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Healthcare Packaging Market to Reach $137 Bn by 2027

Healthcare Packaging Market  

The healthcare packaging market is expected to witness robust growth during 2019-2027. The market is expected to garner 5% CAGR over the forecast period and reach a total evaluation of $137 bn by 2027 end.
Rising demand for healthcare packaging, thanks to growing concerns of hygiene in the healthcare sector are expected to propel growth of the healthcare packaging market. The widespread use of disposable plastics, and its essential place in sterilization are expected to continue as a boon for the healthcare packaging market in the near future.  
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Major Trends in the Healthcare Packaging Market
  • Technology is bringing a disruption to many industries and the healthcare packaging is not an exception. The growth of e-commerce has made cross-nation trade a virtual reality for small players in the market as well. This is expected to bring pressures on costs in the packaging industry. Additionally, technological innovations in packaging like new materials, advancements on the horizon like 3D printing, and sustained upshifts in investments are expected to emerge as main drivers for growth in the healthcare packaging market.
  • The growth of e-commerce has also lead to the adoption of doorstep deliver to consumers. This is expected to emerge as a major segment in the healthcare packaging market. Major pharmacies like Walgreens are investing large sums to ensure that doorstep delivery option is available to all their customers. This is not surprising as in countries like the US, busy lifestyles force people to make purchases ahead of time and require pick-up services on a regular basis. Hence, the doorstep delivery, and subsequent rise to packaged pharmaceutical goods are expected to augment strong growth in the healthcare packaging market in the near future.
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Regional Landscape
Many pharmaceutical companies globally are investing large sums of money in research and development. The rise of chronic illnesses around the world, the streamlining of approvals, and expansion strategies in new regions are expected to propel the healthcare packaging market. It is estimated that the North America region presents 90% of the total revenues in the healthcare packaging market. Additionally, the market in the region is witnessing child-resistant and anti-counterfeiting products which are expected to reassure consumers and propel growth. 
Major acquisitions in the region like Bemis Company Inc are expected to increase the competition in the region along as technology continues to improve products and create new opportunities like smart packaging. The Europe region is also expected to witness significant demand in the near future as entry of large packaging players in Poland is expected to augment strong growth in the regional market. Additionally, growth in biologics to counter bans on single-use plastics, and rise in demand eco-friendly packaging are expected to drive growth of the healthcare packaging market in the near future.
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