The global size for Medical Packaging Films Market is expected to reach USD 9.54 billion by 2028, with a compound annual growth rate (CAGR) of 5.14% during the forecast period. The growth is mainly attributed to the continuous focus on research and development (RD) activities by various market players. Changing consumer preferences and increasing environmental concerns among consumers have also opened up new avenues for the medical packaging films market. The increasing demand for bioplastic material as a result of changing consumer preferences has resulted in key players in the medical packaging films market launching new products. Amcor, for instance, launched two sustainable packaging products, PolyInert laminates and AluFix Retort Xtra, in 2018. Inorganic strategies opted by market players such as mergers and acquisitions have also contributed to the overall growth of the market. In August 2018, Amcor Limited acquired Bemis Company, Inc. (US) in an all-stock combination.
The report also highlights key findings such as the high barrier film segment generating the highest revenue in 2020 in the medical packaging films market based on product type. On the basis of film structure, the coextrusions segment held the largest medical packaging films market share in 2020. The bags segment held the largest revenue share in the medical packaging films market in 2020 based on application. North America occupies the second-largest medical packaging films market share in 2020, with several key players in the region and a mature pharmaceutical industry contributing to the high market revenue share.
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The top companies operating in the medical packaging films market:
- Berry Global Group
- Renolit
- DowDuPont
- Amcor
- Polycine GmbH
- Weigao Group
- 3M
- Covestro AG
- Wipak Group
- Glenroy
The medical packaging films market has witnessed notable innovation are as follows:
The continuous focus on research and development activities by market players. One such innovation is the increasing demand for bioplastic materials, driven by changing consumer preferences and growing environmental concerns. To cater to this demand, key players in the market have launched sustainable packaging solutions, such as Amcor's PolyInert laminates and AluFix Retort Xtra, which offer efficacy and enhanced consumer convenience.
Moreover, market players have adopted different inorganic strategies to spur growth in the overall market. For instance, in August 2018, Amcor Limited acquired Bemis Company, Inc. (US) in an all-stock combination, thereby enhancing their research and development capacities and increasing their geographical presence, contributing to the expansion of the medical packaging films market.
Overall, the medical packaging films market is characterized by constant innovation and advancements, driven by changing consumer preferences, increasing environmental concerns, and the adoption of different growth strategies by key market players.
The key factors driving the growth of the medical packaging films market:
- Continuous focus on research and development activities by market players.
- Changing consumer preferences and increasing environmental concerns among consumers.
- Increasing demand for bioplastic materials due to changing consumer preferences.
- Launch of new products by key players to cater to changing consumer preferences and stay relevant to market demand.
- Inorganic growth strategies adopted by market players, such as mergers and acquisitions, to enhance their research and development capacities and increase their geographical presence.
- Increasing demand for healthcare products with extended shelf life, contributing to the revenue generated by high barrier film segment.
- Coextrusions segment providing multilayer film structure at a lower cost as compared to other film structures, leading to its large market share.
- Increasing demand for medical bags in healthcare sector, contributing to the larger market share of bags segment.
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