a result, the market for labeling machinery is anticipated to increase rapidly due to the necessity for compliance with the serialization of all pharmaceutical and medical devices. Due to supply chain problems brought on by prolonged manufacturing closures worldwide, the spread of COVID-19 has had a detrimental effect on the market to some extent. Making bottles, vials, and ampoules to supply pharma businesses has proven challenging logistically.
During the projection period, North America is expected to dominate the international healthcare packaging market. The populations of the United States and Canada differ noticeably in regards to size, healthcare cost intensity, combine GDP rate, and health insurance plan structure despite the fact that both countries are developed, have thriving economies, aging population sections, and cutting-edge medical delivery systems. Due to its highly developed primary medical community, considerable medical & life scientific research activities, high healthcare expenditure intensity, and large pharmaceutical and medical industries, the United States is one of the major geographical markets for healthcare packaging products.
During the anticipated period, the healthcare packaging market in Asia Pacific is anticipated to develop at the highest CAGR.
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One of the world's fastest-growing industries is packaging. Almost every product that is sold comes in some kind of packaging, which may range from plastic to paper to even metal depending on the item. The market for healthcare packaging will expand as a result of the rising demand from the healthcare and medical sectors for packaging of highly vulnerable medical equipment and devices. The pharmaceutical and healthcare items require protection against tampering and contamination.
The market for healthcare flexible package is growing significantly as a result of the growing elderly population and the rising prevalence of various chronic conditions. Additionally, the market for healthcare packaging is expanding due to the remarkable qualities of healthcare packaging materials, such as their affordability, high flexibility, and availability in a variety of sizes and forms.
Despite the industry's expansion, there are still challenges, including stringent legal requirements, globalization, and other economic factors. Manufacturers may find it challenging to create and implement new regulatory frameworks for information and anti-counterfeiting given how frequently labels change. Due to numerous regulatory and economic difficulties, the pharmaceutical packaging business is continuously under pressure to reduce costs. Healthcare Packaging companies are collaborating with physicians to better understand the legal, economic, and globalization restrictions in order to enhance their R&D skills and develop solutions to difficulties.
IoT-enabled healthcare systems can track every medicine package, monitor the use of each tablet or capsule, and show all prescription data that is patient-specific. The Rise of Intelligent and Interactive Packaging, or I2 Pack format, is suitable for smart devices for this usage. The I2Pack is the most up-to-date medical packaging that blends sensing, energy harvesting, communication, RFID, and other characteristics over traditional packaging media to interact with customers.
Because the information fetched and managed to carry by the packaging will alter from static to dynamic and the flow of information will change from one-directional (product to customer only) to dual-directional, the I2Pack can be given more responsibilities in addition to containing and protecting goods (both products to end user and consumer to producer). Packaging is a crucial component of supplier-to-consumer communication. Additionally, it serves as a vendor on-site, a presenter of information, a gatherer of information, and even an executor of certain operations.
Issues including tight rules, globalization, and other economic factors are impeding market expansion. It could be challenging for manufacturers to design and implement better practices for labels that are constantly changing as well as for new regulatory frameworks for information and anti-counterfeiting.
Pharmaceutical packaging businesses always experience downward pricing pressure as a result of a number of societal and economic factors. Thus, packaging companies are becoming more aware of the issues related to law, commerce, and globalization. They are also collaborating with medical professionals to enhance their R&D capabilities in order to provide solutions.
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