Healthcare packaging market forecast 2015-2025
Visiongain Global predicts the global healthcare packaging market will reach a value of $101.3 billion in 2015 and will grow at a CAGR of 6.3% between 2015 and 2025. Strong growth in the healthcare sectors around the world and increasing functional requirements for healthcare packaging products are some of the key growth factors in the global healthcare packaging market. A global ageing population, changing lifestyles and the increasing prevalence of chronic diseases will strengthen the demand for healthcare products and services and thus stimulate growth in the healthcare packaging market. Other important drivers of growth include the increasing incomes and higher living standards in emerging markets such as China and India, where the healthcare packaging market has recently exhibited double-digit growth rates. Despite the rapid growth observed in the emerging economies, we forecast the US will lead the healthcare packaging industry throughout the forecast period.
Plastics will hold the greatest market share in the materials healthcare packaging market, mainly due to their cost-effectiveness and high adaptability. Moreover, we expect this submarket to continue exhibiting fast growth throughout the forecast period. Glass as a healthcare packaging material will be gradually replaced by other substitutes like plastics, Visiongain predicts.
In the healthcare packaging market by type, the prefillable syringes submarket will see the strongest growth, we predict. Meanwhile, the parenteral vials and ampoules submarket will continue to be the second fastest growing market. The booming biologics market, where injection is normally the delivery method of choice, is the main growth driver of these two markets.
The global healthcare packaging market does face many restraints, however. The wide-spread cost containment measures placed on healthcare expenditure by governments is placing an increasing cost-pressure on the healthcare packaging market. Changing regulations in the healthcare sector can also have major effects on the way healthcare packaging manufacturers operate. Furthermore, greater buyer power and more intense competition within the healthcare packaging industry have resulted from the consolidation observed in the healthcare industry.
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