North America Medical Packaging Market to Grow at a CAGR of 6.1% to reach US$ 51,905.62 Mn Million from 2021 to 2028

The North America medical packaging market is expected to grow from US$ 34,268.07 million in 2021 to US$ 51,905.62 million by 2028; it is estimated to grow at a CAGR of 6.1% from 2021 to 2028.

Counterfeit medical products have been detected in most member states and all regions. Examples involved widely-used medicines such as atorvastatin or paracetamol; limited-use medicines such as growth hormone, paclitaxel, and filgastrim; and other kind of drugs such as sildenafil and tadalafil, as well as medical devices such as contact lenses, condoms, surgical mesh, and strips used by diabetic patients to monitor their blood glucose concentrations. Counterfeiting has affected both expensive and cheap products and generic and branded ones. Counterfeit products appear in community pharmacies, hospitals, and other less-regulated settings. It is often assumed that high-income countries with solid regulatory systems can effectively exclude substandard and falsified medical products from their markets. However, the World Health Organization (WHO) analysis shows that this is not necessarily the case, as reports on these products have been submitted by countries in North America as well as other high-income settings. Numerous other documented cases in which patients have died or suffered harm due to an online purchase. As just one example, in 2013, people died after taking a counterfeit diet pill bought through an online drug seller. The pill, sold as a weight loss aid through many illicit online pharmacies, was actually a pesticide with lethal consequences for humans. The threat that counterfeit medicines pose to the North America pharmaceutical sector is immense. The International Hologram Manufacturers Association (IHMA) is a good source of expertise in this field and highlights an industry report that indicates continued growth for anti-counterfeiting packaging technologies.

 

In case of COVID-19, in North America, especially the US, 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 North America countries, i.e., Mexico, Canada, Panama and Costa Rica. 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.

With the new advancements and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the North America medical packaging market. According to a new industry poll, consumer awareness of environmental issues and new material developments are the most critical drivers in the development of sustainable packaging. Pira Intl., a worldwide authority on the packaging supply chains, surveyed critical players across the North America packaging value chain. 79% of respondents rated "increased exposure of consumers to environmental issues" and "advances in materials technology" as either a growth driver or significant growth driver. The medical industry does not have the best track record when it comes to environmentalism. The US, Canadian, and English medical sectors collectively contribute 748 million metric tons of emissions every year. However, some healthcare companies are taking steps to reduce that. On top of cleaning up their operations, these companies are providing ways for consumers to go green. The makers of medical devices are leaning into sustainable accountability to help consumers become more environmentally conscious. Rising awareness about environmental issues and increasing government regulations are pressurizing the pharmaceutical companies to move toward sustainable processes. These developments by the medical devices and pharmaceutical vendors provide scope for the expansion of the medical packaging market.

North America Medical Packaging Market Segmentation

North America Medical Packaging Market – By Material

• Polymer
• Foam
• Molded-Fiber
• Non-Woven Fabric
• Plastic
• Films
• Paper & Paperboard
• Others

North America Medical Packaging Market – By Type

• Containers
• Pouches
• Trays
• Blister Packets
• Vials
• Others

North America Medical Packaging Market – By Application

• Medical devices
• Pharmaceutical and Biotechnology
• Medical Equipment & Tools
• Others

North America Medical Packaging Market – By Country

• US
• Canada
• Mexico

North America Medical Packaging Report Scope