According to a new report published by Allied Market Research, titled, “medical device packaging market by application, technology, and end user: global opportunity analysis and industry forecast, 2021–2030,"the global medical device packaging market size was valued at $22,097.10 Million in 2020, and is projected to reach $ 47,117.70 Million by 2030 registering a CAGR of 7.50% from 2021 to 2030.
Medical device packaging is an important factor to place devices in the market safe and secured during the shelf life. Packaging performs protection and communication with the environment, humans, and vice versa. For a medical device, protection is necessary by maintaining package integrity, usually, proper packaging is required for medical devices to avoid, physical damage, biological contamination, and other external disturbance. In addition, other motive is the proper identification of the device by means of labeling.
Rapid advancements in the technology involved in medical devices, coupled with introduction of new and innovation medical devices require specialized and smart packing solutions, which also drives the market growth. Moreover, increase in number of patients with acute and chronic ailments have a direct and positive impact on the demand for medical devices packaging, rise in environmental concerns, coupled with increased expenditure on healthcare infrastructure has led to production and innovation of eco-friendly packing solutions. However, strict rules & regulations imposed by the government across the world may hamper growth of the global medical device packaging market. Conversely, increase in need for sterile packaged, tamper-proof, and nonreactive products with great performance & reducing total cost of ownership are few factors that create lucrative opportunities for the medical device packaging market in the future.
The global medical device packaging market segmented on the basis of material type, product type, application, and region. On the basis of material type, it is further classified into plastic, paper & paperboard, foils, glass, and others. By product type, it is divided into pouches, clamshell packs, boxes, bags, blisters and others. Based on application, it is categorized into sterile packaging and non-sterile packaging. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of product type, the pouches segment accounted for the largest share of the medical device packaging market in 2020, owing to widely used containers for small- to medium-sized soft and semi-soft medical goods sold in unit quantities and are not vulnerable to damage during shipment and storage. Pouche specific applications include intravenous (IV) catheters, IV administration sets, dialysis disconnect caps, wound dressings, small surgical instruments, diagnostic test packs, sutures, and dental supplies.
By application, the sterile packaging application segment is expected to have the highest growth rate during the forecast period as it avoids contamination as well as protects them from physical damage. In addition, sterile packaging is used for medical devices where it is of utmost importance to maintain their sterile condition during storage and transportation. Thus, various factors such as packaging material, package integrity, and quality of seals among others should be considered for sterile packaging.
KEY FINDINGS OF THE STUDY
- By material type, the plastic segment held largest share in the global medical device packaging market in 2020.
- On the basis of product type, the pouches segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
- On the basis of application, the sterile packaging segment held largest market share in 2020, and is expected to remain dominant throughout the forecast period.
- Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 6.10% during the forecast period.
North America is projected to account for a major share of the global medical device packaging market during the forecast period. The market in the region is anticipated to grow in the future, owing to developed countries, with prosperous economies, aging population segments, and advanced medical delivery systems. Further, countries vary large population size, increase in healthcare spending intensities, aggregate gross domestic product (GDP) levels, and structure of health insurance plans boost the market growth. In addition, with advanced primary medical community, extensive medical and life science research activities, high healthcare spending intensity, and large pharmaceutical and medical supply and device industries also propel the market in upcoming years.