Medical Devices Packaging Market
The medical devices packaging market size was valued at USD 25.67 billion in 2023 and is expected to be worth USD 26.99 billion in 2024. The market is projected to reach USD 41.57 billion by 2032, recording a CAGR of 5.55% during the forecast period.
Medical devices packaging products refer to items that are used to safely pack various medical instruments. Some popular examples of these products include boxes, cartons, trays, and pouches. The demand for this type of packaging is increasing consistently every year as they offer high protection against biological contamination and physical damage. Moreover, an increasing number of manufacturers in the packaging industry are using eco-friendly materials to decrease their contribution to plastic waste. These factors are expected to boost the market growth.
Fortune Business Insights™ displays this information in a report titled, "Medical Devices Packaging Market, 2024-2032".
LIST OF KEY COMPANIES PROFILED IN THE REPORT:
- Amcor (Switzerland)
- 3M Company (U.S.)
- DuPont (U.S.)
- AR Packaging (U.S.)
- Shanghai Jianzhong Medical Packaging Co., Ltd. (China)
- Printpack (U.S)
- Avient Corporation (U.S.)
- Oliver Healthcare Packaging (U.S.)
- Steril Medipac (India)
- Dordan Manufacturing, Inc. (U.S.)
Segmentation:
Beneficial Features Offered by Plastic-based Packaging Improves Its Demand
Based on material, the market is segmented into plastic {Polyethylene (PE), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polypropylene (PP), others}, aluminum, paper & paperboard, and others. The plastic segment has captured the largest medical devices packaging market share as it offers a wide range of benefits, such as high versatility, durability, affordability, and lightweight.
Trays Become Popular Packaging Products Due to High Demand for Strength and Rigidity to Support Medical Devices
Based on product type, the market is segmented into boxes & cartons, bags & pouches, trays, clamshells, laminates, films, and others. The tray segment holds the largest market share as this type of packaging is made from thicker plastic, offering them the strength and flexibility needed for supporting medical devices.
Disposable Consumables Gain Major Traction Due to Their High Safety
Based on application, the market is divided into disposable consumables, therapeutic equipment, and monitoring & diagnostic equipment. The disposable consumables segment holds the largest share of the market as these products enhance patient safety due to their one-time-use feature.
With respect to region, the market covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report has conducted a detailed study of the market and highlighted several critical areas, such as leading product types, materials, applications and key market players. It has also focused on the latest market trends and the key industry developments. Apart from the aforementioned factors, the report has given information on many other factors that have helped the market grow.
Drivers and Restraints:
Increased Spending On Medical Technologies to Boost Market Growth
The healthcare sector is increasing its spending on various advanced medical devices due to factors, such as improvements in medical technologies and rising geriatric population. Using technologically advanced medical devices can help doctors easily diagnose a wide range of chronic diseases. This is why the healthcare industry is boosting its investments in technologically advanced medical devices, which in turn, will positively impact the medical devices packaging market growth.
However, low product quality and introduction of strict rules and regulations regarding the use of plastic-based medical devices packaging products can hinder the market’s development.
Regional Insights:
North America Leads Market Growth Due to High Investments in Medical R&D
North America is dominating the global medical devices packaging market as governments across the region are increasing their investments in various medical research and development programs. These programs are aimed toward creating advanced technologies for medical devices. Moreover, the region also has a notable presence of reputed market players, which will further accelerate the regional market’s growth.
Europe is the second dominating region in the global market as there are several prominent medical device manufacturers in the region competing at domestic and international levels.
Information Source: https://www.fortunebusinessinsights.com/medical-devices-packaging-market-108354
Competitive Landscape:
Leading Market Players to Develop Cutting-Edge Packaging Solutions to Expand Customer Base
The market has a highly fragmented competitive landscape, with a few of the major players dominating the market. Some of these key players are increasing their focus on developing innovative medical devices packaging solutions to cater to the unique packaging requirements of their customers and expand their client base.
Notable Industry Development:
November 2023 – Ostium Group announced its partnership with Eastman to develop eco-friendly packaging products for medical devices. The partnership aimed to integrate Eastman’s sustainable packaging solution, the Easter 6763 Renew copolyester, with Ostium’s next-generation CILLAR Acetabular and Femoral kits for total hip replacement. This move highlighted Ostium Group’s commitment to sustainability and its role in contributing to a circular economy.
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