Market Trends of Global Medical & Pharmaceutical Pouch Industry
This section covers the major market trends shaping the Medical & Pharmaceutical Pouch Market according to our research experts:
Increasing Growth of Healthcare & Pharmaceutical To Augment The Market Growth
- The polyethylene market witnessed to show an increasing trend. This is due to an increase in demand for polyethylene items including plastic pouches. Polyethylene, commonly known as polythene or polyethylene, is a polyolefin resin made up of long ethylene monomer chains. It belongs to the polyolefin resins family. Polyethylene's advantages, such as higher impact strength, strong chemical resistance, high ductility, and low weight, are projected to propel the industry forward.
- A surge in bio-degradable polyethylene may provide new growth prospects for the polyethylene market throughout the forecast period, owing to increased environmental concerns and stricter government restrictions. The emergence of innovative methods for using recycled plastic effectively boosts the polyethylene market's growth.
- Further, the US food and drug administration (FDA) regulates sterilization packaging intended for use in health care under Cfr title 21 880.6850 and classifies it as A class II medical device. Manufacturers must submit A 510(k) outlining the validation testing and results in order to market products. With the adhering to compliance, the market demand for pouches significantly tends to rise in the united states.
- Pharmaceutical pouches are predicted to grow in popularity in the industry due to their numerous advantages. These pouches are preferred by pharmaceutical businesses because they can protect drugs from harmful rays or the environment, and they can be engraved with a prescription.
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Asia Pacific Expected to Witness Significant Market Share
- The Asia Pacific Pharmaceutical Market is expected to grow rapidly during the forecasted period. Pharma packaging has been boosted by the constantly developing pharmaceutical industry worldwide. Pharmaceutical packaging is in high demand in densely populated areas such as India and China. Increased pharmaceutical output in these countries has boosted demand even further.
- The region comprises of pharma giants such as China and India, which are prominent providers in the pharmaceutical industry. The home market is predicted to rise thrice in the next decade, according to the Indian Economic Survey 2021. In 2021, India's domestic pharmaceutical market is expected to be worth USD 42 billion, rising to USD 65 billion by 2024 and USD 120-130 billion by 2030.
- During the forecast period, factors such as sustainable packaging, durability, and recyclables, as well as the growing propensity of various end-users such as hospitals and medicine manufacturers, are likely to promote the use of pouches. Due to supply chain interruptions, the prices of essential pharmaceutical ingredients have risen, which is projected to raise the costs of various product types.
- The introduction of stringent laws to enhance the quality and integrity of domestically manufactured drugs has led to an increase in the usage of glass for pharmaceutical packaging solutions. Also, the rising demand for sterile medical packaging products from the industry would further drive the market's growth over the forecast period in the region.
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