Increased Healthcare Expenditure to Propel Medical Device Packaging Market to US$ 48.1 Bn by 2027 - Future Market Insights, Inc.
North America holds 34.1% of the overall Medical Device Packaging Market share. Approximately 64% of pharmaceutical companies and 69% of device companies indicate that over the next one to two years, they will purchase more packaging equipment for their products.
NEWARK, Del, Oct. 10, 2022 /PRNewswire/ -- The global medical device packaging market is projected to reach a value of US$ 48.1 Bn by 2027, with sales growing at a reasonable CAGR of 5.3% from 2022 to 2027. Expected to reach an estimated US$ 36.6 Bn in 2022, the target market is driven by the growing demand for safe and secure packaging environment while the medical device is in transit. Rising investment in the healthcare sectors as well as increased healthcare expenditure is expected to further augment the market growth of medical device packaging during the forecast period.
Medical device packaging protects the product from the external environment, communicates with humans, and facilitates communication with the product's environment environment. It prevents the medical device from deterioration, biological contamination, and other external forces. Labelling in the packaging also factors in the safe delivery of the product by providing proper identification.
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In addition, FDA-approved packaging validates the packaging quality and contributes to the growth of the target market. This acknowledgment helps the manufacturer to ensure quality and compliance of the device with manufacturing and packaging regulations which, in turn, augments its global sales of the medical device packaging.
Medical device packaging is in huge demand from pharmaceuticals and device manufacturing companies. The target market has already witnessed elevated demand from the medical device companies in the past few years and will continue to do so during the next couple of years. Increased healthcare expenditure will further supplement the growth of the medical device packaging. Again, the escalating demand for easy-to-use and easy-to-discard packaging solution will also contribute to the market growth. Furthermore, incorporation of technological advances like 3D technology that allows them to develop more realistic prototypes in the market will further benefit the medical device packaging market over the projected period.
"Elevated demand for packaging solutions that maintain the quality and integrity of medical equipment will propel the global growth of the medical device packaging market over the forecast period," says an FMI analyst.
Key Takeaways:
- Rising adoption of 3D technology to create growth opportunities for the target market.
- By material type, the PE segment will register high demand followed by the paper laminate category.
- By application, the disposable consumables segment is leading the market in terms of volume and value.
- Contract packaging segment is the most profitable end-user segment.
- The medical device packaging market in Europe is expected to lead the market growth on the basis of region.
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Competitive Landscape
Avery Dennison Corporation, 3M Company, E.I. du Pont de Nemours and Company, CCL Industries Inc., Amcor Limited, Constantia Flexibles Group GmbH, Bemis Company, Inc, Sonoco Company, and WestRock Company among others are some of the major players in the medical device packaging market profiled in the full version of the report.
Leading market players are focusing on product innovation and development so as to meet all the demands and requirements of the consumer.
More Insights into Medical Device Packaging Market Report
In its latest report, FMI offers an unbiased analysis of the global medical device packaging market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2027. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (PE (HDPE, LDPE, LLDPE), PP, PS, PVC, PET, aluminium, glass, paper laminates, fabric, and others (PLA, PHA, etc.)), application (disposable consumables, monitoring & diagnostic equipment, therapeutic equipment), end user (medical manufacturing, contract packaging, and others), and region.
According to the latest FMI reports, based on segmentation, PE segment is the most preferred material followed by paper laminates. Owing to its visibility, ranging from to opaque, high durability, versatility, safety and hygiene, lightweightedness and affordability, more and more consumers prefer plastics over other materials. On the basis of application, the disposable consumables segment is likely to continue with its market dominance while contract packaging segment will emerge as the most lucrative end-user segment.
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Based on region, the medical device packaging market in Europe is expected to dominate the global space over the next decade. This growth id due to U.K's role as one of the main exporters of medical devices. In addition, the market in this region is subjected to constant development and innovations. Europe is quickly followed by North America in terms of the global target market growth while China, India, and Japan are fueling the market growth in the Asia Pacific region through 2027.
Key Segments Covered in Medical Device Packaging Industry Research
Medical Device Packaging Market by Packaging Type:
- Bags & Pouches
- Containers
- Trays
- Stick Packs
- Clamshell Blister Packs
- Boxes
- Others (Flow Wraps etc.)
Medical Device Packaging Market by Raw Material:
- PE
- HDPE
- LDPE
- LLDPE
- PET
- PP
- PS
- PVC
- Aluminium
- Glass
- Others (PLA, PHA etc.)
Medical Device Packaging Market by Application:
- Disposable Consumables
- Monitoring & Diagnostic Equipment
- Therapeutic Equipment
Medical Device Packaging Market by End-user:
- Medical Manufacturing
- Contract Packaging
- Others
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Table of Content
1. Executive Summary
1.1. Market Overview
1.2. Market Analysis
1.3. FMI Analysis and Recommendations
1.4. Wheel of Fortune
2. Market Introduction
2.1. Market Definition
2.2. Market Taxonomy
3. Market Viewpoint
3.1. Porter's Five Forces Analysis for Medical Device Packaging Market
3.2. PESTLE Analysis for Medical Device Packaging Market
3.3. Co-Relation Analysis for Medical Device Packaging Market
Explore FMI's Extensive Coverage on Packaging Domain:
In-vitro Diagnostics Kits Market Share : The in-vitro diagnostic kits market is projected to grow at a healthy CAGR of 5.9% between 2022 and 2032 and reach a valuation of US$ 22.8 Bn by 2032.
Pharmaceutical Packaging Market Size : The global pharmaceutical packaging market is postulated till US$ 178.8 Bn by the year 2031 at a CAGR of 7.4% between 2022 and 2031.
In-Vitro Diagnostics Packaging Market Forecast : The growth in geriatric population is expected to entice the demand for In-vitro diagnostics packaging. Moreover, the growth in the practice of self-testing by public is also anticipated to boost the market's growth.
Bio-Medical Packaging Market Growth : The global bio-medical packaging market is anticipated to be valued at US$ 683.6 million by 2032, up from US$ 367.9 million in 2022, with a CAGR of 6.4% during the forecast period.
Medical Flexible Packaging Market Analysis : Medical flexible packaging offers various benefits such as product protection, ease in shipment and less space utilization while storage and shipment which reduces the warehousing and shipments cost. This increases the overall cost efficiency for the manufacturers.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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