Medical Device Packaging Market: By Packing Type (Primary, Secondary, and Tertiary); By Product (Bags & Pouches, Boxes, Trays, and Others); By Material (Polymer, PVC, Polyethylene Terephthalate (PET), Paper & Paperboard, PE and Others); By Application (Medical Tools & Equipment, Medical Devices, In-Vitro Diagnostic Products, and Implants) and Region – Global Analysis of Market Size, Share & Trends for 2019–2020 and Forecasts to 2030
Medical Device Packaging provides protection as well as ensures sterility of the medical devices during the shelf life. The critical need of maintaining the sterilebarrier system (SBS) is a distinguishing feature of medical device packaging. It functions as a barrier to keep microorganisms out of the product and safeguard the medical devices from contamination, physical damage, and any kind of mechanical damage during shipping and storage. Medical device packaging also performs advertising and communication functions. The packaging conveys information regarding the product such as warnings, directions, and benefits. Product identification is a critical part of package communication. This is especially true for medical devices that are used in institutional settings, such as hospitals, where personnel may be pressed for time to select the suitable device for a patient.
Global Medical Device Packaging Market is expected to project a notable CAGR of 6.67% in 2030.
Global Medical Device Packaging to surpass USD 80. 91 billion by 2030 from USD 30.32 billion in 2020 at a CAGR 6.67% in the coming years, i.e., 2021-30. The growth of the market is attributed to increased demand for innovative packaging solutions, rising prevalence of chronic disorders, advent of technology supporting R&D activities, and growing concern towards environmental coupled with the increased expenditure on healthcare infrastructure.
Global Medical Device Packaging Market: Segments
Polymer segment to grow with the highest CAGR during 2020-30
Global Medical Device Packaging Market is segmented by Material into Polymer, PVC, Polyethylene Terephthalate (PET), PE, Paper & Paperboard and Others. Medical Polymer is expected to grow with the highest CAGR during the forecast period. Polymer is the most widely used material in the medical packaging industry. Polymers are materials that consist of long, repeating chains of molecules. The materials have distinct properties that depend on the kind of molecules bound and the way they are bonded. These polymers are better suited to medical applications since they are lighter, more biocompatible, and less expensive.
Rising prevalence of chronic diseases
Rising prevalence of chronic illnesses such as hypertension, diabetes, and cancer is a significant factor projected to expand the market growth during the assessment period. In addition, a growing geriatric population that is more prone to chronic disorders would demand implantable devices, monitoring & diagnostic equipment which in turn is expected to propel the demand for medical device packaging.
Stringent rules & regulations
Stringent rules and regulations associated with packing materials and packing services is anticipated to hamper the global medical device packaging growth. The US Food and Drug Administration (FDA) recognizes ISTA testing as an authorized standard for medical device packaging. Inappropriate designed and validated packaging will not meet these standards, causing the product launch to be delayed and the company’s reputation to suffer.
Global Medical Device Packaging Market: Key Players
• 3M Group
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
• Mitsubishi Chemical
• Berry Global Inc.
• Avery Dennison
• Klöckner Pentaplast.
• Constantia Flexibles
• Constantia Flexibles
• Other Prominent Players
Global Medical Device Packaging Market: Regions
Global Medical Device Packaging Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global Medical Device Packaging in Asia Pacific held the largest market share in the year 2020 due to the increasing demand from developing countries like China & India. Besides rising development activities and rapid economic expansion, propelling occurrence rate of various diseases and the increasing population in the region provide a significant consumer base for the aging population, which is predicted to drive the medical device packaging industry forward.
Global Medical Device Packaging Market report also contains analysis on:
Medical Device Packaging Market Segments:
• By Packing Type
o Primary Packaging
o Secondary Packaging
o Tertiary Packaging
• By Application
o Medical Tools & Equipment
o Medical Devices
o In-Vitro Diagnostic Products
• By Material
o Polyethylene Terephthalate (PET)
o Paper & Paperboard
o Nonwoven material
• By Product
o Bags & Pouches
• Medical Device Packaging Market Dynamics
• Medical Device Packaging Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints