The global Medical Device Packaging Market is growing rapidly, mainly due to burgeoning medical device manufacturing. Over recent years, there has been a significant rise in healthcare sectors globally, which acts as a huge driving force for market growth. Other factors that define the heightened market demand include changing lifestyles and economical growth, driving the healthcare industry.
Besides, the awareness of the advantages of biodegradable materials as a packaging solution boosts market growth. Evidently, advancements in packaging technologies emerging innovative packaging solutions play a significant role in fostering the medical device packaging market growth. Additionally, rising investments made in developing novel packaging materials and stronger support from governments worldwide accelerate the growth of the market.
In its recently published study report, Market Research Future (MRFR) asserts that the global medical device packaging market is expected to reach USD 61.91 billion by 2030, growing at 6.5% CAGR during the anticipated period (2023-2030). The growing need for sterile packaging of medical products and devices to promote enhanced patient safety, alongside innovative product demand for child-resistant and tamper-evident packaging solutions, is fuelling the growth of this market.
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Moreover, increasing healthcare expenditures along with growing health awareness may drive the medical device packaging industry growth. Rising environmental concerns and better microbial packing can boost the medical device packaging market growth, enhancing sterile therapeutic packing. Furthermore, the rising demand for reliable packing from the health care sector may fuel product demand.
On the other hand, growing complexities in product engineering and increasing numbers of new market entrants are major factors obstructing the growth of the market. Nevertheless, the availability of new products in the field of biopharmaceutical and biologics due to requirements for better compliance would support the market growth throughout the review period.
Medical Device Packaging Market – Segmentations
The medical device packaging market report is segmented into material, product, and region. The material segment is sub-segmented into plastic, paper & paperboard, and others. The product segment is sub-segmented into pouches, trays, bags, clamshell packs, and others. By regions, the market is sub-segmented into Asia Pacific, Americas, Europe, and rest-of-the-world.
Medical Device Packaging Market – Regional Analysis
North America leads the global Medical Device Packaging Revenue Opportunity. Factors such as the regulatory forces raising packaging quality and functionality and rising numbers of medical device companies create substantial market demand. The US accounted for the largest market for medical packaging in the region. The North American medical device packaging market is expected to retain its dominance throughout the forecast period, expanding at a substantial CAGR.
The Asia Pacific region is showing a rapid growth in medical device packaging due to ample availability of raw materials and cost-competitive workforces. Besides, the rapidly growing healthcare and medical device sector in the region drives the market's growth. The pharmaceutical industry also contributes to the growth of the medical device packaging market with high demand for packaging. The APAC medical device packaging market is also expected to grow at a considerable CAGR from 2016 to 2022.
Global Medical Device Packaging Market– Competitive Analysis
Characterized by the presence of several well-established and small players, the global medical device packaging market appears to be highly competitive. Well-established players incorporate acquisition, collaboration, partnership, expansion, and technology launch to gain a competitive advantage in this market and maintain their market position. Many of the industry's key players expand their existing production capacities to respond to the increased demand for innovative and sterile packaging solutions.
Major Players
leading the global Medical Device Packaging Market are Bemis Company Inc, Amcor Limited, Chesapeake Limited, Klöckner Pentaplast Group, E. I. du Pont de Nemours and Company, 3M Company, Mitsubishi Chemical Holdings Corporation, WestRock Company, and Oliver-Tolas, among others.
Industry/ Innovation/ Related News:
March 8, 2021 ---- Biomerics, LLC (the US), a leading contract manufacturer and innovative polymer solutions provider for the medical device & biotech industries, announced that it is doubling its manufacturing footprint in Costa Rica.
The company started the construction on the Greenfield plant adjacent to its current operations in Costa Rica. The new facility totals 110,000 sq. Ft., including engineering labs, quality inspection labs, controlled environment manufacturing, and others.
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