Medical Packaging Films Market Size

Medical Packaging Films Market Analysis

The Medical Packaging Films Market size is estimated at USD 7.89 billion in 2024, and is expected to reach USD 10.22 billion by 2029, growing at a CAGR of 5.31% during the forecast period (2024-2029).

The market size reflects the value of packaging film products across medical packaging industry applications and is computed in the real term. Packaging films are made from plastic materials, such as polyethylene, polypropylene, biaxially oriented polyethylene terephthalate, polyphenylene ether, polyvinyl chloride, EVOH, polystyrene (PS), nylon, and various metals are considered as per the scope of the market study.

• Governments worldwide are heavily investing in medical and pharmaceutical products and solutions in damage control and the prevention of any potential resurgence of the COVID-19 pandemic. For instance, according to the Institute for Health Metrics and Evaluation (IHME), published in September 2021, the global per capita health expenditure was USD 1,129 in 2019, and it is projected to increase to USD 1,515 by 2050. Innovative packaging and preemptive measures are expected to become the norm in the medical industry, driving the demand for medical packaging films.
• The market studied is a burgeoning segment of the packaging sector, with many drivers accelerating the growth amid the challenges in the form of supply chain security woes, changing regulatory demands, and supply and demand imbalances. During the forecast period, bioplastic films are expected to increase their share on account of several initiatives taken by various market entities to curb the use of plastic materials. However, owing to the severe nature of the market studied, these initiatives are likely to have less impact on replacing plastic films with sustainable packaging films compared to other end-user industries of plastic films, thereby sustaining the market growth.
• The market is expected to experience significant growth, owing to the increase in therapeutics for chronic illnesses, such as cancer and the increasing demand for pouches, bags, and sachets for therapeutic medicines. Additionally, the aging population and the incidence of diabetes are projected to present new opportunities for market expansion.
• Some of the major challenges for the market growth are the volatility of raw material prices, the ongoing drive for sustainability, which includes replacing plastic-based packaging products with biodegradable materials, and mandates of using post-consumer recycled (PCR) plastics in plastic packaging. Usually, raw material costs are attributed to 55-60% of sales in this industry. Therefore, profitability is vulnerable to volatility in raw material prices. The key input cost for flexible packaging film is crude derivatives, which have been inherently volatile.
• During the COVID-19 pandemic, packaging film manufacturers were flooded with a pool of issues that lasted long for nearly one or two years. Some of the effects of lockdown included supply chain disruptions, labor shortages, lack of availability of raw materials used in the manufacturing process, fluctuating prices that caused the production of the final product to inflate and go beyond budget, transportation problems, etc.