Medical Device Packaging Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1790
Medical Device Packaging Market size is mainly driven by diagnostic centers, hospitals and therapeutic equipment manufacturers. Huge investment along with high-tech equipment and technology in the healthcare industry will enhance the industry growth.
Increasing healthcare expenditures along with growing health awareness among aging population may drive industry growth. Global medical device market may surpass USD 350 billion by 2024, with gains at over 4.5%. Recent developments in the healthcare sector and modern tools, machines, equipment and apparatus, may further enhance the industry growth. Innovations such as child resistant and tamper evident in packing is likely to fuel medical device packaging market size.
Pharmaceutical packing accounts for the largest market share in medical device packaging market. Global packaging industry was valued at over USD 500 billion in 2016. DuPont’s Tyvek is used in pharmaceutical and sterile medicinal packing, which is eventually driving the industry growth demand.
Rising environmental concerns and providing better microbial packing may boost the sterile therapeutic packing, thereby enhancing the medical device packaging market growth. Global sterile therapeutic packing was valued at over USD 25 billion in 2016 and may surpass USD 40 billion by 2024, with gains at over 5%. Rising demand from the health care sector, usage of reliable packing and growing aging population may fuel product demand. Availability of new products in the field of biopharmaceutical and biologics supported by requirements for better compliance may drive industry growth.
Increase in flexible packing demand in medical device packaging as the vendors are approaching for innovative pouches which offers protection to various medicinal equipment. Global flexible packaging market may witness significant gains at over 5%. Shift in trends towards convenient packing due to properties including transparency, chemical resistance, the ability to be cast into various shapes and durability, which will influence industry growth.
Containers comprises of the largest market share owing to cost-effectiveness and security enhanced formats in medical device packaging market. Pouch and trays in container types have a higher selling rate compared to others. Pouches have puncture resistance, barrier & strength properties and compartment trays remove the risk of infection dispersion and staff errors during the assembling of products.
Wrap films market size may witness significant gains over the foreseeable timeframe. They are polypropylene films which are designed for overwrapping and outer packing for sterile solution bags. Companies offers wide range of laminations and films for medical device packaging using high processing speed in flow wrap machines.
North America, led by the U.S. medical device packaging market may witness significant gains owing to advanced medicinal product producers focusing for high value-added equipment with specialized packing needs. Stringent government guidelines along with rise in healthcare sector should drive regional industry growth.
Europe medical device packaging market size, led by UK, France, Italy, and Germany, may have a strong market share due to strong security protection of therapeutic equipment supported by government regulations will drive regional industry growth.
Asia Pacific led by India, Japan and China medical device packaging market have good marketing opportunities owing to growing export and domestic markets for its medicinal goods. China is the developer and distributor of technologically advanced therapeutic products on account of increasing internal and external investment. Original equipment manufacturers (OEM) are approaching for market diversification due to low taxation in the region. Increase in healthcare sector including dental and hospital services should stimulate medical device packaging demand.
The industry is facing huge pressure to decrease the cost as the end-use industries are mainly focusing towards product innovation by investing in the R&D. Companies are forming strategic alliances in order to reduce product costs. Intensifying healthcare costs may create multiple competition which will weaken the overall production and increase price sensitivity to packing cost thereby affecting medical device packaging market price trend.
Global medical device packaging market share is highly fragmented with prominent players including Mitsubishi Chemical Holdings Corporation, DuPont, Amcor Limited, Bemis Company, 3M Company, West Pharmaceutical Services, Chesapeake Limited, MeadWestvaco Corporation, Klöckner Pentaplast Group, Wipak Group, Riverside SteriPack., and Placon Corporation.
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