Yahoo Finance Demand for Global Medical Device Packaging Market Size to Hit USD 50.70 Billion by 2028 | Medical Device Packaging Industry Exhibit a CAGR of 6.96%
[207+ Pages Report] According to Facts and Factors, the Global Medical Device Packaging Market size was valued at around USD 31.75 Billion in 2021 and is estimated to grow about USD 50.70 Billion by 2028, at a CAGR of approximately 6.96% between 2022 and 2028. The key market players are listed in the report with their sales, revenues and strategies are 3M, Amcor plc, AR Packaging, Berry Global Inc., Constantia Flexibles, DuPont, KlöcknerPentaplast, Mitsubishi Chemical Corporation, Sonoco Products Company, West Pharmaceutical Services Inc., and others.
Miami, FL, Oct. 04, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Medical Device Packaging Market Size, Share, Growth Analysis Report By Material Type (Plastic, Paper & Paperboard, Aluminum, and Other Material Types), By Product Type (Pouches, Bags, Trays, Boxes, Clam Shells, and Other Product Types), By Application (Sterile Packaging and Non-sterile Packaging), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Medical Device Packaging Market size & share was valued at approximately USD 31.75 Billion in 2021. The market is expected to grow above a CAGR of 6.96% and is anticipated to reach over USD 50.70 Billion by 2028.”
The report analyses the Medical Device Packaging market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the global Medical Device Packaging market.
Medical Device Packaging Market Overview:
Medical device packaging applications use various raw materials, including plastics, paper & paperboard, and aluminum, among others. The packaging material which remains in direct contact with the healthcare devices is called primary packing material and the material which protects the primary packaging is called secondary packing materials. Some of the key secondary packaging materials used are paper or cardboard boxes. Tertiary packing systems such as a carton box are generally used for bulk storage and transportation application of the medical device.
Medical device packaging such as overwraps, bags, pouches, trays, and clamshells finds its wide application in the healthcare device sector. These materials are flexible as well as rigid. Meanwhile, plastics are used as film (flexible) and sheets (semi-rigid and rigid) for medical device packaging. Paper is also being increasingly used in medical device packaging. Further, to offer clean peal performance, these packaging papers are being impregnated with polymer and latex. Furthermore, aluminum is also used as foil or vacuum-deposited on film which acts as a barrier for oxygen, light, and moisture. These materials are used for shipping and storing various medical devices such as syringes, incubators, dialysis machines, etc.
By maintaining the required standards during the production of medical device packaging, it is possible to overcome the limitations set due to various regulatory standards, which are required for medical device packaging. These factors act as a challenge for manufacturers, such that to remain in the market and compete with other providers. Some of the key medical device packaging standards are EN ISO 11607-1 (Addressing medical device packaging materials, sterile barrier system), EN ISO 11607-2 (Addressing validation of medical device packaging processes), and others. However, these standards can be fulfilled by the manufacturers and providers, which will further support the demand for the studied market.
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Our Free Sample Report Consists of the Following:
Introduction, Overview, and in-depth industry analysis are all included in the 2022 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package
About 207+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on Request
Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
Includes Tables and figures have been updated
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historical and Forecast Growth, Porter's 5 Forces Analysis
Facts and Factors research methodology
(Please note that the sample of this report has been modified to include the COVID-19 impact study prior to delivery.)
Key Insights from Primary Research
As per the analysis, the Medical Device Packaging market is likely to grow above a CAGR of around 6.96% between 2022 and 2028.
The Medical Device Packaging market size was worth around US$ 31.75 Billion in 2021 and is estimated to hit approximately US$ 50.70 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on material type segmentation, plastic was predicted to show maximum market share in the year 2021
Based on application segmentation, sterile packaging was the leading revenue-generating application in 2021.
On the basis of region, North America was the leading revenue generator in 2021.
Competitive Players
The report contains qualitative and quantitative research on the global Medical Device Packaging Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the main players in the global Medical Device Packaging market include:
3M
Amcor plc
AR Packaging
Berry Global Inc.
Constantia Flexibles
DuPont
KlöcknerPentaplast
Mitsubishi Chemical Corporation
Sonoco Products Company
West Pharmaceutical Services Inc.
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Market Growth Drivers
Technological development in the medical device sector to drive market growth during the forecast period
The global medical device packaging market growth is expected to be driven by technological development in the medical device sector. The global medical device packaging market cap may grow owing to the rising technological development in the healthcare devices sector. The involvement of artificial intelligence (AI) in medical devices is creating a new era in the healthcare industry. In the medical industry, AI-based medical devices can automate tasks, analyze data from multiple sources, demonstrate trends, process & gather information from wearable sensors, identify various diseases, predict risks for existing diseases & complications, and also support R&D related to the medical field. The need for medical assistance is rising at a significant rate, across the globe, considering the growing demand from a growing population, rising chronic diseases, increasing per capita income across various countries, rising health consciousness, and population aging. These factors are increasing the demand for AI-based medical devices, which will further favor the demand for the medical device packaging market.
