Medical Device Packaging Market Industry Trends, Share, Development Policies and Future Growth 2027 Analysis
The Global Medical Device Packaging Material market is growing rapidly, mainly due to burgeoning medical device manufacturing. Over the 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 the 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.
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In its recently published study report, Market Research
Future (MRFR) asserts that the global medical device packaging market is
expected to reach USD 30 billion by 2022, growing at 6% CAGR during the
anticipated period (2016 – 2022). 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.
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.
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
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.
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
market. 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.
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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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