Secondary Packaging for Oncology Products Market Size Forecast To Reach US$17.9 Billion by 2027

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Secondary Packaging for Oncology Products Market Size Forecast To Reach US$17.9 Billion by 2027

April 25
19:24 2022
Secondary Packaging for Oncology Products Market Size Forecast To Reach US$17.9 Billion by 2027
Secondary Packaging for Oncology Products Market | IndustryARC
An Increase in the Prevalence of Cancer Is Most Likely To Increase Demand for the Secondary Packaging for Oncology Products Market

The Secondary Packaging for Oncology Products Market size is forecast to reach US$17.9 billion by 2027, after growing at a CAGR of 10.2% during the forecast period (2022-2027). Secondary packaging can be categorized into multiple types which include shrink wraps, blister card packaging, cardboard cartons, shrink band, injection trays, shipping containers, over-wraps, bags, kitting, and more. According to a recent insight from the American Cancer Society in 2019, around 800 to 900 new cases of osteosarcoma, a type of cancer that affects the bone, are detected in the United States every year, with half of these occurring mostly in teenagers and children. An increase in the prevalence of cancer along with an increase in R&D activities related to cancer therapy acts as the major driver for the market. On the other hand, high costs associated with it is most likely to confine the market and hinder its growth.

COVID-19 Impact

There is no doubt that the COVID-19 lockdown has significantly reduced manufacturing, and production activities as a result of country-wise shutdown of manufacturing sites, shortage of labor, and the decline of supply and demand chain all over the world, thus, affecting the market. Studies show that the outbreak of COVID-19 sharply declined the production of raw materials in 2020 due to a lack of operations across multiple countries around the world. According to a recent article published in Cancer Connect 2020, Dana Farber Cancer Institute stated a 46% decrease in the diagnoses of the six most common cancer types which included colorectal, breast, lung, gastric, pancreatic, and esophageal cancers during the COVID-19 pandemic. Moreover, the Centers for Disease Control and Prevention (CDC), and several other medical organizations recommended the postponement of cancer screening and other health prevention services, along with elective surgeries, in order to secure the hospital facilities for the treatment of COVID-19 patients. This, in turn, decreased the demand for secondary packaging such as cardboard cartons, shrink band, blister card packaging, shipping containers, over-wraps, and bags for the distribution of oncology products, thus, affecting the market in 2020. However, a slow and steady recovery of the market is expected in the upcoming years.

Secondary Packaging for Oncology Products Market Segment Analysis – By Product Type

Cardboard Cartons type held a significant share in the Secondary Packaging for Oncology Products Market in 2021, owing to its increasing demand for secondary packaging of oncology products due to the properties they hold. Cardboard cartons are highly flexible, adaptable, and can be easily cut to any shape or size as per the requirements in comparison to other secondary packaging types. Cardboard cartons can store a wide variety of oncology products from oncology drugs to medicines, and even cancer screening equipment and machines. Moreover, cardboard cartons are designed with high quality and sturdy materials, which makes them capable to withstand any form of abrasion or pressure. Thus it provides better protection of the oncology products and ensures convenient and safe delivery of oncology products from one destination to another. Moreover, they are lightweight, cost-effective, and readily available in comparison to other types of secondary packaging. Hence, all of these properties are driving its demand over other types of secondary packaging for oncology products, thus, boosting the market growth during the forecast period.

For More Information About Secondary Packaging for Oncology Products Market @

https://www.industryarc.com/Report/19019/secondary-packaging-for-oncology-products-market

Report Price: $ 4500 (Single User License)

Secondary Packaging for Oncology Products Market Segment Analysis – By Material Type

The Paper and Paper Board material type held the largest share in the Secondary Packaging for Oncology Products Market in 2021 and is expected to grow at a CAGR of 10.4% between 2022 and 2027, owing to its increasing demand for packaging of oncology products. Paper and paper board packaging is made from a natural renewable resource, are biodegradable and easily recyclable in nature, and are quite versatile in terms of capabilities, design, and printing quality in comparison to plastics, and other secondary packaging material types. Paper packaging depicts a conscious, positive, and caring brand representation to the end-users which helps improve the overall brand image, and is more cost-effective in comparison to plastic materials. Hence, low cost, wide availability, excellent printability, and sustainability of paper & paperboard make it ideal for use in secondary packaging of oncology products, thus, driving the market growth in the upcoming years.

Secondary Packaging for Oncology Products Market Segment Analysis – By Geography

North America held the largest share in the Secondary Packaging for Oncology Products Market in 2021 up to 35%. The consumption of secondary packaging for oncology products is particularly high in this region due to its increasing demand from the medical sector of the region. For instance, according to the GLOBOCAN (Global Cancer Observatory) 2020 report, around 281,658 new cancer cases were diagnosed in the United States in 2020, with a 5-year prevalence of about 8,432,938 in the same year. It further states that the most common cancers in the United States were reported to be breast (around 253,465 cases), lung (around 227,875 cases), prostate (around 209,512 cases), and colon (around 101,809 cases) cancers.

