A wide range of materials can be used to design packaging
solutions that can withstand changing needs, which include
high-density polyethylene (HDPE), polyethylene terephthalate (PET),
and polypropylene (PP). Apart from this, paper and paperboard,
aluminum, and various other materials are used by key manufacturers
in the market.
WILMINGTON, Del., July 22,
2024 /PRNewswire/ -- With the moderate scope of
progress, the medication adherence packaging will likely trace an
optimistic future progress path to reach USD 2 billion by 2034. The industry was
valued at USD 1.1 billion in
2023.
The likelihood of this change in the industry size is moderate
and will encompass the development at a CAGR of 5.2%. This forecast
will elevate prospects for key players within the industry, fueling
market development.
With the rising drug addiction cases among individuals, the need
for medication compliance surges. This elevated need further
dominates the market, driving the demand for medication adherence
packaging.
To mitigate the increasing prevalence of drug abuse and
addiction, compliance-prompting packaging methods can be used. This
can assist patients in designing appropriate dosage and drug
delivery time.
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The necessity of such efforts has been rising due to the
alarming side effects of improper medication. As a result, to
ensure patients' health and safety, medical assistance must be
provided, which can be achieved through this method.
The overall cost is reduced with the use of such methods, which
is another vital benefit. As a result, this generates more demand
in the healthcare sector, which elevates the market size.
With the growing geriatric population, the demand for drug
delivery assistance increases. Recent trends reflect that homecare
has been more emphasized, which elevates the scope of the
industry.
Technological innovations in the global medication adherence
packaging market spur the augmentation of packaging methods. Smart
labeling, RFID codes, NFC, and other cutting-edge methods are
gaining traction.
This advancement of technology not only benefits patients in
terms of marking their drug delivery trajectory but also helps key
players embark on a stronger position in the industry.
The growing government investments in different sectors,
including the medical and healthcare packaging industry, have
benefitted key players in expanding the competitive landscape. This
is, thus, another key market driver for the industry.
Medication Adherence Packaging Market Report Scope:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2034
|
Base
Year
|
2020-2022
|
Size in 2023
|
US$ 1.1 Bn
|
Forecast (Value) in
2034
|
US$ 2.0 Bn
|
Growth Rate
(CAGR)
|
5.6 %
|
No. of
Pages
|
234
Pages
|
Segments
covered
|
By Material Type, By
System, By Technology, By End-use Industry, By Region
|
Key Findings from the Market
Report
• The segmentation of the global medication adherence
packaging market is based on different criteria. Based on the
material type used, the sector can classified into various
categories. Due to the versatility of plastics, the demand for the
category will likely be the highest among other categories.
• The ability of the unit-dose packaging system to
eliminate errors is higher compared to other systems. As a result,
the demand for such systems will gain more attention than other
categories, justifying its market share.
• With the use of radio frequency identification (RFID)
technology, better real-time verification can be performed by
pharmacists. This drives the demand for the category based on the
technology used.
• Based on the end-user industry, the demand for such
packaging solutions will be the highest in hospitals and clinics.
Due to the frequent outflow of medicines from hospitals, more
packaging solutions will be required.
Regional Profile
• The developing healthcare sector in North America will likely generate better
lucrative opportunities for the medication adherence market.
• The growing geriatric population in the Asia-Pacific region will drive the demand for
better medical assistance to older adults. This will drive the
market in the said region.
• To cater to the rising cases of drug overdose in
Europe, appropriate medication
must be provided. This factor drives the demand in the region.
Competitive Landscape
Among various competitors competing in the competitive
landscape:
• Garlock an Enpro Industries Inc. subsidiary, is a key
player known for bearing protection, gaskets, and compression
packing.
• Flexitallic is a large-scale firm producing packaging
solutions for several sectors, including agricultural, chemical,
fertilizer, distillery, and many more.
• Freudenberg Sealing Technologies manufactures radial and
axial seals, pneumatic equipment, and many other products.
Key Players
• Garlock an Enpro Industries Inc. Subsidiary
• Flexitallic
• Freudenberg Sealing Technologies
• James Walker Group
• TEADIT
• Dana Limited
• Trelleborg Group
• Klinger Group
• ElringKlinger AG
• Lamons
Key Developments in the Medication
Adherence Packaging Market
• In January 2023, Enpro
completed the divestiture of Enpro Industries, Inc. This move
created more market space.
• Flexitallic has launched a new gasket range called
RIGFLEX RJ and FP range that has an operating temperature range of
-200ºC to +260ºC.
Market Segmentation
By Material Type
• Plastics
• Paper and Paperboard
• Aluminum
• Composite Materials
By System
• Unit-dose Packaging
• Multi-dose Packaging
By Technology
• Radio Frequency Identification (RFID)
• Near Field Communication (NFC)
• Electronic Monitoring Devices
• Temperature and Humidity Sensors
• Others
By End-use Industry
• Hospitals and Clinics
• Retail Pharmacies
• Long-term Care Facilities
• Home Healthcare Settings
• Clinical Trials
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East &
Africa
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