Global Medical Device Packaging Market at a CAGR of 6.17 % to hit $ 43.99 billio

Posted by swamiv on November 25th, 2019

Global Medical Device Packaging Market By Products (Pouches, Trays, Clamshell Packs, Wrap Films, Bags, Boxes, Cans, Others), Accessories (Labels, Lidding, Others), Material (Glass, Aluminum, Paper & Paperboard, Plastics, Tyvek, Others), End-Users (Medical Manufacturing, Contract Packaging, Retail Packaging, Others), Distribution Channel (Direct, Retail)

Market Analysis: Global Medical Device Packaging Market

Global Medical Device Packaging Market is expected to rise from its initial estimated value of USD 27.25 billion in 2018 to a projected value of USD 43.99 billion by 2026, registering a CAGR of 6.17% in the forecast period of 2019-2026. This rise in market value can be attributed to innovations in packaging products offering and services.

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Market Definition: Global Medical Device Packaging Market

Medical device packaging can be defined as the products and services that are used to cover and protect the medical devices before they are used. The packaging offers protection and enhancement of durabilityof medical devices. These products and services are used so that the devices are in pristine and sterilized state before their usage.

Market Drivers

•          Growth of the overall medical devices market is expected to act as a driver for the market growth; this factor is expected to act as a driver for the market growth
•          Need for longer shelf-life of the medical devices which has resulted in growth of demand for effective medical device packaging products; this factor is expected to act as a driver for the market growth

Market Restraint

•          Presence of strict requirements and regulations regarding the packaging services and materials used in the packaging of medical devices set by the various organizations; this factor is expected to restrain the market growth

Segmentation: Global Medical Device Packaging Market

•          By Products

o    Pouches

o    Trays

o    Clamshell Packs

o    Wrap Films

o    Bags

o    Boxes

o    Cans

o    Others

•          By Accessories

o    Labels

o    Lidding

o    Others

•          By Material

o    Glass

o    Aluminum

o    Paper & Paperboard

o    Plastics

o    Tyvek

o    Others

•          By End-Users

o    Medical Manufacturing

o    Contract Packaging

o    Retail Packaging

o    Others

•          By Distribution Channel

o    Direct

o    Retail

Key Developments in the Market:

In January 2019, Oliver announced that they had acquired CleanCut Technologies, a medical packaging solutions provider situated in California, United States. Through this acquisition, Oliver have expanded their product portfolios and expanded their production capabilities in the provision of medical packaging products and services.

In May 2016, Bemis Company, Inc. announced that they had completed the acquisition of SteriPack Group. Through this acquisition, Bemis are expected to expand their market share in and product capabilities related to medical device packaging.

Competitive Analysis:

Global Medical Device Packaging Market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of medical device packaging market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.

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