Healthcare Packaging Market Size

Healthcare Packaging Market Analysis

The Healthcare Packaging Market is expected to grow at a CAGR of 6.4% during the forecast period (2022 to 2027). Moreover, the healthcare industry has grown from its traditional form of practice to its current advanced position, where high-tech equipment and instruments are deployed to improve efficiency and increase demand for sustainable packaging and processing operations.

• The rising awareness of environmental issues and government regulations are pushing pharmaceutical organizations to move toward sustainable processes. Also, developments by medical device and pharmaceutical vendors provide scope for expanding the healthcare packaging market globally.
• The packaging of medical devices should provide a sterile environment for their contents and remain sterile until the packaging is opened for use. The healthcare industry is growing with an increasing number of hospitals, treatment devices, and diagnostic centers. Sales of aseptic packaging are expected to increase due to growing environmental concerns and rising demand for microbial packaging.
• Healthcare companies are investing in advanced machines to increase packaging speed and efficiency. For instance, digital technology, IoT, and the blockchain allow enterprises to connect appliances to smart devices, troubleshoot and report errors, optimize operations, gain insights into machine-wide data, and record data across the supply chain.
• According to Amcor PLC in May 2022, the need for sustainable packaging includes regulatory pressure on pharmaceutical packaging companies. Pharmaceutical packaging is increasing within the scope of sustainability-oriented legislation. If the package is considered non-recyclable, the company could be subjected to the proposed Extended Producer Responsibility (EPR) taxes and penalties. Several types of pharmaceutical packaging are not recyclable and can be affected by this law.
• Further, as of May 2022, According to Food & Drug Administration, Title II of DQSA, the Drug Supply Chain Security Act (DSCSA), outlines steps to accomplish interoperable, electronic tracing of products at the package level to identify and trace certain prescription drugs as they are distributed in the United States. This will enhance FDA's capability to help safeguard consumers from exposure to drugs that may be counterfeit, stolen, contaminated, or otherwise harmful. These needs will also improve the detection and removal of potentially harmful drugs from the drug supply chain to protect U.S. consumers and drive companies to develop sustainable packaging solutions.
• The pharmaceutical packaging industry also faces many challenges due to the delicate nature of its products. Inadequate packaging can cause chemical changes in the development, affecting its healing ability and ineffective performance. Some challenges include supply chain disruptions, regulatory concerns, and counterfeit products.
• Moreover, the spread of COVID-19 has negatively impacted the market to a certain extent due to disruptions in the supply chain due to extended factory closures globally. Logistically, it has been difficult for bottles, vials, and ampoules makers to provide to the pharma companies. Such instances restrain the growth of the market.