The global healthcare packaging market is anticipated to grow at a CAGR of 6.4% during the forecast period. The market growth is attributed to the continuously changing healthcare sector coupled with the increasing adoption of new technologies in both the pharmaceutical and medical industries. Moreover, the utilization of technologies such as Unique Device Identification (UDI) in the healthcare packaging is aiding the manufacturers in gathering essential supply chain data. Hence, manufacturers can utilize the supply chain data for better visibility, and planning. This is anticipated to significantly drive the growth of the intelligent healthcare packaging market.
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In addition to this, radio frequency identification (RFID) technology is also revolutionizing the global healthcare packaging industry by making smart labels for their products. In recent years, hospitals, labs including entire healthcare product supply chains are adopting RFID technologies which are proving them with real-time visibility into inventory. Additionally, RFID technology also enables the monitoring of the temperature of heat-sensitive drugs throughout the supply chain. Therefore, smart labeling is providing another layer of visibility, efficiency, and, ultimately, patient safety to the healthcare sector, which in turn, will impact the growth of the healthcare packaging market.
Additionally, according to the World Health Organization (WHO) estimates, more than 138 million patients across the globe are harmed every year by various medical errors. These medical errors can be avoided by the use of RFID or smart labeling technology which can easily track and trace pharmaceuticals products throughout the hospital. Therefore, the adoption of smart labeling technology in hospitals to avoid potential medical errors will also influence the growth of the market during the forecast period.
Industry players are also increasing their focus on sustainable packaging with the adoption of various green designs. The manufacturers are collectively trying to reduce the material or components and energy used in the overall packaging process. This is expected to significantly impact the growth of the healthcare packaging market.
In addition to this, the healthcare packaging industry also contributes to a huge amount of waste especially plastic waste which is hazardous to the environment. Therefore, increasing emphasis on the recycling of plastic across the globe is also making the healthcare packaging companies recover and use existing plastics, which will offer various sustainable benefits. This is also expected to expand the healthcare packaging market size during the forecast period.
Global Healthcare Packaging Market- Segmentation
By End-Use Vertical
By Material Type
Global Healthcare Packaging Market- Segment by Region
North America
Europe
Asia-Pacific
Rest of the World
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