Global medical device packaging market expected to generate revenue of around USD 57.60 billion by the end of 2024, growing at a CAGR of around 6.30% between 2018 and 2024. Medical device packaging is utilized for storing, transporting, and protecting the medical devices. The packaging must maintain the sterility of the medical device until its usage.
The report covers forecast and analysis for the medical device packaging market on a global and regional level. The study provides historical data from 2015 to 2017 along with a forecast from 2018 to 2024 based on revenue (USD Billion). The study includes drivers and restraints for the medical device packaging market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the medical device packaging market on a global level.
In order to give the users of this report a comprehensive view of the medical device packaging market, we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein the packaging type, material, and application segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis in order to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launch, agreements, partnerships, collaborations & joint ventures, research & development, technology and regional expansion of major participants involved in the market on the global and regional basis. Moreover, the study covers price trend analysis, technology portfolio of various companies according to the region.
The study provides a decisive view of the medical device packaging market by segmenting the market based on packaging type, material, and application, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2018 to 2024. The regional segmentation includes the historic and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. This segmentation includes demand for medical device packaging market based on all segments in all the regions and countries.
The major players operating in the medical device packaging market are 3M, E. I. du Pont de Nemours and Company (Du Pont), Amcor Limited, Bemis Company, Inc., SteriPack Contract Manufacturing., Siemens Healthcare, GE Healthcare, West Pharmaceutical Services, Inc., Wipak Group, Riverside Medical Packaging Company Ltd., Placon, and Oracle Packaging.
This report segments the global medical device packaging market as follows:
Medical Device Packaging Market: Packaging type Segment Analysis
Medical Device Packaging Market: Material Segment Analysis
Medical Device Packaging Market: Application Segment Analysis
Medical Device Packaging Market: Regional Segment Analysis
Medical device packaging is utilized for storing, transporting, and protecting the medical devices. The packaging must maintain the sterility of the medical device until its usage. Moreover, the packaging includes protection of both rigid and flexible type of products. Manufacturers responsible for packaging system design are required to offer a secured and effective packaging system. The main objective of the packaging is to keep the products free from microbial contamination and maintain sterile condition. Packaging helps the medical devices against tearing, vibration, splitting, damaging, and atmospheric changes. The investments and advancements in the healthcare industry are anticipated to expand the production of medical devices and medical appliances, which in turn contributes to the growth of the market.
Increasing demand for flexible packaging due to its transparency, chemical resistance, and moldability are expected to positively influence the market growth during the forecast time period. In addition to this, a smart approach to the modern packaging system could be beneficial to the medical device manufacturers which in turn propel the market growth. The rising demand for the product with longer shelf life is also the major factor driving the market. The shelf life of the products can be increased by protecting it from various deteriorating agents such as oxygen, moisture, and microorganisms. Furthermore, due to increased viral infections, most of the medical devices manufacturing factories, hospitals, and diagnostic centers are focusing on disinfecting medical device packaging. However, high cost for maintaining the medical devices is retraining the growth of the market.
On the basis of the packaging type, medical device packaging market is segmented into bags & pouches, trays, and boxes. Based on the material, the market is classified into the polymer, non-woven fabric, and paper & paperboard. Based on the application, the market is classified into disposable consumables, monitoring & diagnostic equipment, and therapeutic equipment.
North America accounted for a considerable revenue share of the medical device packaging market in 2017 and the region is projected to continue with its regional supremacy over the forecast period. The growth of this regional market is attributed due to the technological advancement and high income of consumers. Europe is the leading region followed by North America. Presence of the major manufacturers such as Siemens Healthcare, GE Healthcare, and others also propel the growth of the market in Europe. Asia Pacific medical device packaging market has emerged as the fastest growing market led by China, Japan, and India owing to the growing pharmaceutical industries in the region.
The major players operating in the medical device packaging market are 3M, E. I. du Pont de Nemours and Company (Du Pont), Amcor Limited, Bemis Company, Inc., SteriPack Contract Manufacturing, Siemens Healthcare, GE Healthcare, West Pharmaceutical Services, Inc., Wipak Group, Riverside Medical Packaging Company Ltd., Placon, and Oracle Packaging.
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