Medical Device Packaging Market

Market Synopsis:

The Global Medical Device Packaging Market was valued USD 24.43 Billion in 2022 and is anticipated to reach a value of USD 39.53 Billion by 2030. Over the projection period, the Global Market is forecasted to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.20%.

The Medical Device Packaging is essential in keeping devices secure and safe in the market during their shelf life. Packaging communicates and protects humans, the environment, and vice versa. Medical Device Packaging should be produced from traceable and well-known materials that have features like non-toxicity—free of holes, cracks, and tears, non-leaching, and odorless. Creases and thinning in specific areas To avoid biological contamination, physical damage, and other external disturbances, the medical device requires medical packing. The rapid increase in the number of chronic diseases, as well as increased spending in healthcare facilities, are expected to fuel market expansion. The rigorous healthcare packaging materials must meet the standards of medical supply packaging features. This concept is fueling market expansion. The launch of several new medical gadgets that require specialized packaging, technical improvement in the medical device sector, and an increase in demand for novel packaging solutions will drive the medical packaging market's growth.

Furthermore, increased supply and manufacturing of medical equipment, medications, and treatments worldwide will operate as a market driver, increasing the market's favorable opportunities. However, tight rules and regulations worldwide are impeding the growth of the worldwide Medical Device Packaging Market. Furthermore, the usage of plastic materials for packaging has harmed the environment. These are the market constraints that will slow market expansion.

Market Segmentation:

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The Medical Device Packaging Market is segmented based on Material Types, Product Types, Applications, and Region. Based on the Material Types, the market is further segmented into Plastic, Paper & Paperboard, Foils, Glass, and Other Material Types. Furthermore, based on the Product Types, the market is further bifurcated into Pouches, Clamshell Packs, Boxes, Bags, Blisters, and Other Product Types. In addition, based on the Applications, the market is further divided into Sterile Packaging and Non-Sterile Packaging.

Based on Product Type:

The Pouches category dominated the market in 2021. The market growth is anticipated to be boosted by the Pouches sector because small to medium-sized soft and semi-soft medical products are typically supplied in unit numbers and are commonly packaged in containers. Therefore, they are not at risk of being damaged during transportation and storage. Intravenous (IV) catheters, IV administration sets, dialysis disconnect caps, wound dressings, small surgical instruments, diagnostic test packs, sutures, and dental supplies are applications particular to pouches.

Based on Application:

The Sterile Packaging category dominated the market in 2021. The market expansion in the Sterile Packaging sector boost is attributed to preventing contamination and shielding medical devices from harm. Additionally, Sterile Packaging is utilized for medical devices because it is crucial to keep them sterile during storage and delivery. Therefore, several aspects should be considered to properly package sterile goods, including packaging type, integrity, and seal quality.

Asia Pacific is projected to grow at the highest CAGR during the forecast period

The Asia Pacific is forecast to proliferate in the forecast period. It is forecast to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period due to the region's increased private and public spending on healthcare infrastructure, the region's growing geriatric population, which is seeking medical treatment, and other factors. The China is one of the largest markets globally for the medical equipment and the country with the fastest economic growth in the Asia Pacific. In addition, the healthcare sector receives a lot of investment due to China's economic growth. Therefore, it is anticipated that China's healthcare sector will continue to grow in the upcoming years.

Recent Developments:

• In April 2020, Amcor ted introduced ultra packaging for products that underwent hydrogen sterilization. Another advantage offered by this style of packaging was steam preservation. After being approved by the regulatory bodies, the hydrogen sterilization packages were globally accepted. The SBS's established standards created them.
• In November 2019, Wipak created a pouching material that was more resilient and had a lower likelihood of spoiling or being wasted while being stored and transported. The pouch contains nine layers, protecting the product from any injury.

Competitive Landscape:

The key players in the Global Medical Device Packaging Market include- 3M Company, Amcor Limited, Berry Global Inc., CCL Industries Inc., Constantia Flexibles, DuPont, Klöckner Pentaplast Group, Mitsubishi Chemical Holdings Corporation, WestRock Company, Sonoco Products Company and others.

Segmentation of the Global Medical Device Packaging Market: