The pandemic continues to cause unprecedented disruption across industries worldwide.
Get detailed insights regarding the impact of COVID-19 on the market.
The global healthcare packaging market was worth US$ 116.9 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 7.5% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
The global healthcare industry is currently being catalysed by a number of factors. This includes a rising prevalence of lifestyle diseases, rising geriatric population, increasing healthcare spendings, changing lifestyles, etc. Driven by a strong growth in the demand of healthcare products, the global healthcare packaging markets has also been experiencing strong growth rates. Healthcare packaging provides a number of important functions, but its main role is to protect a packaged medical device or pharmaceutical product. As healthcare products may have unique specifications and often require sterilization prior to packaging, packaging of healthcare products is designed to both uphold the highest medical guidelines and standards, and at the same time protect the integrity of the healthcare product. The package should ensure that the product remains stable throughout its shelf life.
The healthcare packaging market can be further divided into pharmaceutical and medical device packaging market. Pharmaceutical products generally have two types of packaging primary and secondary. Primary packaging consists of components that have a direct contact with the product (i.e. bottle, cap, label etc.). The key functions of primary packaging are to protect the product from any chemical, climatic, biological or mechanical hazards that may lead to product deterioration. Secondary packaging is external to primary packaging and is the packaging that is most visible to the customer. The secondary packaging is intended to protect not only the healthcare product, but also the primary packaging. Secondary packaging provides the additional physical protection required to ensure the safe warehousing and for refill packaging. Medical device packaging represents an essential part of the global medical device industry. Efficient packaging of medical devices is critical in maintaining sterility and free from any kind of contamination which may otherwise be harmful for the patients. Packaging also protects the medical device from physical damage and is important to maintain the functionality of the device.
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