The global medical device packaging market is anticipated to grow from US$ 38.57 billion in 2023 to US$ 65.26 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.4%. Rising investment in the healthcare sectors as well as increased healthcare expenditure is expected to further augment the market growth of medical device packaging during the forecast period.
Medical device packaging protects the product from the external environment, communicates with humans, and facilitates communication with the product’s environment environment. It prevents the medical device from deterioration, biological contamination, and other external forces. Labelling in the packaging also factors in the safe delivery of the product by providing proper identification.
In addition, FDA-approved packaging validates the packaging quality and contributes to the growth of the target market. This acknowledgment helps the manufacturer to ensure quality and compliance of the device with manufacturing and packaging regulations which, in turn, augments its global sales of the medical device packaging.
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Medical device packaging is in huge demand from pharmaceuticals and device manufacturing companies. The target market has already witnessed elevated demand from the medical device companies in the past few years and will continue to do so during the next couple of years. Increased healthcare expenditure will further supplement the growth of the medical device packaging. Again, the escalating demand for easy-to-use and easy-to-discard packaging solution will also contribute to the market growth. Furthermore, incorporation of technological advances like 3D technology that allows them to develop more realistic prototypes in the market will further benefit the medical device packaging market over the projected period.
“Elevated demand for packaging solutions that maintain the quality and integrity of medical equipment will propel the global growth of the medical device packaging market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Rising adoption of 3D technology to create growth opportunities for the target market.
- By material type, the PE segment will register high demand followed by the paper laminate category.
- By application, the disposable consumables segment is leading the market in terms of volume and value.
- Contract packaging segment is the most profitable end-user segment.
- The medical device packaging market in Europe is expected to lead the market growth on the basis of region.
Competitive Landscape
Avery Dennison Corporation, 3M Company, E.I. du Pont de Nemours and Company, CCL Industries Inc., Amcor Limited, Constantia Flexibles Group GmbH, Bemis Company, Inc, Sonoco Company, and WestRock Company among others are some of the major players in the medical device packaging market profiled in the full version of the report.
Leading market players are focusing on product innovation and development so as to meet all the demands and requirements of the consumer.
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More Insights into Medical Device Packaging Market Report
In its latest report, FMI offers an unbiased analysis of the global medical device packaging market, providing historical data from 2012 to 2021 and forecast statistics for 2022 to 2027. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (PE (HDPE, LDPE, LLDPE), PP, PS, PVC, PET, aluminium, glass, paper laminates, fabric, and others (PLA, PHA, etc.)), application (disposable consumables, monitoring & diagnostic equipment, therapeutic equipment), end user (medical manufacturing, contract packaging, and others), and region.
According to the latest FMI reports, based on segmentation, PE segment is the most preferred material followed by paper laminates. Owing to its visibility, ranging from to opaque, high durability, versatility, safety and hygiene, lightweightedness and affordability, more and more consumers prefer plastics over other materials. On the basis of application, the disposable consumables segment is likely to continue with its market dominance while contract packaging segment will emerge as the most lucrative end-user segment.
Based on region, the medical device packaging market in Europe is expected to dominate the global space over the next decade. This growth id due to U.K’s role as one of the main exporters of medical devices. In addition, the market in this region is subjected to constant development and innovations. Europe is quickly followed by North America in terms of the global target market growth while China, India, and Japan are fueling the market growth in the Asia Pacific region through 2027.
Key Segments Covered in Medical Device Packaging Industry Research
Medical Device Packaging Market by Packaging Type:
- Bags & Pouches
- Containers
- Trays
- Stick Packs
- Clamshell Blister Packs
- Boxes
- Others (Flow Wraps etc.)
Medical Device Packaging Market by Raw Material:
- PE
- HDPE
- LDPE
- LLDPE
- PET
- PP
- PS
- PVC
- Aluminium
- Glass
- Others (PLA, PHA etc.)
Medical Device Packaging Market by Application:
- Disposable Consumables
- Monitoring & Diagnostic Equipment
- Therapeutic Equipment
Medical Device Packaging Market by End-user:
- Medical Manufacturing
- Contract Packaging
- Others
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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