Report : Asia Pacific Medical Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material (Polymer, Foam, Molded-Fiber, Non-woven Fabric, Plastic, Films, Paper and Paperboard, and Others), Type (Containers, Pouches, Trays, Blister Packets, Vials, and Others), and Application (Medical Devices, Pharmaceutical and Biotechnology, Medical Equipment and Tools, and Others)
Polymer Segment to Dominate Asia Pacific Medical Packaging Market during 2021-2028
According to a new market research study on “Asia Pacific Medical Packaging Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast – by Material, Type, Application and Country,” is expected to reach US$ 68,840.93 million by 2028 from US$ 42,362.63 million in 2021. The market is estimated to grow at a CAGR of 7.2% from 2021 to 2028. The report provides trends prevailing in the Asia Pacific medical packaging market along with the drivers and increased emphasis on convenience and environmental issues. An upsurge in the demand for counterfeit prevention mechanisms and increasing attention towards convenience and environmental issues are the major factors driving the growth of the Asia Pacific medical packaging market. However, the volatility in the prices of raw materials may hinder the growth of Asia Pacific medical packaging market.
In case of COVID-19, in Asia Pacific, especially India, witnessed an unprecedented rise in number of coronavirus cases, which led to the discontinuation of medical packaging manufacturing activities. Downfall of other healthcare products manufacturing sectors has negatively impacted the demand for medical packaging during the early months of 2020. Moreover, decline in the overall packaging materials manufacturing activities has led to discontinuation of medical packaging manufacturing projects, thereby reducing the demand for medical packaging. Similar trend was witnessed in other Asia Pacific countries, i.e., Japan, China and Australia. However, the countries are likely to overcome thus drop in demand with the economic activities regaining their pace, especially in the beginning of the 2021.
The market for Asia Pacific medical packaging is segmented into material, type, application and country. Based on material, the market is segmented into polymer, foam, molded-fiber, non-woven fabric, films, paper & paperboard, and others. In 2021, the polymer held the largest share in Asia Pacific medical packaging market. Based on type, the Asia Pacific medical packaging is divided into containers, pouches, trays, blister packets, vials, and others.. The blister packets segment is expected to be the fastest growing segment over the forecast period. As per application, the market is bifurcated into medical devices, pharmaceutical and biotechnology, medical equipment & tools, and others. In 2021, the pharmaceutical and biotechnology segment held the largest share in Asia Pacific medical packaging market. Furthermore, in this present scenario of COVID 19 pandemic, the Asia Pacific medical packaging market has been facing difficulties and several countries have suffered heavily. The manufacturing sectors in the Asia Pacific countries have been experiencing low production and a weak supply chain. Thereby, impacting the market for medical packaging.
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. and WestRock Company are some of the leading companies in the Asia Pacific medical packaging market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
The report segments the Asia Pacific Medical Packaging Market as follows:
- Asia Pacific Medical Packaging Market – By Material
- Polymer
- Foam
- Molded-Fiber
- Non-Woven Fabric
- Plastic
- Films
- Paper & Paperboard
- Others
- Asia Pacific Medical Packaging Market – By Type
- Containers
- Pouches
- Trays
- Blister Packets
- Vials
- Others
- Asia Pacific Medical Packaging Market – By Application
- Medical devices
- Pharmaceutical and Biotechnology
- Medical Equipment & Tools
- Others
- Asia Pacific Medical Packaging Market – By Country
- Japan
- China
- India
- South Korea
- Australia
- Rest of Asia Pacific
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