The North America Medical Packaging Market is poised for significant growth, projected to increase from US 34,268.07 million in 2021 to US 34,268.07 million in 2021 to US 51,905.62 million by 2028, at a CAGR of 6.1% during the forecast period. This growth is driven by factors such as the rising demand for counterfeit prevention mechanisms, increased emphasis on convenience, and environmental concerns. However, challenges such as fluctuations in raw material prices may hinder market expansion.
Impact of COVID-19
The COVID-19 pandemic disrupted the medical packaging market in North America, particularly in the US, where manufacturing activities were halted due to the surge in cases. The decline in healthcare product manufacturing and packaging material production in early 2020 negatively impacted demand. Similar trends were observed in other North American countries like Canada, Mexico, Panama, and Costa Rica. However, economic recovery in 2021 helped mitigate these challenges.
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Market Segmentation
- By Material
- Polymer: Dominated the market in 2021 due to its widespread use in medical packaging.
- Foam
- Molded-Fiber
- Non-Woven Fabric
- Films
- Paper & Paperboard
- Others
- By Type
- Containers
- Pouches
- Trays
- Blister Packets: Expected to be the fastest-growing segment during the forecast period.
- Vials
- Others
- By Application
- Medical Devices
- Pharmaceutical and Biotechnology: Held the largest market share in 2021.
- Medical Equipment & Tools
- Others
- By Country
- US
- Canada
- Mexico
Key Drivers
- Counterfeit Prevention Mechanisms: Increasing demand for secure and tamper-proof packaging.
- Convenience and Environmental Concerns: Growing focus on sustainable and user-friendly packaging solutions.
Challenges
- Raw Material Price Fluctuations: Volatility in prices of materials like polymers and plastics may restrain market growth.
Competitive Landscape
The North America medical packaging market features several prominent players, including:
- Amcor Plc.
- DuPont de Nemours, Inc.
- Mitsubishi Chemical Corporation
- SGD Pharma
- 3M
- West Pharmaceutical Services, Inc.
- Avery Dennison Corporation
- Sonoco Products Company
- CCL Industries Inc.
- WestRock Company
These companies are adopting organic growth strategies such as product launches and expansions to maintain their market position.
Conclusion
The North America medical packaging market is set to grow significantly, driven by advancements in packaging materials, increasing healthcare demands, and a focus on sustainability. Despite challenges posed by the COVID-19 pandemic and raw material price fluctuations, the market is expected to recover and expand, with the pharmaceutical and biotechnology segment leading the way. The blister packets segment is anticipated to witness the fastest growth, reflecting evolving packaging needs in the healthcare industry.
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Défense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio:
Snehal
Senior Market Research Expert at Business Market Insights
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