Medical Packaging MarketMedical Packaging Market size was valued at USD 47,911 million in 2020 and is projected to expand at a CAGR of 6.3% during the forecast period. Medical packaging plays an important role in maintaining product quality and encouraging effective use. The growing incidences of chronic diseases, surge in the implantable device market, and increasing incorporation of IoT in healthcare are the major factors driving the medical device packaging market growth.Medical Packaging Market Dynamics
Medical packaging provides a clean environment by acting as a barrier to safeguard the contents within. Increasing income levels, expansion in the healthcare industry, and rising incidences of chronic diseases are some of the major factors fuelling the medical device packaging market size. The medical packaging systems improve the packaging performance and enhance patient safety.
Moreover, the accelerating penetration of internet of things devices in healthcare industries and the evolving need for counterfeit prevention will bolster the market growth. The growth opportunities of the medical packaging market are expected to depend on the overall expansion of the healthcare industry. With the ongoing development in technology, innovations in bioscience and pharmaceuticals, and the advent of new healthcare medicines, the medical device packaging market is projected to boom. The trend of greater trail packaging, where consumers obtain lesser doses to see if the medicine suits them or not, is another factor propelling the market growth. The growing environmental concern and the surging demand for microbial packing have bolstered the sale of sterile medical device packaging.
Request for a FREE Sample Report on Medical Packaging Market
However, the spread of coronavirus has adversely impacted the market because of the disturbance in the supply chain because of the factory closures.
Key players operating in the Medical Packaging Market include Avery Dennison Corporation, 3M Company, E.I. du Pont de Nemours and Company, CCL Industries Inc., Amcor Limited, Constantia Flexibles Group GmbH, Bemis Company, Inc Sonoco Company, and WestRock Company.
Key Developments:
• In June 2015, Amcor acquired Zhongshan Tiancai Packaging (China) to enlarge its presence in China. This procurement helped the company to diversify its business in the emerging Chinese market.
• In January 2017, WestRock acquired Multi Packaging Solutions (U.S.). This adoption improved WestRock's position as a leading provider of differentiated paper and packaging solutions.
• In January 2017, Berry Plastics Group, Inc. acquired AEP Industries, Inc. (U.S.) to increase its range of product offerings and expand its production capacity in the market.
Packaging Type Segment Analysis
Pouches and bags are projected to hold a larger share over the forecast period. Pouches are used as containers for small and medium-sized soft and semi-soft medical goods sold in units and are not vulnerable to any damage at the time of storage and shipment. The appropriate pouch size helps in preventing the overloading of instruments and enables penetration of the sterilant with adequate air removal. Also, the growing demand for pouches is projected to result from increasing application in diagnostic test packs, syringes, and dental trays. The partnerships and contracts to improve the product quality of pouches will cater to the market growth.
Regional Analysis
North America is expected to lead the market during the forecast period. The strategic government norms, enhanced healthcare infrastructure, and increasing expenditure on healthcare are some of the major factors fuelling the market growth. The presence of key players in the market and the increasing awareness about the side effects of poor packaging will offer huge opportunities for the market.
Medical Packaging Market Segmentation:
Medical Packaging Market by Material
• Polymer
• Paper and Paperboard
• Non-woven fabric
• Others
Medical Packaging Market by Application
• Medical Tools and Equipment
• Medical Devices
• In-Vitro Diagnostics Products
• Implants
Medical Packaging Market by Packaging Type
• Bags and Pouches
• Trays
• Boxes
• Others
Medical Packaging Market by Region:
• APAC
o China
o Japan
o India
o Rest of APAC
• North America
o United States of America
o Canada
• Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
• RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: Send Email
Phone: +1 860 881 2270
Address:Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland
City: Dublin
Country: Ireland
Website: https://www.gmiresearch.com
