Medical Packaging Films Market

Global Medical Packaging Films Market Size (2023 to 2028)

The global market size for medical packaging films is expected to grow to USD 10.66 billion by 2028 from USD 7.63 billion in 2023, registering a CAGR of 6.92% from 2023 to 2028.

Medical packaging films are the products used for the pharmaceutical packaging process. Its purpose is to preserve and cover products used by customers. Packaging films are of different types and are used in many areas. An example of this is polymer films, which are used in various medical applications, including surgical gowns, fluid bags, wound care products, and transdermal patches.

The medical packaging film market mainly consists of high-barrier, coextruded, and formable films. These provide a high barrier to the products against external forces and extreme conditions. Films are used as both single-layered and multi-layered. These can be made from many materials, such as Pebax, which is breathable, and non-porous PVC. Many medical bags, such as dialysis bags, blood bags, nutritional feeding bags, and intravenous (IV) bags, are PVC.

Impact of Covid-19 on the global medical packaging films market:

The outbreak began in March 2020 and continued for over a year. The lockdowns and quarantines resulted from the coronavirus outbreak in China. Many businesses have suffered losses. There was a rise in the unemployment rate as more deaths were reported. Due to the unexpected increase in the number of patients and the severe shortage of hospital resources such as oxygen cylinders, beds, and staff, the financial situation has deteriorated.

The COVID-19 pandemic has negatively impacted the global medical packaging films market.

The lockdown has had several negative repercussions, including supply chain disruption, labor shortages, and price swings that have led to overpricing and overproduction of the product due to transport problems, finances, etc. In addition, there was also a decline in the production of medical packaging, along with declines in other healthcare product manufacturing industries. This overall decline in packaging has further reduced the demand for medical packaging.

MARKET DRIVERS:

Growing demand for bioplastic and recyclable packaging materials drives the medical packaging films market.

There has been a growing awareness among people regarding environmental safety. Therefore, to reduce the environmental impact, there has been a significant increase in the use of biodegradable plastic in medical applications. This helps in the protection of the environment. In addition, therapeutic drugs are on the rise due to the growing cases of chronic conditions needing therapeutics like cancer. Therefore, the increased number of patients with chronic conditions, increasing demand for bi-axially oriented films, and growing preferences for flexible, eco-friendly, biodegradable, and economical packaging films are also expected to drive the medical packaging films market.

In addition, the aging population and the incidence of diabetes are leading to increased expenditures in healthcare institutions, and the increasing adoption of medical bags for low-cost packaging in the medical and pharmaceutical industries is expected to present new opportunities for market expansion. Along with this, the growing need for implantable devices and rapid growth in the healthcare industry are vital factors likely to augment the growth of the medical packaging film market over the projected forecast period.

Additionally, polymer-based plastics have bioplastic alternatives for producers of packaging products. Therefore, the use of these bioplastics reduces the impacts of the bans. Therefore, this anticipates a reduction in the use of polymer plastic-based packaging. Also, the market is expected to grow over the forecast period owing to the latest technological advancements in sustainable packaging and the latest innovations in the pharmaceutical field.

MARKET RESTRAINTS:

The fact that commodity prices are volatile may negatively impact the growth rate of the medical packaging films market. Costs fluctuate due to rising crude oil prices and strong demand from plastic manufacturers. The main input cost for flexible packaging films is crude oil derivatives. Raw material costs are typically attributed to 55-60% of industry sales. As a result, industry profits are very vulnerable and represent a barrier to the market's ability to grow. Other factors, including the continued push for sustainability, are anticipated to hamper the market's growth during the forecast period. This means plastic-based packaging products will replace biodegradable materials and require post-consumer recycled plastics in plastic packaging. Additionally, numerous environmental regulations for medical product packaging are expected to become the major challenge for medical packaging and film market growth.

REPORT COVERAGE:

This research report on the global medical packaging films market has been segmented and sub-segmented based on material, product, application, and region.

