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South and Central America Medical Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material, Type, and Application

South and Central America Medical Packaging Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Material, Type, and Application

  • July 2021
  • 144 pages
  • ID: 6134450
  • Format: PDF
  • The Insight Partners

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The South and Central America medical packaging market is expected to grow from US$ 3,135.14 million in 2021 to US$ 4,534.13 million by 2028; it is estimated to grow at a CAGR of 5.4% from 2021 to 2028.

South and Central America consists of Brazil, Argentina, and rest of South and Central America.The growth of the market in the region is expected due to several growth opportunities offered by increasing local production of medical devices, growing developments of healthcare systems that demand advanced medical technologies, which is directly influencing the market’s growth.

The projected growth of the medical packaging market in the US is attributed to the increasing pharmaceutical product manufacturing, rising adoption of advance medical packing technologies by the medical device manufactures is anticipated to fuel growth of the market during the forecast period.Life science companies look to utility savings, collaborative product development, and serialization to boost their sustainability contributions.

An aging world population and improved healthcare availability in emerging markets drive the demand in the medical device and pharmaceutical industries while creating new norms throughout the marketplace.As a result, manufacturers must cater to the need for a greater variety of pharmaceutical products.

Manufacturers are concerned about the environmental effects of their products and are making efforts to reduce, reuse, and recycle. Rising energy and resin costs may make these eco-friendly steps particularly appealing because of their cost-efficiency. Further, the resulting challenge to the industry is accommodating ever more demanding production schedules and product and package variety in as sustainable away as possible. To do that, healthcare product manufacturers must implement packaging solutions that minimize the environmental impact of expanding product portfolios, build sustainability practices into the development of new delivery systems, seek utility savings in new automation strategies, and leverage serialization.

In case of COVID-19, in South and Central America, especially Brazil, 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 South and Central America countries, i.e., Argentina, Colombia, Peru, Chile, Ecuador and Bolivia. 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.

Based on material, the market is segmented into polymer, foam, molded-fiber, non-woven fabric, films, paper & paperboard, and others.The paper & paperboard segment is expected to grow at the fastest CAGR during the forecasted period.

Product safe is among the primary objectives of the secondary packing material.The paper and paper board is used to make the cartons and shipping box.

As per the American Forest & Paper Association, the paperboard is a compact, paper-based material used for packaging.Owing to the different characteristics of papers, it is suitable for various requirements and needs packing materials.

Paperboard is used to fold into cartons for delicate items such as cosmetics, tablet strips, bulb packing, and other healthcare-related products. The segment is expected to contribute to the leading share in the South and Central America markets in the forecast period.

The overall South and Central America medical packaging market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining an overview and forecast for the South and Central America medical packaging market with respect to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the South and Central America medical packaging market. A few of the key companies operating in the market are Amcor Plc.; DuPont de Nemours, Inc.; Mitsubishi Chemical Corporation; SGD Pharma; 3M; West Pharmaceutical Services, Inc.; Avery Dennison Corporation; Sonoco Products Company; CCL Industries Inc. and WestRock Company.

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