Medical Device Packaging Market to reach USD 61.91 billion by 2027
New York, June 21, 2021 (GLOBE NEWSWIRE) — Medical Device Packaging Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Medical Device Packaging Market Research Report, Material, Product and Region – Forecast till 2027” The medical devices packaging market was valued at USD 31.32 billion in 2020 and expected to reach USD 61.91 billion by 2027 and grow at a CAGR of 6.5% .
The medical device packaging market outlook appears extremely positive. Burgeoning healthcare and pharmaceutical sectors drive the market demand. Besides, the rapid industrialization and economic growth worldwide, alongside the vast advances in packaging technologies, foster the medical device packaging market growth. Growing innovative applications of these packaging solutions in the personal care industry increase the medical device packaging market size.
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Key Companies Profiled in the Medical Device Packaging Market Research Report are-
Bemis Company Inc
du Pont de Nemours and Company
Klöckner Pentaplast Group
Mitsubishi Chemical Holdings Corporation
Sonoco Products Company
Berry Global Inc.
Aphena Pharma Solutions
Sigma Medical Supplies Corp.
Toppan Printing Co. Ltd.
The market is projected to escalate further during the forecast period. According to Market Research Future (MRFR), the global medical device packaging market is estimated to garner significant gains by 2027, growing at an impressive CAGR during the assessment period (2020 – 2027). Turning stability testing data into open-source data could be a game-changer for medical device packaging development overall.
Growth in infectious and chronic diseases influences the medical device packaging market value, promoting healthcare products. Today, the average life expectancy has increased multi-folds, indicating a large population of older people who would need to be medically treated.
Furthermore, the increasing awareness among people about self-operated medical equipment increases the market demand. As environmental concerns are rising, recyclable and reusable packaging solutions find more applications, further providing opportunities for innovations.
Browse In-depth Market Research Report (112 pages) on Medical Device Packaging
COVID-19 has positively impacted the global medical device packaging industry. While the pandemic caused huge revenue losses to many industries, it allowed the market to flourish. Yes, manufacturers did suffer issues related to disrupted supply chains and shortages of key raw materials required. Also, getting the workers during the lockdown was a big issue that industry leaders did face.
This, in turn, spiked product prices; however, the pandemic boosted the healthcare industry and investments in medical device manufacturing. The spread of the virus restricted cross-border trade between countries, determining the market demand. However, the market remained in momentum and kept flourishing throughout 2020 and is projected to continue beyond 2021.
The demand for medical supplies and healthcare products to address SARS-CoV-2 would keep rising steadily, acting favorable for the market. Also, it is expected that the medical device packaging demand could pick up following the uplift of the lockdown in many countries.
Government initiatives towards promoting eco-friendly packaging materials support market growth. Growing applications across the healthcare and pharmaceutical industries and personal care products contribute to the medical device packaging market share. Regulatory changes demand legacy product testing or virtual update of all package designs. This workload could be daunting, especially for small packaging departments.
But the situation gives the unique opportunity to reimaging packaging for cost reduction, production performance, and user experience & safety. This also allows various research grants from the public and private sectors to advance packaging innovation by optimizing stability testing of common sterile barrier material systems for medical devices. Besides, additive manufacturing changes the supply chain and production game.
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The medical device packaging market research report is segmented into products, materials, applications, and regions. The product segment is sub-segmented into pouches, clamshell packs, boxes, trays, bags, and others. Among these, the pouches segment holds the largest market share due to its vast usages in the packaging of medical equipment, testing kits, and surgical devices.
The material segment is sub-segmented into plastic, paper & paperboard, foils, glass, silicon, and others. Among these, the plastic material segment holds the largest market share, witnessing the vast adoption as an easy, inexpensive, and flexible packaging material.
The application segment is sub-segmented into sterile packaging and non-sterile packaging. Of these, the sterile packaging segment holds the largest market share, witnessing vast adoption in medicine packaging due to its anti-contamination and moisture-proof requirements. Also, surgical equipments are packaged in sterile solutions so that it can be saved from any spoilage. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
North America is the largest medical device packaging market globally. The largest market share attributes to the efforts of regulatory forces to increase the packaging quality and functionality and rising numbers of medical device companies in the region. Moreover, the strong presence of notable manufacturers in the region leads to the faster development of medical device packaging technologies.
Various state-backed initiatives and investments to increase the region’s medical device packaging market share. The US accounts for the largest market in the region in terms of medical device packaging market revenue.
The Asia Pacific region holds the second-largest medical device packaging market share globally. Rapid growth in medical device packaging and the ample availability of raw materials and cost-competitive workforces are major medical device packaging market trends. Besides, the growing healthcare and medical device sector drive the region’s medical device packaging market growth.
Also, the burgeoning pharmaceutical industry and high demand for packaging in the region boost the medical device packaging market size. Malaysia, Indonesia, China, and India are the major contributors to the medical device packaging industry in the region.
The market is highly competitive and fragmented. Many big and small market players form a competitive landscape, adopting strategic expansion of businesses in emerging markets. To maintain market position and create new markets, industry players rely on strategic approaches and innovation. They invest substantially and keep themselves updated with new technological developments and the latest consumer trends by developing human capital.
For instance, on Jun.14, 2021, Amcor launched a new dual-chamber pouch for drug combination devices. The new specialty multi-chamber pouch for drug-device combination products features a simplified packaging system for easier access to the device and desiccant chamber to securely hold the desiccant sachet & eliminate any contamination risk, alongside Amcor’s Rayopeel seal technology providing an excellent clean peel for aseptic presentation. Additionally, a multi-layer foil laminate provides transit resistance and barrier to gas, light and moisture, and 2D bar-coding to ensure full traceability.
Segmentation of Market covered in the research:
Information by Material (Plastic, Paper & Paperboard and others), by Product (Pouches, Trays, Bags, Clamshell Packs and others), and Region (North America, Europe, Asia-Pacific and Rest of the World)
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