WASHINGTON, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The market for Medical Device Packaging Market products has been driven by the rising demand for medical devices such as surgical implants and instruments, medical supplies, electro-medical equipment, in-vitro diagnostic equipment and reagents, irradiation apparatuses, and dentistry items. In recent years, especially in developed nations, unhealthy lifestyles have contributed to the increasing prevalence of chronic diseases like heart disease, cancer, diabetes, stroke, and arthritis.
Over the past five years, the market for medical devices has grown as a result of the disorders mentioned above, which require various pieces of medical equipment for diagnosis and treatment. Hence, ultimately propelling the demand for Medical Device Packaging Market products.
The Global Medical Device Packaging Market revenue is expected to reach a value USD 33.3 Billion in 2028.
The Global Market revenue was valued at USD 23.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period; states Vantage Market Research, in a report, titled “Medical Device Packaging Market Size, Share & Trends Analysis Report by Material Types (Plastic, Paper & Paperboard, Foils, Glass), by Product Types (Pouches, Clamshell Packs, Boxes, Bags), by Applications (Sterile Packaging, Non-Sterile Packaging), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
The global Medical Device Packaging Market was valued USD 23.1 Billion in 2021 and is all set to surpass USD 33.3 Billion by 2028, exhibiting a CAGR of 6.3% during the forecast period 2022-2028.
In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Medical Device Packaging industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
List of Prominent Players in the Medical Device Packaging Market:
Rise in IoT in the Healthcare and Medical Industries
Internet of Things (IoT) enabled healthcare systems can track every drug package, keep track of every tablet or capsule's medication activity, and display all patient-specific prescription data. For this use, the Rise of Intelligent and Interactive Packaging (I2Pack) format is appropriate for smart devices. The I2Pack is the next generation of medical packaging that integrates RFID, sensing, energy harvesting, communication, and other features over conventional packaging mediums to connect with customers. The I2Pack can be given more responsibilities in addition to containing and protecting goods because the information fetched and carried by the packaging will change from static to dynamic, and the information flow will change from one-directional (product to the consumer only) to dual-directional (both product to consumer and consumer to producer).
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Increasing Disease Prevalence across the Globe
Chronic diseases including diabetes, cancer, and other infectious diseases are becoming more and more common as a result of sedentary lifestyles and other reasons. Additionally, through a rising number of awareness campaigns, healthcare organizations from different nations are concentrating on raising diagnostic and treatment rates. The number of patients needing diagnostic treatments and testing is growing along with the incidence and awareness of such illnesses in society. For example, the International Diabetes Federation (IDF) estimates that 537 million people worldwide had diabetes in 2021; this number is expected to increase to 643 million by 2030 and 783 million by 2045. Similarly, 1.9 million new instances of cancer were anticipated to be diagnosed in 2021, according to the American Cancer Society.
Another factor driving up demand for orthopedic and ophthalmic surgeries is the aging population, which is experiencing an increase in joint fractures and eyesight impairment. For instance, 45% of persons with osteoarthritis are 65 years of age or older, according to statistics from 2021 released by the Osteoarthritis Action Alliance. The age range with the largest annual incidence of knee osteoarthritis is between 45 and 65 years.
The COVID-19 outbreak has affected various industries worldwide and the Global Medical Device Packaging Market is not an exception. Governments across the world implemented several measures like strict lockdown to ensure social distancing norms to restrict the swift spread of the pandemic. The Medical Device Packaging Market suffered as the manufacturing units around the world were forced to shut down during the initial stages of the pandemic. Small and medium-scale companies which are the backbone technology providers to the Medical Device Packaging Market industry were directly affected due to the epidemic. Furthermore, the rollout for the Medical Device Packaging Market industry too is taken into consideration as the aftereffects of the pandemic are gradually coming down since the beginning of 2022.
The situation is seen to improve in the second half of 2022 as more supplies resume normal. Vantage Market Research, while performing the analysis study for the Global Medical Device Packaging Market has considered the impact of COVID-19 on the Medical Device Packaging Market globally and the subsidiaries for the Medical Device Packaging Market industry. In addition, the demand and supply chain is considered while estimating the current and forecast market size for the Global Medical Device Packaging Market industry for all the regions and countries based on the following data points:
1. Impact Assessment of COVID-19 Pandemic
e. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
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The report on Medical Device Packaging Market highlights:
Historic Data, Estimates, and Forecast
North America is expected to dominate the growth of Medical Device Packaging Market in 2021.Due to the presence of developed nations with strong economies, aging populations, and cutting-edge medical delivery systems, the market in the region is expected to expand in the future. Additionally, the expansion of the market is boosted by the population sizes of various nations, intensification of healthcare spending, total levels of GDP, and the design of health insurance plans. Additionally, the market will be driven in the next years by the developed primary medical community, vast medical and life science research activities, high healthcare expenditure intensity, and significant pharmaceutical and medical supply and device industries.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on "Medical Device Packaging Market Size, Share & Trends Analysis Report by Material Types (Plastic, Paper & Paperboard, Foils, Glass), by Product Types (Pouches, Clamshell Packs, Boxes, Bags), by Applications (Sterile Packaging, Non-Sterile Packaging), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
February 2022, Comar announces the acquisition of Automatic Plastics Ltd. Comar, a premier supplier of custom medical devices & assemblies and specialty packaging solutions, has acquired Automatic Plastics Ltd., a contract manufacturer of injection molded products primarily for the medical device and pharmaceutical sectors.
Key Questions Answered in The Report:
Which region will show the fastest and highest growth in the near future?
Which are the top five players and their weakness and strength of the Market?
What will be the future innovation in the upcoming six years?
Which application and product will lead the largest share of the Market?
What are the growth drivers, restraints and challenges of the industry?
What will be the CAGR and size of the Medical Device Packaging Market for the base year and forecast period?
This market titled “Medical Device Packaging Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years
• Material Types • Plastic • Paper & Paperboard • Foils • Glass • Other Material Types • Product Types • Pouches • Clamshell Packs • Boxes • Bags • Blisters • Other Product Types • Applications • Sterile Packaging • Non-Sterile Packaging • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa
• North America • U.S. • Canada • Mexico • Europe • U.K • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa
• 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
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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