Market Size of Folding Carton in Healthcare Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.72 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Folding Carton In Healthcare Market Analysis
- The Folding carton market for the Healthcare market was valued at USD 10.63 billion in 2020 and is expected to reach USD 14.71 billion by 2026 at a CAGR of 5.72% during this forecast period of 2021 - 2026. Moreover, this Healthcare segment is defined by regulatory requirements for quality, flexibility in the packaging of various drug products, and client requirements aligned to these products. However, the major vendors in this market also provide customized folded carton packaging solutions for its customers.
- In April 2020, Keystone Folding Box Company expanded its manufacturing capabilities with the introduction of a new die cutting and gluing equipment into its production facility. The infrastructure investment increases the company's production capacity of vial and syringe packaging by 25% and accommodates shorter lead-times.
- The demand for folding carton has been on the rise due to increased competition in the pharma industry. The folding carton also provides additional area for regulatory information, which is limited in small vials and bottles.
- Tamper evidence and protection from children are the latest introductions to pharmaceutical packaging. These properties are mostly achieved through a combination of material technology (strength properties) and design, which is further driving the demand for folding carton in child-proof medicine packaging.
- The labeling segment of the folding carton market may account for a significant share over the forecast period. Easy to customize, cost-effective, and sustainable are the major features that may drive the demand for folding carton packaging and labeling.
- The label segment is also encouraging the trend of customized and innovative packaging, which is further expanding the scope of the market studied. The RFID (radio-frequency identification) smart labeling technology is widely beingused to prevent the counterfeiting of products, especially in the pharmaceutical market.
- However, the rapidly changing price of raw material can negatively impact the net demand of this product. Most of the raw materials of these products are derived from crude oil, which is primarily utilized during any manufacturing process. Furthermore, the price is also affected by the types of pulps used, due to the yields and price of the raw materials of pulp.
