Medical Device Packaging Market worth $54.1 Billion by 2029 Globally, at a CAGR of 6.3% Says MarketsandMarkets™

Chicago, June 04, 2024 (GLOBE NEWSWIRE) — The Medical Device Packaging Market size is projected to grow from USD 39.9 billion in 2024 to USD 54.1 billion by 2029, at a CAGR of 6.3% in terms of value, as per the recent study by MarketsandMarkets™. The medical device packaging market is a crucial segment within the healthcare industry, encompassing the design, production, and distribution of packaging materials for medical devices. This market is driven by stringent regulations governing packaging safety and sterility, as well as the increasing demand for innovative packaging solutions that ensure product integrity and patient safety. Key trends include the rising adoption of sustainable packaging materials, such as biodegradable plastics and recycled materials, to reduce environmental impact. Additionally, advancements in packaging technologies, such as smart packaging with sensors for monitoring product conditions, are further shaping the market.

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List of Key Players in Medical Device Packaging Market:

  • Amcor Plc (Switzerland)
  •  DuPont de Nemours Inc. (US)
  •  Berry Global Inc. (US)
  •  3M (US)
  •  and WestRock Company (US)

Drivers, Restraints, and Opportunities in Medical Device Packaging Market:

  • Driver: Rising healthcare expenditures
  • Restrain: Volatile raw material costs
  • Opportunity: Expansion into emerging markets
  • Challenge: Need to maintain sterility of packaging

Key Findings of the Study:

  • By material, plastics to have the highest market share in the forecast period.
  • By product type, bags & pouches dominated the market in forecast period.
  • By application, the sterile packaging segment to register the highest CAGR in the forecast period.
  • North America dominated the market in 2023.

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The medical device packaging market is categorized, by material, into plastics, paper & paperboard, metal, and other materials. The plastic material is accounted for the biggest share of the medical device packaging in terms of value. Plastics have become increasingly prevalent in the medical device packaging market due to their versatility, durability, and cost-effectiveness. Commonly used plastic polymers include polyethylene (PE), polypropylene (PP), and polyethylene terephthalate (PET). Plastics allow for intricate packaging designs tailored to specific device needs, and their lightweight properties make handling and transportation easier. They also effectively maintain product sterility and prolong shelf life by preventing moisture and gas permeation. Additionally, plastics can be modified to possess antimicrobial properties, further enhancing the safety and cleanliness of medical device packaging.

The medical device packaging market is categorized, based on the product type, into bags & pouches, trays, clamshell & blister packs, boxes, and other product types. Bags & pouches are projected to register the fastest growth in the medical device packaging market during the forecast period. Bags & pouches are widely used in the medical device packaging industry due to their flexibility, ease of use, and ability to accommodate various device sizes and shapes. They are often made from materials such as polyethylene, polypropylene, and polyester, which offer high barrier properties against moisture, oxygen, and other external factors that can compromise the integrity of the devices. This ensures that the devices remain sterile and safe until they reach the end user.

The medical device packaging market is categorized, based on the application, into sterile packaging, and non-sterile packaging. The sterile packaging segment is projected to register the highest CAGR during the forecast period. can be attributed to the paramount importance of maintaining sterility in medical environments to prevent infections and ensure patient safety. Sterile packaging not only protects medical devices from contamination during storage and transportation but also provides a barrier against external factors such as moisture, light, and temperature fluctuations, which can compromise the integrity of the product. Additionally, strict regulatory requirements and quality standards require sterile packaging for certain medical devices, resulting in its demand.

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The medical device packaging market is regionally segmented into Asia Pacific (APAC), Europe, North America, the Middle East & Africa, and South America. In 2023, North America held the largest market share in terms of value. This can be attributed to an aging population, the growing rate of chronic illnesses, and a rising emphasis on home healthcare and telemedicine. These trends are causing a greater demand for medical device packaging, as more devices are produced and transported. The market is also driven by the region’s robust healthcare infrastructure and the presence of leading medical device manufacturers.

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CONTACT: About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA: +1-888-600-6441 Email: sales@marketsandmarkets.com

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