Plastics play a vital role in healthcare packaging due to its adaptability and cost-effectiveness, protecting medical products and promoting sustainability through innovations such as bioplastics and recycling.
BOSTON, May 7, 2024 /PRNewswire/ -- "According to the latest BCC Research study, the demand for Plastics for Healthcare Packaging is growing from $32.1 billion in 2023 to $46.1 billion by the end of 2028, at a compound annual growth rate (CAGR) of 7.5% from 2023 through 2028."
This report analyzes the global plastics for the healthcare packaging market, focusing on resin and product packaging segments. It covers the period from 2023 to 2028, with estimates provided in terms of volume (kilo tons) and revenue (millions of U.S. dollars). Resin categories include polypropylene, HDPE, polystyrene and copolymers, LDPE/LLDPE, PVC, PET, and others, with polypropylene dominating. Product packaging encompasses containers, caps and closures, vials, IV bags, prefilled syringes, blister packs, bags/pouches, medication tubes, prescription containers, and others.
Plastic companies like Avient Corporation and Neste, along with packaging companies such as Amcor and Bormioli Pharma, are investing in bio-based plastics and packaging. Bormioli Pharma partnered with Loop Industries, Inc., unveiling a new pharmaceutical packaging bottle made with 100% recycled PET resin at Pharmapack Europe 2024. This reflects a growing trend towards sustainable practices in the pharmaceutical packaging industry.
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Key Drivers of Plastics for Healthcare Packaging
Growing Pharmaceutical and Pharmaceutical Packaging Industry: The pharmaceutical industry is expanding worldwide, driven by factors such as population growth and increasing health awareness. As more drugs and medical devices are developed, the need for secure packaging continues to grow. Plastics are preferred because of their versatility, sterility and lightness, which is perfect for industry. This synergy is driving the adoption of plastic materials in healthcare packaging.
Benefits and Cost-Effectiveness of Plastics over Other Packaging Materials: Plastic has many advantages over alternatives such as glass or metal. They are more cost effective, easier to handle and less likely to break during shipping. Their lightweight properties reduce transport costs and energy consumption. Many types of plastic can be recycled, which contributes to sustainability. They also offer design flexibility and provide security features such as tamper-proof sealing. Plastic has a lower carbon footprint and is on the eco-friendly trend, making it the best choice for both manufacturers and consumers.
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Report Synopsis
Report Metrics | Details |
Base year considered | 2022 |
Forecast Period considered | 2023-2028 |
Base year market size | $29.9 billion |
Market Size Forecast | $46.1 billion |
Growth Rate | CAGR of 7.5% from 2023 to 2028 |
Segment Covered | By Product, Resin Type, and Geographic Region |
Regions covered | North America, Europe, Asia-Pacific, and Rest of World |
Key Market Drivers | ? Growing Pharmaceutical and Pharmaceutical Packaging Industry ? Benefits and Cost-Effectiveness of Plastics over Other Packaging Materials |
Segmentation Analysis:
This report on the Plastics for Healthcare Packaging provides comprehensive insights and analysis, addressing the following key questions:
Some of the Key Market Players Are:
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SOURCE BCC Research LLC
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