Medical Device Packaging Market: North America to Remain Most Lucrative
The adoption of medical device packaging solutions has witnessed a substantial rise, due to the rise in demand for flexible packaging and microbial packaging worldwide. Additionally, increasing efforts by governments in various countries, especially in developing regions such as South and East Asia, to provide basic healthcare facilities to the middle-class group is estimated to create substantial demand for the medical device packaging solutions. Moreover, the rising demand for monitoring & diagnostic equipment to treat severe chronic diseases globally is contributing to the market growth of medical device packaging.
The medical device packaging market is anticipated to register an impressive CAGR of 5.4% annually through 2027.
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Key Takeaways of Medical Device Packaging Market Study
- By application, disposable consumables are anticipated to capture nearly half of the market share during the next eight years. The rapidly rising demand for medical device packaging solution to pack and seal variety of disposable consumables such as needles, syringes, and wraps contributes significantly to the market growth.
- Bags & pouches and clamshell blister packs are projected to dominate the global device packaging market and hold nearly 2/3rd portion of the market share at the end of 2027.
- By raw material segment, Polyethylene (PE) plastic enjoys a consistent demand for manufacturing medical device packaging solutions, owing its key benefits such as pricing efficiency, light weight, and recyclability.
- North America and Europe are expected to account for a significant portion of the medical device packaging market share. Rapid expansion of healthcare industry in these regions is driving the growth of medical device packaging market in these regions.
“Manufacturers of medical device packaging can achieve significant profits by targeting APEJ and Europe regions, attributable to the rising demand for flexible medical packaging solutions in diagnostic centers, hospitals, and research institutes in these regions,” says FMI analyst.
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Green Packaging Gaining Traction in Medical Device Packaging Market
Prominent medical device packaging manufacturers are recognising the necessity of sustainable and cost effective packaging solutions. Prominent manufacturers across the globe have already shifted their focus towards sustainable packaging, especially towards flexible packaging, to reduce the carbon footprints released by various medical device packaging solutions. Along with that, the rising trend of “green design packaging”, especially in the healthcare and pharmaceuticals industry, is ultimately contributing to the growth of the medical device packaging market. Moreover, these leading medical device packaging manufacturers are enhancing its manufacturing capabilities by expanding production units.
- For Instance, April 2019, Amcor plc., launched AmLite, an ultra-recyclable and high-barrier flexible packaging solution for the pharmaceuticals and healthcare industry. The company reports that this newly developed packaging solution can reduce a pack’s carbon footprint by up to 64%.
- For instance, In November 2019, Nelipak Corporation, another manufacturer of medical device packing has expanded its manufacturing operations in Humacao, Puerto Rico. This enabled the company to strength its manufacturing capabilities and effectively cater to the end user demand.
About The Medical Device Packaging Market Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global medical device packaging market, analyzing historical demand from 2012-2018 and forecast statistics for 2019-2027. The study provides growth projections on the medical device packaging market on the basis of packaging type (bags & pouches, containers, trays, stick packs, clamshell blister packs, boxes and other (flow wraps etc.), raw material (PE (HDPE, LDPE & LLDPE), PET, PP, PS, PVC, aluminium, glass, paper laminates, fabric and others (PLA, PHA etc.), application (disposable consumables, monitoring & diagnostic equipment and therapeutic equipment), end user (medical manufacturing, contract packaging and others), across seven regions.
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help