Market Size of North America Healthcare Packaging Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.37 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Healthcare Packaging Market Analysis
The North American healthcare packaging market (henceforth, referred to as the market studied) was valued at USD 45.3 billion in 2019, and it is expected to reach USD 65.6 billion by 2025, registering a CAGR of 6.37%, during the period of 2020-2025. The healthcare industry has widely evolved from its traditional form of practices to its current position, where the high-tech equipment and instruments are deployed to improve efficiency, in addition to the increasing demand for sustainable packaging and processing operations.
- The increasing awareness on the environmental issues and the government regulations of the region are pressurizing the pharmaceutical companies in moving toward sustainable processes. These developments by medical devices and pharmaceutical vendors are catering to provide scope toward the expansion of the healthcare packaging market.
- Medical device packaging provides the sterile environment for the contents within, and sterility needs to be preserved until the package gets opened for use. In a region, due to the increasing number of hospitals, therapeutic equipment manufacturers, and diagnostic centers, the healthcare industry is growing with the increasing demand for microbial packing.
- New companies are innovating in terms of the economical ways and smart labeling of medical devices. For instance, CleanCut Technologies' Vault packaging system for devices is well suited for tray-style packaging. Counterfeiting, an evident problem in medical devices, is expected to promote the usage of NFC and RFID tags on the packaging materials.
- The pharmaceutical industry is slowly moving toward contract manufacturing, and the same trend is expected to be reflected in the packaging industry. The increasing demand from consumers calls for shorter lead times, and for drug manufacturers to capture the market, it is leading to the adoption of continuous manufacturing capabilities.
- The spread of a COVID-19 negatively impacted the market to a certain extent, due to disruptions in a supply chain, as a result of extended factory closures, globally. Logistically, it has been difficult for bottles, vials, and ampoules makers to provide to the pharma companies.
