The medical devices packaging market size was 29.32 billion in 2020 and is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the revolution of healthcare industry from its traditional form of practices to its current position, where high-tech equipment and instruments are being deployed to improve efficiency.
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The medical devices packaging market is evolving as the healthcare industry has undergone sturdy changes over the last decade, with the growth in regulatory norms, outbreak of new diseases, and growth in advanced healthcare systems. This has lead to the implementation of a standardized packaging process where flexible packaging demand across the globe.
The Covid-19 pandemic had a positive impact on the medical devices packaging market. The pandemic has affected the lives of millions of millions. However, during this time of crisis, the there is also a massive demand for hygienic packaging for medicines and other products across the world. Due to these demands, the global medical devices packaging market is projected to grow exponentially. Furthermore, the growing demand for sanitized packaging for the medical devices is also a significant factor that drives the growth of global medical devices packaging market.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing utilization of high-tech equipment and instruments to improve efficiency is expected to drive the market during the forecast period.
- Rising demand for processing operations and sustainable packaging are anticipated to spur the medical devices packaging market.
- Growing awareness on the environmental issues and the government regulations of the region are estimated to propel the market in coming years.
- Rising requirement for anti-counterfeiting techniques, to protect the interests of patients, is likely to surge the growth of the medical device packaging.
- New companies innovating in terms of the economical ways and smart labeling of medical devices are projected to drive the market.
- R&D investment and technological advancement in medical devices packaging market are expected to offer lucrative opportunities for the market players.
Market Segment insights
The plastic segment is projected to constitute a large market share
Based on materials, the medical devices packaging market is segregated into plastic and paper & paper board. The plastic segment is expected to account for a key share of the market during the forecast period owing to high demand for packaging solutions that maintain the integrity of the package, which includes very crucial and fragile implants, instruments, and equipments which is attainable by plastics due to their lightweight and sturdy nature.
The pouches segment is expected to register a substantial CAGR
Based on product, the market is divided into pouches & bags, trays, boxes, and clam shells. The pouches segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to its utilization in intravenous (IV) catheters, IV administration sets, wound dressings, dialysis disconnect caps, small surgical instruments, sutures, diagnostic test packs, and dental supplies. Furthermore, it is not vulnerable to damage during shipment and storage which is likely to drive the segment growth in coming years.
North America is expected to dominate the market
In terms of regions, the market is broadly classified into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is anticipated to expand at a robust CAGR during the forecast period. Presence of better healthcare infrastructure and a rising geriatric population in the region is expected to drive the market growth in near future is expected to drive the market growth in near future.
Competitive Landscape
Key players competing in the medical devices packaging market include Amcor PLC, Bemis Company, Inc.; Constantia Flexibles Group GmbH; Sonoco Products Company; Sealed Air Corporation; Wipak Group; Mondi PLC; West Pharmaceutical Services, Inc.; Huhtamaki Oyo; Ampac Holdings LLC; and Glenroy, Inc.
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