The medical device packaging market size is expected to reach USD 62 billion by the end of 2028, growing at a CAGR of 23% during the forecast period 2022-2028
CLEVELAND, OHIO, USA, Jan. 28, 2022 /EINPresswire.com/ —
Medical Device Packaging Market Overview:
According to the research report published by DataM Intelligence, the medical device packaging market size was valued at USD 31 billion in 2020, it is expected to reach USD 62 billion by the end of 2028, growing at a CAGR by 23% during the forecast. period 2022-2028. The packaging of a medical device is an important element in bringing a device to market without damage and secure throughout its shelf life. Packaging protects and communicates with people and the environment.
Medical Devices Packaging Market Growth Factors:
Dynamics such as technological advancements in the medical device market, the description of many advanced medical devices requiring targeted packaging, and increased demand for new packaging solutions due to improved production and supply of medical devices, drugs, and drugs across the globe, which are further driving the growth of the Medical Devices Packaging Market. Additionally, an increase in the expenditure on healthcare services, owing to the growth in healthcare consciousness, is also augmenting the growth of the medical device packaging market.
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Medical Devices Packaging Market Opportunities:
Although strict rules and regulations are enforced by governments around the world, they are hampering the growth of the global market. Additionally, growing need for tamper evident, sterile packaged and non-reactive products with excessive performance and reduced total price of ownership is driving the industrial advancements in the global medical device packaging market, thereby generating huge opportunities for market growth throughout the forecast period. .
Impact of COVID-19 on the medical device packaging industry:
The pandemic has led to a useful growth in the demand for medical devices such as ventilators, respirators, oximeters and other medical devices associated with the organization of diseases affecting the respiratory tract. Hence, an upsurge in the use of medical devices is further driving the growth of the market as these require packaging. Nevertheless, the restricted import and export of goods has an additional negative effect on the medical device packaging market.
Medical Device Packaging Market Challenges:
Inflexible policies of medical experts to provide standardized medical devices might hamper the growth of the global market. This is a complication for producers of medical device packaging materials. The packaging of medical devices is normally made of plastic. Reducing the use of plastic is also a challenge for manufacturers.
Detailed Medical Device Packaging Industry Segmentation:
The medical device packaging market is segmented by Product (Trays, Boxes, Bags, Clamshells, Films & Lamination (Plain Films, Laminations, Coextruded Films, Others), Others), Material (Polymer (Polyethylene, Polypropylene , polystyrene, polyurethane, others) ), non-woven fabric, paper and board, others), by packaging type (primary, secondary, tertiary), by class (class I, class II, class III), by application (orthopedics and Spine, Cardiovascular, Radiology, General Medical Equipment).
Segment Growth Overview:
Based on product type, the pouch segment accounted for the highest share of the medical device packaging market in 2020.
Based on the application segment, the sterile packaging application sub-segment is expected to have the highest growth rate throughout the forecast period.
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Geographic classification analysis:
The global market is geographically categorized into five regions such as North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and Rest of the World.
The North American medical device packaging market has the highest global market share:
It is predicted that North America will account for a major share of the global medical device packaging market throughout the forecast period. The region’s market is expected to grow in the future, thanks to established countries with wealthy economies, aging populations and innovative healthcare delivery structures. In addition, large-scale medical and life science research stocks, innovative medical and life science research stocks, high healthcare spending, and huge pharmaceutical supply and device companies and medical are also driving the market in the coming years.
The Asia-Pacific region, which includes China, Japan, India, Australia, and South Korea, provides a vast market for both consumption and production of the medical device packaging market.
The European region, which includes Germany, the United Kingdom, France, Russia and Italy, is growing strongly due to substantial investments in R&D missions in the medical industry.
The Middle East and Africa medical device packaging market is showing slow growth in the global market:
The Middle East and Africa is experiencing continuous but slow growth due to insufficient government resources and lack of awareness among the general public.
Some of the Major Vendors Covered in the Global Market Report
Notable key companies profiled in the market report are; WestRock Company, Amcor, Constantia Flexibles Group GmbH, Bemis, Sonoco Company, Avery Dennison Corporation, 3M Company, Aphena Pharma Solutions, Beacon Converters, Inc, Berry Global Inc, Clondalkin Group, Constantia, Klöckner Pentaplast, Mitsubishi Chemical Holdings Corporation and among others .
DataM Intelligence 4Market Research LLP
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