Publication Month: Jun 2022 | Report Code: TIPRE00013965 | No. of Pages: 180 | Category: Medical Device | Status: Published
|Market Size Value in||US$ 4,512.70 Million in 2022|
|Market Size Value by||US$ 5,630.75 Million by 2028|
|Growth rate||CAGR of 3.8% from 2022 to 2028|
|No. of Pages||180|
|No. of Tables||84|
|No. of Charts & Figures||77|
|Historical data available||Yes|
|Segments covered||Product, Application, and End User|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
North America is likely to dominate the medical grade paper market during the forecast period owing to the rise in the aging population across the countries and industrial growth in various sectors across the region. In addition, the US held the largest share of the North American market in 2022, and the country is expected to dominate the regional market during the forecast period. According to the Congressional Budget Office's (CBO) 2021 report, the pharmaceutical industry devoted US$ 83 billion to R&D expenditures in 2019. Between 2010 and 2019, the number of new drugs approved for sale increased by 60% compared to the previous decade, reaching a high of 59 new drugs approved in 2018.
The demand for pharmaceutical packaging products in the US will increase due to the rise in drug development, and the growth will accelerate as drug manufacturers use these packaging to improve the contamination barrier, security, and functional properties of their packaging systems. Sterile packaging for pharmaceutical products is a primary and essential aspect of protecting the product. This will help the US medical grade paper market grow during the forecast period.
The global medical grade paper market is segmented into product, application, end user, and geography. By geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The global medical grade paper market report offers insights and in-depth analysis of the market, emphasizing parameters such as market trends, technological advancements, market dynamics, and the competitive analysis of the globally leading market players.
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There is a significant rise in the consumption of medical devices. This can be attributed to the increasing number of diagnostic and treatment procedures and the rising number of hospital visits by older people for regular checkups and treatments. Thus, there is tremendous demand for medical supplies, including masks, gloves, syringes, needles, and gowns.
According to a research study published in the British Journal of Surgery, by 2030, over 1.48 million people aged 75 years and above are estimated to undergo surgical procedures every year. Thus, an increase in hospital visits and surgeries is likely to boost the demand for sterile products. Thus, the rise in demand is eventually leading to a surge in the manufacturing and packaging of medical devices and other supplies, thereby propelling the sales of medical grade paper. Moreover, the use of sterile products and packaging for test kits, medicines, and medical consumables has increased worldwide amid the COVID-19 pandemic.
Based on product, the global medical grade paper market is segmented into kraft paper and sack paper. In 2022, the kraft paper segment would hold a larger market share and is expected to register a higher CAGR during the forecast period. Kraft paper is used to pack medical devices to protect them from microbial contamination. It is designed to withstand the rigorous processing conditions that involve sterilization and the use of packaging converters. This paper is suitable for steam, ETO, and gamma sterilization. It can be used singly or in combination with a flexible transparent film. Generally, kraft paper is used to pack single-use products gloves; wound dressings; and medical instruments, such as scissors, needles, and syringes.
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Based on application, the global medical grade paper market is categorized into steam sterilization, ethylene oxide sterilization, formaldehyde sterilization, and irradiation sterilization. In 2022, the ethylene oxide sterilization segment would hold the largest market share and is expected to register the fastest CAGR in the market during the forecast period. Ethylene oxide (ETO) sterilization is used to sterilize devices sensitive to moisture, heat, and pressure. The major advantages of ETO sterilization include compatibility with a wide variety of products. Products can be sterilized in their final packaging since ETO can permeate the sealed films or medical-grade papers and cartons.
Based on end user, the global medical grade paper market is segmented into hospitals, diagnostic and research centers, pharmaceutical industry, and others. In 2022, the pharmaceutical industry would hold the largest share of the market by application. Moreover, the same segment of the medical grade paper market is expected to grow at the fastest CAGR in the market during the forecast period. The pharmaceutical industry segment is among the largest contributors to the growth of the medical grade paper market. The kraft and sack paper are widely used to make blisters and cardboard for the final packaging of medicinal products. The growing demand for pharmaceutical products and flourishing generic pharmaceuticals business would continue to generate demand for medical grade papers.
Product launches and collaborations are highly adopted strategies by the global medical grade paper market players to expand their global footprints and product portfolios. The players also focus on the collaboration strategy to enlarge their clientele, allowing them to maintain their brand name globally. They aim to flourish their market shares with the development of innovative products. A few of the recent key market developments are listed below:
Zellstoff Pöls AG, Amcor Plc, VP Group, Anquing Tianrun Paper Packaging Co Ltd, Cheever Specialty Paper and Film, PMS Europe GMBH, BillerudKorsnäs AB, Gascogne Group, Nelipak Corporation, and Arctic Paper SA are offering products in the market.
The List of Companies - Medical Grade Paper Market