North America is projected to lead the global medical packaging market in the near future owing to the increasing adoption of various growth strategies by the key manufacturer for business expansion in the region. For instance, in February 2020, Spectrum Plastics Group, a specialty medical packaging, component, and contract manufacturer have acquired PeelMaster Medical Packaging Corporation. PeelMaster is a full-service converter of sterile flexible packaging to the medical device market.
Medical packaging refers to the packaging of various materials used in the medical industry. These packages can be for medicines, medical devices, and even biotechnological products. The most common materials employed in medical packaging are plastics, which make up a major chunk of what is medical packaging, but some new types of packaging are also being used to create improved packaging options. The type of packaging that is used for what is medical is usually dictated by the regulations governing the manufacture of medicines and medical devices in a particular country.
The recent outbreak of COVID-19 has led to the surge in demand for enhanced hygiene in medical devices for preventing the spread of the COVID-19 disease. This is fueling the growth of advanced medical packaging. Moreover, the increasing need for medical supplies, masks, devices, syringes, etc. is again augmenting the growth of the medical packaging market. Additionally, increasing global healthcare expenditure by the government is a key factor uplifting the growth of the medical packaging market. According to the World Health Organization, global spending was US$ 7.8 trillion in 2017 or about 10% of GDP and $1,080 per capita – up from US$ 7.6 trillion in 2016.
Key Developments:
In November 2019, ULMA Packaging UK, a packaging systems and machines specialist, has announced the launch of its new, easy-to-open flow pack packaging. This product features two hermetic seals along the packaging’s sides and a chevron-type airtight cross sealing to address any contamination concerns with the medical packaging.
In May 2017, Toray Plastics Inc. the only U.S. manufacturer of polypropylene, polyester, metalized, and bio-based films have announced the launch of polyester films for use in gamma irradiation sterilization packaging applications.
In November 2019, Sonoco has announced that it has acquired Thermoform Engineered Quality LLC and Plastique Holdings Ltd. a manufacturer of thermoformed packaging serving the healthcare, medical device, and consumer markets, from Esco Technologies Inc. for approximately $187 million in cash.
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