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Medical Device Packaging Market Drivers Shaping Future Growth, Revenue USD 48.88 Billion by 2028 | CAGR 6.3%

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Medical Device Packaging Market Drivers Shaping Future Growth, Revenue USD 48.88 Billion by 2028 | CAGR 6.3%

August 26
15:08 2021
Medical Device Packaging Market Drivers Shaping Future Growth, Revenue USD 48.88 Billion by 2028 | CAGR 6.3%
Medical Device Packaging Market
Rising global demand for medical devices and technological innovations in medical devices are some key factors driving market revenue growth

The report offers other vital information related to industry annual sales, regional market outlook, product portfolios, application ranges, shifting consumer tastes & preferences, changing production & consumption patterns, volatile demand & supply graphs, and key industry statistics. The report expounds on the competitive scenario of the Medical Device Packaging market and evaluates the current position of each market player using analytical tools including SWOT analysis, Porter’s Five Forces analysis, and Capacity Utilization analysis. The global medical device packaging market size is expected to reach USD 48.88 Billion in 2028 and register a revenue CAGR of 6.3% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising demand for medical devices globally. Rising prevalence of chronic diseases across the globe and rise in the number of hospitals and diagnostic centers are other key factors boosting revenue growth of the global medical device packaging market. Moreover, major economic development in countries such as China and India is expected to open up major opportunities for manufacturers of medical devices going ahead. Medical device manufacturers are increasingly investing in development of more innovative devices and services, which is driving rising need for more specialized packaging materials and solutions. Moreover, rising popularity of healthcare insurance due to rise in income levels and spending capacity among individuals are boosting growth of the medical devices market due to increasing shift towards healthcare insurance.

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Increasing government investment on public and private healthcare services and implementation of innovative strategies and structural reforms in order to enhance patient safety and strengthen healthcare infrastructure, treatment, and services are resulting in rising demand for more enhanced and effective packaging solutions for medical devices. Manufacturers of medical device packaging are investing on research and development activities for the launch of specialized packaging solutions for medical devices in order to comply with regulations and successfully complete packaging testing formalities.

Major players in the market include:

Amcor plc, Berry Global, Inc., DuPont de Nemours, Inc., WestRock Company, Mitsubishi Chemical Holdings, Placon Corporation, Sonoco Products Company, Technipaq Inc., Constantia Flexibles, and Plastic Ingenuity.

Some Key Highlights From the Report

  • In June 2021, Amcor launched dual chamber pouch in Europe for drug and medical device combination packaging. The Dual Chamber Pouch (DCP) of Amcor has already been tested and commercialized in the U.S. The new packaging solution is expected to support healthcare customers in meeting the complex requirements of medical device packaging. It utilizes a high strength foil laminate that protects contents from moisture, light, and oxygen ingress to support drug efficacy and extend shelf life.
  • Pouches & bags segment is expected to account for largest revenue share in the global medical device packaging market over the forecast period owing to the barrier and strength properties and puncture resistance of pouches and bags. Manufacturers are offering a wide range of preformed pouch packaging designs for medical devices in order to cater to growing demand for flexible packaging.
  • Polymer segment is expected to register robust revenue growth over the forecast period. Wide usage of polymers for manufacturing of packaging solutions for medical devices is expected to drive revenue growth of this segment during the forecast period.
  • Sterile packaging segment is expected to account for a considerably large revenue share in the global medical device packaging market over the forecast period. Rising need to ensure absolute integrity of medical devices – from the manufacturer to its final point of use – and to ensure protection from mechanical damage and microorganisms are key factors expected to drive rising demand for sterile packaging.
  • The medical device packaging market in North America is expected to account for largest revenue share over the forecast period. Rising investment by medical device manufacturers for production of more technologically advanced medical devices is driving the need for specialized packaging in order to comply with prescribed norms and regulations.

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For the purpose of this report, Reports and Data has segmented the global medical device packaging market based on product, material, application, and region:

Product Outlook (Revenue, USD Billion; 2018-2028)

  • Clamshell Packs
  • Pouches & Bags
  • Boxes
  • Trays
  • Others

Material Outlook (Revenue, USD Billion; 2018-2028)

  • Paper & Paperboard
  • Glass
  • Polymer
  • Others

Application Outlook (Revenue, USD Billion; 2018-2028)

  • Sterile Packaging
  • Non-Sterile Packaging

Regional Outlook (Revenue, USD Billion; 2018-2028)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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Country: United States
Website: https://www.reportsanddata.com/report-detail/medical-device-packaging-market


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