Chicago, April 14, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the medical device packaging market is expected to grow at a CAGR of 5.6% during 2022-2027. Innovation, technology, marketing, and price wars are some of the crucial trends influencing the market dynamics. Major drivers of the market include the growing demand for medical devices, innovative packaging, and long shelf-life packaging.

The global medical device packaging market is likely to witness an impressive growth rate owing to the surge in demand for novel packaging solutions due to the increased manufacturing and improvement in the supply chain of medical devices across the globe.

Medical Device Packaging Market Report Scope

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Packaging companies are incorporating next generation features such as 3D packaging and enabling specific medical devices sensors to achieve the required small size and thin thickness to adapt to highly complex environment and surfaces of a human body. In addition, medical devices packaged are also focusing on 3D packaging integration technology that have higher accuracy and efficiency. With the increased technological and regulatory challenges, medical device manufacturers (MDMs) understood the value in determining the best packaging and sterilization solutions in the design process. Therefore, Internet of Things (IoT) continues to grow, medical device packaging has evolved to become a two-way connected platform that builds real-time, digital bridges to share information, nurture relationships, and deliver insights like never before.

Shift from Glass to Plastics Packaging Material
In the recent years, plastics continue to witness high usage in medical and dental applications packaging. It is expected that the high-performance plastics will grow at a much faster pace than commodity plastics. In response to this trend, most specialty polymer manufacturers have developed their products portfolio to high-performance medical-grade polymers. Medical plastic products are transforming the healthcare industry. The increased use of polymers in medical devices has renovated the marketplace, with plastic medical devices progressively replacing other materials such as metals, glass, and ceramics.

Key Highlights

• Rapid technological advancements in medical and novel medical devices require specialized packing solutions. Favorable patient demographics and a rise in the consumption of a wide range of medical devices are fueling the need for safe and effective packaging of medical devices.

• Rising environmental concerns coupled with an increased focus on minimizing hospital-acquired infections (HAIs), as well as the need for sterile medical devices have led to the usage of innovative and eco-friendly packing solutions.

• India is likely to witness the highest absolute growth of around 60% due to a sudden rise in demand for a wide range of medical devices among various healthcare facilities in the country. The covid-19 pandemic created significant growth opportunities for medical device manufacturers in the country and led to an increase in demand for packaging solutions for medical applications.
   

Global Medical Device Market Segmentation Analysis

In 2021, the contract manufacturing organizations (CMO) accounted for a revenue share of 41%. Financial sponsors have been attracted by the availability of independent acquisition targets featuring high-growth potential and thus the prospect of large returns on investment. The heightened need for reliable and safe medical devices and a rising interest in strategic partnerships are driving the demand for specialized CDMOs.

Market Segmentation by Product Type

• Bags & Pouches

• Containers

• Trays

• Boxes

• Others

Market Segmentation by Material Type

• Plastic

• Paper & Paperboard

• Others

Market Segmentation by Packaging Type

• Primary Packaging

• Secondary Packaging

• Tertiary Packaging

Market Segmentation by Application

• Sterile Packaging

• Non-Sterile Packaging

Market Segmentation by End-User

• Medical Device Manufacturers

• Contract Manufacturing Organizations

Market Segmentation by Geography

• North America

  • US

  • Canada

• Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

• APAC

  • Japan

  • China

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • Turkey

  • Saudi Arabia

  • South Africa

Strategies Adopted by the Players to Sustain in the Market Competition

The competitive landscape of the global medical device packaging market is fragmented owing to the presence of several key players. In addition, leading companies are adopting strategies such as new product launches, joint ventures, mergers, partnerships, and takeovers to stay at the forefront of the competitive curve in the market. For instance, in May 2020, MedAccred declared to continue to provide support and expansion in the medical device industry. The company has included new plastics mechanical assembly and sterile device packaging audit processes and approved many new suppliers within the last year.

Key Players

• 3M

• Amcor Plc

• Avery Dennison Corporation:

• Constantia Flexibles

• DuPont

• UFP Technologies

• WestRock Company

Other Prominent Vendors

• American Packaging Corporation

• Atlas Vac Machine

• Ayka Medical Inc

• Airnov

• Berry Global Inc.

• Biomerics Corporation

• Brentwood Medical

• The BoxMaker

• Eagle Flexible Packaging

• GOEX Corporation

• Glenroy

• Graphic Packaging International

• Klockner Pentaplast

• Keystone Folding Box Company

• Monadnock Paper Mills

• OLIVER

• PAXXUS

• Placon

• Prent Corporation

• Printpack

• Sonoco Healthcare Packaging

• SteriPackGroup

• Tekni-Plex

• Wipak

Explore our healthcare Lifesciences profile to know more about the industry.

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.

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Source: Yahoo Finance

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