An MD&DI April 1997 Column
A study conducted by the Business Communications Company, Inc. (BCC; Norwalk, CT), reports that the market value of plastics used to package medical, pharmaceutical, and specialty health-care products was $801 million in 1995 and will reach $1.08 billion by 2000, an average annual growth rate (AAGR) of 6.2%.
The BCC study reveals that the value of plastics in health-care packaging specifically for pharmaceutical applications was $254 million in 1995 and will increase to $324 million in 2000, an AAGR of 5%.
In the medical products packaging market, plastics are experiencing even larger growth. This market includes products sold to and used by medical practitioners in such places as hospitals, blood banks, clinics, hospices, nursing homes, and rehabilitation centers. Worth $372 million in 1995, the sector is forecast to increase to $516 million in 2000.
Specialty packaging, consisting of the higher-priced plastics, accounted for $175 million in 1995. This sector is predicted to maintain a 6.5% AAGR and reach $240 million by the year 2000.---Chris Dray