Restraints
Fluctuations in the raw material prices are likely to hinder the market demand
Fluctuations in the raw material prices may hinder the growth of the studied market. The growing demand for sustainable packaging solutions is expected to provide growth opportunities for global market growth. Regulatory standards related to medical packaging are anticipated to challenge global market cap growth.
Medical Device Packaging Market: COVID-19 Impact Analysis
Medical device packaging demand increased during the COVID-19 pandemic in 2020, considering the enhanced demand for medical devices across the globe. Several industries’ trade has been stopped temporarily across various regions and countries in 2020. However, the supply related to the healthcare industry was not affected significantly from one country to another, thereby; the pandemic boosted the demand for medical device packaging in 2020. During the pandemic, the demand for various medical devices increased, including, oximeters, gloves, infusion & suction pumps, sterilizers, patient monitors, ultrasound, and ventilators, among others.
Browse the full “Medical Device Packaging Market Size, Share, Growth Analysis Report By Material Type (Plastic, Paper & Paperboard, Aluminum, and Other Material Types), By Product Type (Pouches, Bags, Trays, Boxes, Clam Shells, and Other Product Types), By Application (Sterile Packaging and Non-sterile Packaging), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/medical-device-packaging-market
Medical Device Packaging Market: Segmentation Analysis
The global medical device packaging market is segmented based on material type, product type, application, and region.
Based on material type, the global market segments are plastic, paper & paperboard, aluminum, and other material types. Currently, the global market is dominated by plastic-based medical device packaging products. Plastics include polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), polystyrene (PS), polyvinyl chloride (PVC), and others.
Based on product type, the global market is segmented into pouches, bags, trays, boxes, clam shells, and other product types. Pouches accounted for a major share in the studied market in 2021.The demand for medical pouches is rising considering the rising demand for various one-time usable medical devices such as medical test kit packaging and syringe packaging, among others.
Based on application, the global market segments are sterile packaging and non-sterile packaging. Currently, the global market is dominated by sterile packaging. Considering the advantages of sterile packaging and the wide range of technology available for sterilization is expected to favor the growth of the studied market. Some of the key sterilization methods are ethylene oxide (EtO) gas sterilization, heat sterilization, gamma radiation sterilization, electron beam radiation sterilization, and other sterilization methods.
Regional Analysis:
The global medical device packaging market is anticipated to be dominated by North America led by the United States. According to MedTech Europe, the United States accounted for the largest share (43.5%) of the global medical device market. Medical devices produced or sold in the United States are regulated by the U.S. Food and Drug Administration (FDA). The United States has added various medical equipment and devices, recently, owing to the increasing demand from healthcare centers and hospitals. According to the WHO, as of May 2022, the country has 13,275 magnetic resonance imaging devices, 14,750 computerized tomography scanners, and 16,010 gamma cameras or nuclear medicine, among others. All the above-mentioned factors are expected to propel the demand for medical device packaging from various healthcare devices segment.
Europe is expected to generate significant revenues owing to the increasing demand for efficient medical devices for its healthcare institutions. According to MedTech Europe, in 2021, Europe occupied the second position, with a share of 27.3%, in the global medical device packaging market, after the United States. The top five markets in Europe are Germany, France, the United Kingdom, Italy, and Spain. In the coming years, these countries are likely to create huge demand for medical device packaging.
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Recent Industry Developments:
In April 2022, Amcor plc announced an investment to build a new thermoforming capability for medical packaging in its medical facility based in Sligo, Ireland. The company’s Sligo site will comprise Class 7 cleanroom manufacturing environments and thermoforming operations, which are fully certified to ISO 13485 standards and meet required regulatory policies.
In October 2021, Amcor plc has launched a multi-chamber pouch packaging for drug-device combination products in the Europe region. The company’s dual chamber pouch (DCP) has already been successfully tested and commercialized in the United States market.
Key questions answered in this report:
What is the market size and growth rate forecast for Medical Device Packaging industry?
What is the main driving factors propelling the Medical Device Packaging Market forward?
What are the leading companies in the Medical Device Packaging Industry?
What segments does the Medical Device Packaging Market cover?
How can I receive a free copy of the Medical Device Packaging Market sample report and company profiles?
Report Scope:
Report Attribute | Details |
Market Size in 2021 | USD 31.75 Billion |
Projected Market Size in 2028 | USD 50.70 Billion |
CAGR Growth Rate | 6.96% CAGR |
Base Year | 2021 |
Forecast Years | 2022-2028 |
Key Market Players | 3M, Amcor plc, AR Packaging, Berry Global Inc., Constantia Flexibles, DuPont, KlöcknerPentaplast, Mitsubishi Chemical Corporation, Sonoco Products Company, West Pharmaceutical Services Inc., and others. |
Key Segment | By Material Type, Product Type, Application, and Region |
Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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The global Medical Device Packaging market is segmented as follows:
By Material Type
Plastic
Paper and Paperboard
Aluminum
Other Material Types
By Product Type
Pouches
Bags
Trays
Boxes
Clam Shells
Other Product Types
By Application
Sterile Packaging
Non-sterile Packaging
By Region
North America
Europe
Asia Pacific
The Middle East & Africa
Latin America
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Key Offerings:
Market Size, Trends, & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Material Type, Product Type, Application, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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