Market Trends of Pharmaceutical Plastic Packaging Industry
Development of Better and More Advanced Healthcare Infrastructure to Witness Significant Growth
- Infrastructure is a key pillar that supports the fundamental goal of improving standards of care and promoting well-being for all patients while providing a superior healthcare system experience. The healthcare sector has the potential to deliver personalized and integrated experiences to consumers and improve the productivity of healthcare workers. It integrates the customers, suppliers, platforms, and service providers through a standard business model and virtual data backbone for an enhanced and efficient consumer and stakeholder experience to address critical vulnerabilities and inefficiencies.
- Robotic pharmacy and surgery, artificial intelligence (AI), radiosurgery, 3D modeling and technology (such as dental procedures), or stem cell technology, Dubai's latest technology-driven medical innovations, are rapidly paving the way for the future and improving the lives of millions while attracting global investors through cost-effective disease detection and treatment.
- According to Aster DM Healthcare, Dubai is an established medical destination in the region and is at the forefront of the global medical tourism map. It positions itself as a knowledge-based economy that will use AI, data analytics, and IoT in the future. Electronic prescriptions and medical record management, such as E-ICUs, 3D printing, and robotic patient interfaces, are already prevalent.
- Technological advancements such as artificial intelligence (AI), wearables and other mobile technologies, and the Internet of Things offer multiple investment opportunities. Key areas where new opportunities are likely to emerge for medical technology companies include developing tools to facilitate emergency care and improving healthcare infrastructure through technology-enabled optimization. This includes expanding the range of wearable health-tracking devices, developing patient-centric mobile health applications, and enhancing the integration of AI, robotics, and blockchain technology.
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Asia-Pacific Expected to Witness Significant Growth
- After China recovered from COVID-19, its pharmaceutical industry expanded quickly, partly because of government spending on drug research and development, rising venture capital investment, and significant regulatory changes that hastened novel medications' approval. The need for plastic packaging solutions is being driven by the fact that many pharmaceutical manufacturers modified their production plans to increase the production of related products in response to the current situation.
- Pharmaceutical plastic packaging businesses in China are expected to have many business opportunities due to the country's robust pharmaceutical sector growth. It is anticipated that the Chinese government's initiatives to quicken the nation's healthcare system reform will also encourage the growth of the pharmaceutical packaging business.
- India, which has 1.4 USD billion inhabitants and is the fifth-largest economy, is the most populous nation. Due to the well-established pharmaceutical industry, rising investments in the sector, the expanding population, increasing health awareness, and rising life expectancy, the market for plastic pharmaceutical packaging solutions in India is likely to grow.
- One of the key drivers of the market is the initiative taken by the Indian government to improve the healthcare sector. The Indian government established the Production Linked Incentive (PLI) scheme to promote home manufacturing and create an Atmanirbhar Bharat (Self-sufficient India). The market for pharmaceutical plastic packaging in India is expanding due to the adoption and observance of regulatory standards for pharmaceutical packaging and guidelines regarding packaging recycling.
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