According to FutureWise analysis, the market for primary healthcare packaging is to reach USD 145 billion by 2028 and is projected to expand at a CAGR of 6% from 2023-2031.
The main role of healthcare packaging is to protect a packed pharmaceutical or a medical device product. Healthcare packaging is designed according to the medical standards and guidelines and also protect product integrity at the same time. It is bifurcated into a medical device and pharmaceutical packaging market. Pharmaceutical product packaging is further divided into two types-primary packing and secondary packing. Primary packing has components that are in contact with the product directly (i.e. cap, bottle, label etc.). The main function of primary packing is product protection form any climatic, chemical, biological or mechanical hazards that may cause deterioration of the product. Secondary packaging is the most visible packaging as it is external to primary packaging
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Packaging is an integral part of pharmaceutical products and intended to protect the product from the external environment. Increasing quality concerns in the healthcare sector have led to the development of quality by design initiatives for better packaging of pharmaceuticals and medical devices. It mainly focused on establishing quality plans in the early stages of product development to improve the packaging process. Along with this, increasing demand for packaging to increase the safety and stability led to the development of standard procedures by government bodies created huge opportunities for manufacturers. Currently, increasing the focus of product quality and productivity has boosted the potential growth of the market. Further, increasing financial investments led to the rapid evolution of manufacturing processes with multiple modalities increased operation efficiency and increased the demand for packaging.
The Asia Pacific and Latin America regions are the most lucrative market space for manufacturers due to the high consumption of healthcare products by volume. They are expected to witness the highest growth rate in the global market. North America is expected to account highest market share due to the high dollar opportunity. It is followed by the European region due to stringent regulatory conditions. Rest of the world is expected to account significant share in the global market due to increasing adoption.