The healthcare market is one of the important and largest markets in the world, but at the same time, it is one of the complex industries. Both private and public finances involve in determining the market structure of a country’s health sector, while varied factors affecting the demand and supply fundamentals. Healthcare packaging market, an essential, though a very small component of the healthcare industry, has directly been affecting through changes occurring in the healthcare market.
The global healthcare packaging market has constantly been evolving due to varied factors such as the increased use of disposable medical products, ageing population, rising cost, suppliers’ pressure, regulations, outsourcing and contract packaging, child-resistant and senior-friendly packaging, tamper-evident packaging etc. Both opportunities and threats are there to affect the market.
Investment continues to grow in the healthcare system through both public and private channels helping supporting demand for the healthcare packaging.
In terms of technological advances, the market is becoming increasingly sophisticated with innovative packaging designs. Factors such as consumer preferences, demographics and environmental concerns are all factors that govern the latest technological innovations. Senior-friendly packaging, child-resistant caps & closures, tamper-evident seals, US Pharmacopeia standards are some of the well-known packaging specifications governing the packaging standards today.
The healthcare packaging industry is also highly regulated. The market with increased regulatory requirements, standards are different in each country. These regulations are essential to monitoring the quality of medicines, though the increased regulations can affect the industry’s growth potential. In all, safety, compliance, convenience, compatibility and regulatory constraints have to somehow been making the healthcare packaging industry more complex and sophisticated.
I think that a number of trends and developments will continue to happen over the next 10 years, which will significantly impact the healthcare packaging industry.
These factors are as follows: