DUBLIN–(BUSINESS WIRE)–The “China Medical Plastic Packaging Market, By Plastic Type, By Packaging Type, Drug Type, By End User, Estimation & Forecast, 2017 – 2027” report has been added to ResearchAndMarkets.com’s offering.
The China medical plastic packaging market held a market value of USD 4,317.8 million in 2021 and is projected to reach USD 6,777.8 million by the year 2027. The market is projected to list a CAGR of 7.8% during the forecast period. The market volume was registered at 2,840.9 thousand tons in 2021.
The medical plastic packaging industry in China is projected to grow at an extensive rate owing to the increasing awareness, rising lifestyle related diseases, and increasing investments by the chief players in the medical plastic packaging industry in China. Moreover, the rising preference rates and applications of packaged medical products in contract packaging and manufacturing fuels the growth rate of the market significantly.
On the other hand, the medical plastic packaging business in China is likely to get hindered by the stringent regulations related to the plastic usage in the country. The strict norms levied make it difficult for players to enter the market.
Growth Influencers:
Surging incidence of lifestyle related chronic diseases and awareness among individuals toward the benefits of packaged healthcare
The pandemic outbreak brought about unprecedented attention to challenges in China’s medical system. While healthcare in China has created huge advances in the last few years, it yet remains ill-equipped to deal with the country’s geriatric population and rising incidences of lifestyle related chronic disease. In light of this, many companies are creating awareness about the benefits of packaged healthcare products, which acts as a substantial growth driver for the industry.
New Investments in Plastic Recycling Capabilities in Healthcare
The prominent players operating in the market are keen on creating breakthrough innovations in the medical plastic packaging and recycling capabilities. For instance, in August 2021, Amcor announced its plans to build two new state-of-the-art innovation centers. The new facilities in Ghent, Belgium, and Jiangyin, China, will welcome customers as of mid-2022, with full build-out over the next two years.
The total investment is expected to be approximately USD 35 million. Moreover, in September 2020, Amcor announced membership of the Digital Watermarks Initiative HolyGrail 2.0, which brings together over 85 companies and organisations across the packaging value chain. With such measures on point, the Chinese market for medical plastic packaging is sure to benefit currently and in the forecast period.
Segments Overview:
The LDPE segment is expected to be the fastest growing segment with a growth rate of 9.5% during the anticipated period. The PP segment held the largest market share over 25% in 2021.
The tertiary segment is anticipated to grow at the highest rate of 9.3% during the forecast period. The primary segment held the market share of over 50% in 2021. On the basis of the primary packaging type, the blisters segment held the highest market share of approximately 21%. Moreover, the secondary segment is projected to cross USD 2,000 million by 2026.
The oral drugs segment is projected to cross USD 1,000 million by 2025 in revenue generation. The nasal segment is estimated to be the fastest growing segment with a growth rate of 9.8%. moreover, the devices segment held the largest market share of over 20% in 2021.
The contract packaging segment is expected to grow at the highest CAGR of 8.8%, whereas the pharma manufacturing segment is projected to hold an opportunity of USD 1,103.1 million during 2021-2027.
Country Overview
The China medical plastic packaging market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The cumulative research and development initiatives and rising investments in plastic packaging, coupled with the rising awareness and huge pool of acute and chronic diseases. The high growth rate also contributes owing to the rising adoption of medical plastic packaging in China.
Competitive Landscape
The major six players in the market hold approximately 35% of the total market share. These market players are investing in joint ventures, product launches, mergers, expansions, acquisitions, and research initiatives, to create a competitive edge. For instance, in May 2020, Chengdu PUTH Medical was accredited with Registration Certificate for disposable medical masks, medical device production license, and CE declaration of conformity.
Many top companies have broad capabilities in healthcare plastic packaging. For instance, Hebei Xinfuda Plastic Products Co., Ltd. have developed acknowledged quality plastic (PE, PP, PET etc.) bottles and containers with different capacities (from 5 ml to 6,000 ml), shapes, colors and caps for domestic and oversea clients.
Companies Mentioned
Key Topics Covered:
Chapter 1. Research Framework
Chapter 2. Executive Summary: China Medical Plastic Packaging Market
Chapter 3. China Medical Plastic Packaging Market Overview
Chapter 4. Competition Dashboard
Chapter 5. China Medical Plastic Packaging Market Analysis, By Plastic Type
Chapter 6.China Medical Plastic Packaging Market Analysis, By Packaging Type
Chapter 7. China Medical Plastic Packaging Market Analysis, By Drug Type
Chapter 8. China Medical Plastic Packaging Market Analysis, By End-user
Chapter 9. Company Profile (Company Overview, Financial Matrix, Key Product landscape, Key Personnel, Key Competitors, Contact Address, and Business Strategy Outlook)
For more information about this report visit https://www.researchandmarkets.com/r/93nf8k
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