Report : North America Medical Grade Paper Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Kraft Paper and Sack Paper), Application (Steam Sterilization, Ethylene Oxide Sterilization, Formaldehyde Sterilization, and Irradiation Sterilization), and End User (Hospital, Diagnostic and Research Center, Pharmaceutical Industry, and Other)
At 4.1% CAGR, the North America Medical Grade Paper Market is speculated to be worth US$ 2136.31 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America medical grade paper market was valued at US$ 1682.33 million in 2022 and is expected to reach US$ 2136.31 million by 2028, registering an annual growth rate of 4.1% from 2022 to 2028. Rising demand for protective packaging in medical device industry and need for convenient and easy-to-use medical-grade packaging suitable for maintaining sterility are the critical factors attributed to the market expansion.
Medical device manufacturers invest huge amounts in the research and development of technologically advanced medical devices as there is a greater demand for various devices that have received approvals. Since these devices must be manufactured in compliance with various safety standards and regulations, the vendors also tend to spend on more specialized packaging materials and solutions. Thus, the demand for protective packaging products and materials that can shield medical equipment from contamination and mechanical harm during their handling, transportation, and storage is anticipated to increase. According to statistics, packaging failure accounts for 10% of medical device recalls, while package holes account for 31% of these failures. Highly protective packaging guarantees the integrity of medical equipment from the point of manufacture to the final destination or point of use. The ongoing development of flexible primary packaging products that serve as both a sterile barrier system (SBS) and a protective covering to prevent the entry of microbes would further contribute to the medical grade paper market proliferation in the coming years. For medical instruments that are separately packaged, folding cartons offer good secondary protection. To ensure increased safety, manufacturers are making investments in the creation of more innovative packaging solutions by using materials such as paper and paperboard, glass, and polymers. Thus, the rising demand for protective packaging is driving the growth of the medical grade paper market.
On the contrary, availability of alternative products secret hurdles the growth of North America medical grade paper market.
Based on product, the North America medical grade paper market is segmented into kraft paper and sack paper. The kraft paper segment held 72.0% market share in 2022, amassing US$ 1,211.46 million. It is projected to garner US$ 1,567.42 million by 2028 to expand at 4.4% CAGR during 2022–2028.
Based on application, the North America medical grade paper market is segmented into steam sterilization, ethylene oxide sterilization, formaldehyde sterilization, and irradiation sterilization. The ethylene oxide sterilization segment held 32.7% market share in 2022, amassing US$ 549.39 million. It is projected to garner US$ 715.49 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on end user, the North America medical grade paper market is segmented into hospitals, diagnostic and research centers, pharmaceutical industry, and others. The pharmaceutical industry segment held 37.8% market share in 2022, amassing US$ 635.36 million. It is projected to garner US$ 839.96 million by 2028 to expand at 4.8% CAGR during 2022–2028.
Based on country, the North America medical grade paper market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.0% market share in 2022. It was assessed at US$ 1,279.25 million in 2022 and is likely to hit US$ 1,647.52 million by 2028, exhibiting a CAGR of 4.3% during the forecast period.
Key players dominating the North America medical grade paper market are Amcor plc; Anquing Tianrun Paper Packaging Co, Ltd.; Arctic Paper SA; BillerudKorsnäs AB; Cheever Specialty Paper and Film; Nelipak Corporation; and PMS Europe GMBH among others.
- In Feb 2020, Artic Paper SA has introduced new range of Munken Kraft Paper in different sizes and color shades, these are available in reels and sheets. The paper has polymer coated and is ideal for packaging applications such as packages, shopping bags, and for use by the food and non-food industries.
- In Apr 2022, Amcor, a global leader in developing and manufacturing responsible packaging solutions, announced the launch of Amcor Lift-Off, an open-call initiative to support start-ups in the seed Phase focusing on innovations in packaging solutions and related technologies. Amcor Lift-Off offers these startups the opportunity to secure a $250,000 investment and operational guidance to take their ideas to the next level. Amcor is looking to partner with innovative market leaders who are working to develop more sustainable packaging solutions, new packaging technologies or have developed a new business model.
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