Medical Packaging Films Market – By Product:

• Thermoformable Film
• Metallized Film
• High Barrier Film

Based on product type, the high-barrier film segment is expected to dominate the global medical packaging film market over the forecast period. They are flexible films that prevent water, oxygen, light, and other elements from entering or leaving the container. They are widely used in forming ribbons, bags, and pouches. The benefit of using them is that they offer higher strength and heat tolerance than traditional single-ply films.

The metalized films segment is also expected to grow at a healthy CAGR during the forecast period. These are, in general, polymer films. They are often covered with a thin layer of aluminum. The significant advantage they offer is their shiny silver foil metallic appearance. They are lightweight and inexpensive, highly flammable, and heat-sealed. They find their use in decoration, metallic threads, sequins, etc.

Medical Packaging Films Market – By Application:

• Tubes
• Bags

Based on the application, the bags segment is expected to lead the market during the forecast period. Medical bags are widely used when low-cost packaging is required in large quantities. In addition, they often store medical equipment, first aid kits, and other tools. Such pockets are intended to protect medical products. Blood bags are also used to collect, store, and transport blood. They are made of PVC to allow oxygen and carbon dioxide diffusion. Due to the ease of transportation, they are widely used and expected to have a significant market share.

On the other hand, the Tubes segment is anticipated to register a healthy CAGR during the forecast period. Its advantages are consumer convenience, product integrity, cost-effectiveness, and wide application. They are mainly used in the cosmetics industry, the pharmaceutical industry, the food industry, the chemical and technical products.

Medical Packaging Films Market – By Material:

• Polyamide (PA)
• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)

Based on the material, the polypropylene segment led the market in 2022 owing to its wide use in developing syringes, pill containers, medical bottles, sample bottles, machine parts, textile development, and packaging. It is a low-cost thermoplastic with high gloss and clarity and a higher melting point than polyethylene. In addition, its high flexural strength, moisture resistance, high durability, and cost-effectiveness further increase its demand in the market.

The polyethylene segment is also presumed to grow at a healthy CAGR during the forecast period. Furthermore, PE is used as a reference biomaterial for surgical implants and other medical equipment due to its high wear resistance, flexibility, and biocompatibility.

Medical Packaging Films Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Asia-Pacific is expected to grow with the highest growth rate in the market. This is due to its benefits, such as packaged product safety, cost reduction, and sustainability. In addition, there has been an increase in the middle-class population. This further increases the demand for medical and pharmaceutical products in developing economies. This region also leads the market in terms of value and volume owing to the availability of key manufacturers. According to Statistica, in 2019, the packaging film market in the Asia-Pacific region was worth US$12.8 billion. The medical packaging market is expected to increase as China's population grows. In addition, hospital infections and the market for implanted devices and single-use medical products are growing. As a result, the Chinese medical packaging market is expected to double in size.

Due to the increased awareness of waste management, the Europe region is expected to experience the fastest rate of development. Furthermore, the market in the region would increase due to high disposable income and increasing investments in the healthcare industry.

Because these green measures are cost-effective, the market in Latin America, the Middle East, and Africa is also expected to grow significantly over the forecast period owing to rising energy prices.

KEY MARKET PLAYERS:

Berry Global Group, DuPont, Weigao Group, PolyCine, Covestro AG, Glenroy, 3M Company, Wipak Group, Renolit SE, PolyCine, Spectrum Plastics Group, Oliver, Eagle Flexible Packaging, Printpack Medical, UFP Technologies, and Folienwerk Wolfen are some of the key players operating in the global medical packaging films market profiled in this report.

RECENT HAPPENINGS IN THIS MARKET:

• In October 2022, C3Nano, Inc., a performance leader in nanowire technologies and conductive inks, developed Activegrid LTD. It is a part of its conductive materials platform. In addition to providing the lowest temperature and best quality, it also offers the fastest drying conductive inks on the market.
• In March 2022, Avient launched high-temperature polyphenylsulfone resin (PPSU) colorants, which provide ultra-high strength and sterilization temperatures up to 150°C in medical applications. They want to receive their work in a safe and friendly environment.