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North America Medical Packaging Market
The North American medical packaging market is projected to reach US$ 51,905.62 million by 2028, growing from US$ 34,268.07 million in 2021 at a Compound Annual Growth Rate (CAGR) of 6.1% from 2021 to 2028.
The Internet of Things (IoT) is a significant driver in this market, offering innovations such as shipment tracking, medication adherence monitoring, and enhanced clinical workflows, ultimately improving quality of life. IoT in packaging provides features like bi-directional communication, tracking, and status displays. In healthcare, IoT's crucial role includes ensuring precise medication frequency and dosage, thereby enhancing efficacy. IoT solutions can replace traditional medicine containers, linking to cloud-based applications where patients and doctors can input information and receive audio-visual reminders for medication. Smart medicine boxes with innovative pharmaceutical packaging are set to revolutionize in-home healthcare services. Additionally, IoT smart packaging can control substance entry in healthcare environments, linked with security measures and ensuring traceability to the correct patient. This is particularly important in emerging markets like India, where it can combat counterfeiting and illicit recycling (e.g., reuse of syringes and medical waste cotton). IoT in packaging can achieve this through integrated electronic circuitry (chips or printed elements) that provide unique signatures.
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Key Market Segments:
- Material: The polymer segment held the largest share of the North America medical packaging market in 2021.
- Type: The containers segment accounted for the largest share in the North America medical packaging market in 2021.
- Application: The pharmaceutical & biotechnology segment held the largest share of the North America medical packaging market in 2020.
Major Companies:
Key players in this market include 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.
Report Benefits:
This market analysis helps stakeholders understand the North America medical packaging landscape, identify promising segments for strong returns, stay competitive, plan mergers and partnerships efficiently, and make informed business decisions based on comprehensive market performance analysis and revenue forecasts for various segments from 2019-2028.
North America Medical Packaging Market: A Snapshot
The North American medical packaging market is highly fragmented, characterized by a diverse range of regional and local companies offering a multitude of solutions. This dynamic environment is further shaped by a growing emphasis on sustainability and evolving regulatory landscapes.
Sustainability Initiatives Driving Growth
Major players are increasingly adopting environmentally friendly practices. For instance, manufacturing giant Siemens has implemented a substance transparency policy under its "Product Eco Excellence" program. This initiative provides detailed information on the quantity and type of elements present in their products. Similarly, Roche Diabetes Care offers a service to facilitate the recycling of their product packaging, specifically their insulin pump tubing made from Tyvek plastic, which requires specialized recycling. By providing these options, companies are actively working to divert packaging from landfills.
Beyond individual company efforts, the broader medical device industry is actively promoting sustainable practices. Conferences like CleanMed highlight how healthcare companies are "going green," inspiring others to adopt similar approaches. This rising awareness of environmental issues, coupled with increasing government regulations, is compelling pharmaceutical companies to embrace sustainable processes, thereby fueling the expansion of the medical packaging market.
Impact of COVID-19
The COVID-19 pandemic significantly disrupted the North American medical packaging market, particularly in the United States. The surge in coronavirus cases led to a halt in medical packaging manufacturing activities in early 2020. This, combined with a decline in other healthcare product manufacturing sectors, negatively impacted the demand for medical packaging. Similar trends were observed in other North American countries like Mexico, Canada, Panama, and Costa Rica. However, with economic activities regaining momentum, especially from early 2021, these countries are expected to overcome this dip in demand.
North America Medical Packaging Strategic Insights
Strategic insights for the North America Medical Packaging provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
key company profiles
· 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.
· WestRock Company
North America Medical Packaging Regional Insights
The geographic scope of the North America medical packaging market encompasses the specific regions where companies operate and compete. Recognizing regional differences—such as varying consumer preferences (for example, preferences for particular plug types or battery backup durations), economic conditions, and regulatory requirements—is essential for developing tailored strategies that resonate with local markets. By identifying underserved regions or customizing products to suit local needs, businesses can expand their market presence more effectively. A focused approach enables more efficient allocation of resources, sharper marketing efforts, and stronger competitive positioning at the regional level, ultimately fostering growth in targeted areas.
About Us:
Business Market Insights is a market research platform that provides subscription service for industry and company reports. Our research team has extensive professional expertise in domains such as Electronics & Semiconductor; Aerospace & Défense; Automotive & Transportation; Energy & Power; Healthcare; Manufacturing & Construction; Food & Beverages; Chemicals & Materials; and Technology, Media, & Telecommunications
Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
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