Moreover, in January 2020, the American Cancer Society and Pfizer approved investments of more than US$ 2.5 million in nine communities with the aim of optimizing outcomes for women facing a breast cancer diagnosis. Thus, with these factors, the market is expected to flourish in the region.

In this way, an increase in the prevalence of cancer will also increase the demand for oncology products such as oncology drugs, medications, cancer screening equipment, and machines for the treatment of cancer patients in various medical facilities. This, in turn, will increase the demand for secondary packaging of these oncology products for safe and convenient distribution of these products from one destination to another, thus, boosting the market growth in the upcoming years.

Secondary Packaging for Oncology Products Market Drivers

An increase in the prevalence of cancer is most likely to increase demand for the product

According to the GLOBOCAN (Global Cancer Observatory) 2020 fact sheet, around 19,292,789 new cancer cases were diagnosed worldwide, with deaths reaching up to 9,958,133 globally due to cancer. Moreover, a recent study from the International Agency for Research on Cancer states that the global weight of cancer cases is expected to increase up to 27.5 million new cancer cases along with 16.3 million deaths worldwide by 2040. The increasing rate of cancer cases is expected to increase the demand for oncology products such as oncology drugs, medications, cancer screening equipment, and machines for the treatment of cancer patients in various medical facilities. This, in turn, is expected to increase the demand for secondary packaging of these oncology products in order to distribute these products among various medical facilities, thus, driving the market growth during the forecast period.

An increase in R&D activities associated with cancer therapy is most likely to increase demand for the product

Secondary packaging is mainly used for protecting the oncology products and ensuring safe transportation of primary packed oncology products along with holding the primary packaging intact. A high concentration of medical facilities all around the world is making investments in research and development activities associated with cancer therapy. For instance, National Cancer Institute (NCI) is running several clinical trial programs and initiatives in order to support clinical research of various forms of cancer. In 2021, Consolidated Appropriations Act and the 21st Century Cures Act allotted US$ 6.56 billion to the National Cancer Institute (NCI), an increase of US$ 119 million in comparison to the funding allotted in 2020 for the research purpose. In November 2020, Merck & Co. Inc., an American multinational pharmaceutical company, made an agreement in order to acquire Velosbio Inc., a privately-held clinical-stage biopharmaceutical company. The company is dedicated to developing first-in-class cancer therapies that target receptor tyrosine kinase-like orphan receptor 1 (ROR1).

In this way, an increase in R&D activities associated with cancer therapy will also increase the demand for use of oncology products such as oncology drugs, medications, cancer screening equipment, and machines. This will increase the demand for secondary packaging of these oncology products for safe and convenient distribution of these products from one destination to another, thus, driving the market growth during the forecast period.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=19019

Secondary Packaging for Oncology Products Market Challenges

High costs associated with paper packaging can cause an obstruction to the market growth

The rise in costs of raw materials such as pulp has made it difficult to access paper for various packaging purposes. According to the U.S Bureau of Labor Statistics, the PPI and pulp cost, and raw materials for corrugated boxes in 2021 have increased by more than 25% in the past 12 months. Another major factor that is causing the increase in packaging costs is transportation. Prices of crude oil have increased up to 40% since the beginning of the year 2021, and its prices are expected to increase up to US$ 80 per barrel in the upcoming years. This, in turn, has increased the overall costs of transporting the raw materials required for the production of paper packaging, thus, leading to increased packaging costs. Hence, high costs associated with paper packaging may confine the market growth.

Secondary Packaging for Oncology Products Industry Outlook

Technology launches,acquisitions, and R&D activities are key strategies adopted by players in this market. Secondary Packaging for Oncology Products top 10 companies include:

Amcor plc

AptarGroup, Inc.

Drug Plastics Group

Gerresheimer AG

Schott AG

Owens Illinois, Inc.

West Pharmaceutical Services, Inc.

Berry Global, Inc.

WestRock Company

SGD Pharma

Recent Developments

In January 2021, PCI Pharma announced the expansion of its new biotech packaging center in Philadelphia, along with new investments dedicated to expanding its biotech packaging capabilities in Ireland.

Key Takeaways

Cardboard Cartons in Secondary Packaging for Oncology Products Market is expected to see the fastest growth, especially during the forecast period. Its wide range of characteristics and advantages made it stand out in comparison to other types of secondary packaging products in the market.

Paper and Paper Board material type in Secondary Packaging for Oncology Products Market is expected to see the fastest growth, especially during the forecast period, owing to its wide range of benefits such as low cost, wide availability, excellent printability, and more that makes it ideal for secondary packaging.

North America dominated the Secondary Packaging for Oncology Products Market in 2021, owing to its increasing demand from the medical sector of the region. For instance, in January 2020, the American Cancer Society and Pfizer approved investments of more than US$ 2.5 million in nine communities with the aim of optimizing outcomes for women facing a breast cancer diagnosis. Such investments in order to treat the existing prevalence of cancer are expected to increase the demand for secondary packaging for the distribution of oncology products in the region.

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