Global Medical Device Packaging Market Size is projected to reach USD 20,914 million by 2033, growing at a CAGR of 6.1% | Future Market Insights, Inc.
Rising Popularity of Eco-Friendly and Durable Packaging to Drive Adoption of Medical Device Packaging. The medical device packaging industry in the United States is booming, projected to surpass an astounding US$ 5 billion by 2033. This impressive market share puts America at more than 3/4th of North American’s total profits. To put this into perspective, Germany- which accounts for nearly 20% of Europe’s revenue – will offer approximately US$ 1 billion in incremental opportunity alone
NEWARK, Del, Jan. 31, 2023 (GLOBE NEWSWIRE) — The global medical device packaging market is expected to be worth US$ 12,409.8 million in 2023, rising to US$ 20,914 million by 2033. The adoption of medical device packaging is expected to surge at a stable CAGR of 6.1% over the forecast period.
The medical device packaging market is experiencing significant growth driven by several key factors. The increasing aging population and the associated rise in chronic diseases are driving the demand for medical devices such as pacemakers, stents, and artificial joints, leading to an increased need for proper packaging to ensure the safety and integrity of these devices. Advancements in medical technology have also led to the development of new medical devices, requiring manufacturers to invest in packaging solutions to protect them during transportation and storage.
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In addition, the growing demand for minimally invasive surgical procedures is driving the need for smaller medical devices and appropriate packaging solutions to ensure safe delivery to the surgical site. Stringent regulations for medical device packaging are also playing a key role in driving demand as governments around the world implement standards to protect the safety and integrity of the devices. Furthermore, rising awareness about the importance of proper packaging in extending the shelf life of medical devices is also driving demand.
While the adoption of medical device packaging is expected to experience significant growth, manufacturers are also facing several challenges. One of the prominent challenges is meeting stringent regulations and compliance requirements to ensure the safety and integrity of medical devices. Another challenge is ensuring the compatibility of packaging materials with medical devices to avoid any damage. Managing costs while maintaining high standards of quality is also a significant challenge for manufacturers as they strive to produce packaging solutions at a competitive price while meeting industry standards.
Key Takeaways from the Medical Device Packaging Market:
- The paper and paperboard market is predicted to account for US$ 14,293.2 million by 2033 and to register a 5.5% CAGR throughout the projection period.
- During the projection period, the plastic segment is expected to offer a growth potential of US$ 6,620.8 million. In 2022, the boxes sector accounted for about 30% of the market. This category is also predicted to rise at a healthy 5.5% CAGR throughout the projection period.
- Folding cartons are expected to represent an incremental potential of US$ 1.9 billion over the projection period and to account for more than 21% of the market by 2033.
- During the projection period, the medical device packaging sector in the United States is expected to exceed US$ 5,067.6 million.
- German market is predicted to provide a startling additional opportunity of US$ 1,030.4 million, making it an appealing location for both investors and producers.
- By 2033, China’s medical device packaging industry is expected to be worth US$ $1,270.1 million.
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Who is Winning?
Product innovation, market expansion into new markets, strategic alliances and collaborations, and acquisitions are common growth tactics employed by the industry’s leading players. Startups in the market are developing innovative technologies to efficiently label medical devices.
Packaging companies may save validation time and eventually create smaller batch sizes that comply with customer specifications by applying the same processes for identical medical devices with a few minor adjustments. The use of NFC and RFID tags in packaging materials is expected to be promoted by counterfeiting, which is a serious problem with medical supplies.
Recent Developments in the Market:
- Ashfield, a subsidiary of UDG Healthcare plc, announced the development of three business divisions in January 2021, to expand and diversify its healthcare capabilities.
- In April 2021, Amcor presented its newest invention, the New AmSkyTM blister system. This innovation has the potential to revolutionize medical packaging sustainability.
- In April 2020, Amcor’s ULTRA pouches was certified for steam sterilization at 134°C and vaporized hydrogen peroxide treatment. As a result, the pouches may be used to sterilize reusable medical equipment.
Medical Device Packaging Market by Category
By Material:
- Paper and Paperboard
- Plastics
By Packaging Format:
- Boxes
- Folding Cartons
- Bags and Pouch
- Trays
- Inserts and Dividers
- Wrapping Films
By End Use:
- Surgical
- Therapeutic
- Diagnostic
By Region:
- North America
- Latin America
- Europe
- South Asia and the Pacific
- East Asia
- The Middle East and Africa
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Table of Content
1. Executive Summary | Medical Device Packaging Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
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Flexible Packaging Paper Market : The flexible packaging paper market is on track to grow at an estimated CAGR of 4% during 2022-2032.
Biodegradable Packaging Market : According to Future Market Insights research, during the projected period, the global biodegradable packaging market is set to enjoy a valuation of US$ 448.2 Bn in 2022, and further expand at a CAGR of 6.1% during 2022-2032. The sales of biodegradable packaging are estimated to propel with the top 3 countries projected to hold approximately 25-30% of the market by the end of 2022.
Protective Packaging Market : The global protective packaging market is set to gain a valuation of US$ 28.3 billion in 2023. Between 2023 and 2033, it is likely to extend at a steady CAGR of 5.0% and register a valuation of US$ 46.1 billion in 2033. Protective packaging sales are anticipated to bolster with the top 5 countries projected to hold approximately 45 to 55% of the market in 2023.
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Source: Increased Healthcare Expenditure to Propel Medical Device Packaging Market to US$ 48.1 Bn by 2027 – Future Market Insights, Inc.
