Medical packaging films market revenue to hit USD 10B

The global medical packaging films market size is projected to grow at a CAGR of over 7% from 2023 to 2033. The market is expected to garner a revenue of USD 10 billion by the end of 2033, up from a revenue of USD 6 billion in the year 2022. The market growth is attributed to the proliferating demand for bioplastics and bi-axillary-oriented films for pharmaceutical product packaging. The incidence of chronic disease conditions among people across the world is predicted to hike the market size. According to the report in 2021, nearly 50% of the bioplastic material is used for packaging across the globe which constitutes over 1 million tons of bioplastic production.

Further, the soaring disposable income of people along with rapid urbanization is estimated to propel the market trends in the coming years. The increasing need for safe packaging of medical products to safeguard from climatic changes, oxidation, contaminants, chemical, and physical changes, control sterility, and prolong shelf life is anticipated to fuel the market growth. The percentage of waste produced by the medical sector is also estimated to boom the market trend owing to the need for eco-friendly packaging. As per the statistical data, each year over 7.8 billion tons of plastic waste is dumped into the ocean that comes from packaging.

Expanding medical expenditure and healthcare spending is outlined to boost the growth of the medical packaging films market
The medical expenditure and healthcare spending of people across the world is reckoned to hike the market growth. The prevalence of genetic disorders and other seasonal diseases is fostering, which is impelled to fuel the market trends during the forecast period. The flourishing number of inpatients led to a rise in the number of hospitals and clinics worldwide and is likely to add to the market expansion. As of 2021, nearly 24,000 hospitals have been enrolled through the Ayushman Bharat Scheme in India.

Growing advances in medical technology and augmenting population of old age people are predicted to propel the market growth in the North America region
The North America region market is protruding to garner a share of 42% in the forecast period on account of the growing elderly population. Enhancing research and development in medical technology to improve the packaging quality is promoting market growth in the region. Besides, the increasing demand for sustainable packaging materials is intended to strengthen the market size. Braskem is one of the top plastic manufacturing companies in the U.S. which produces over 400 million pounds of Green PE every year which reduces about 2 billion CO2.

Escalating production of pharmaceutical and medical products is estimated to fuel the market expansion in the Asia Pacific region
The Asia Pacific region market is outlined to hold a second-largest market share of 29% by the end of 2033. The market growth of the region is attributed to the multiplying products in the medical field owing to the sprouting of new products in the pharmaceutical sector. The enlarging number of pharmaceutical industries that produce innovative medical products with advanced technology is envisioned to shoot up the market trend. The export value of medical devices such as ventilators, PPEs, diagnostic kits, sanitizers, and surgical gloves in India from 2021 to 2022 was USD 2923.16 Million as per the Engineering Export Promotion Council of India. Research Nester