Visiongain predicts the global healthcare packaging market will reach a value of US$101.3bn in 2015 and will grow at a CAGR of 6.3% between 2015 and 2025
Strong growth in the healthcare sectors around the world and increasing functional requirements for healthcare packaging products are some of the key growth factors in the global healthcare packaging market.
An ageing population, changing lifestyles and the increasing prevalence of chronic diseases will strengthen the demand for healthcare products and services and thus stimulate growth in the healthcare packaging market.
Other important drivers of growth include the increasing incomes and higher living standards in emerging markets such as China and India, where the healthcare packaging market has recently exhibited double-digit growth rates. Despite the rapid growth observed in the emerging economies, the US will lead the healthcare packaging industry throughout the forecast period.
Plastics will hold the greatest market share in the healthcare packaging materials market, mainly because of their cost-effectiveness and high adaptability. Moreover, Visiongain expects this submarket to continue exhibiting fast growth throughout the forecast period.
Glass as a healthcare packaging material will gradually be replaced by substitutes such as plastics, Visiongain predicts. In the healthcare packaging market by type, the prefillable syringes submarket will see the strongest growth, while the parenteral vials and ampoules submarket will continue to be the second fastest growing market.
The booming biologics sector, in which injection is normally the delivery method of choice, is the main growth driver of these two markets.
The global healthcare packaging market does, however, face many restraints. The widespread cost containment measures placed on healthcare expenditure by governments is putting an increasing cost-pressure on the healthcare packaging market.
Changing regulations in the healthcare sector can also have major effects on the way packaging manufacturers operate. Furthermore, greater buyer power and more intense competition within the healthcare packaging industry has resulted from the consolidation observed in the healthcare industry.