The medical devices packaging market was valued at USD 25.67 billion in 2023 and is projected to reach USD 26.99 billion in 2024. By 2032, the market is expected to grow to USD 41.57 billion, with a compound annual growth rate (CAGR) of 5.55% during the forecast period.
Medical devices packaging products include items such as boxes, cartons, trays, and pouches used to securely pack various medical instruments. The demand for these packaging solutions is rising annually due to their high protection against biological contamination and physical damage. Additionally, an increasing number of manufacturers are adopting eco-friendly materials to reduce plastic waste, further driving market growth.
This information is detailed in a report by Fortune Business Insights™, titled "Medical Devices Packaging Market, 2024-2032".
List of Key Companies Profiled in the Report:
Amcor (Switzerland)
3M Company (U.S.)
DuPont (U.S.)
AR Packaging (U.S.)
Shanghai Jianzhong Medical Packaging Co., Ltd. (China)
Printpack (U.S.)
Avient Corporation (U.S.)
Oliver Healthcare Packaging (U.S.)
Steril Medipac (India)
Dordan Manufacturing, Inc. (U.S.)
Segmentation:
Beneficial Features Offered by Plastic-based Packaging Improve Its Demand
Based on material, the market is segmented into plastic {Polyethylene (PE), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polypropylene (PP), others}, aluminum, paper & paperboard, and others. The plastic segment holds the largest share in the medical devices packaging market due to its wide range of benefits, including high versatility, durability, affordability, and lightweight nature.
Trays Become Popular Packaging Products Due to High Demand for Strength and Rigidity to Support Medical Devices
Based on product type, the market is segmented into boxes & cartons, bags & pouches, trays, clamshells, laminates, films, and others. The tray segment holds the largest market share as these packaging products are made from thicker plastic, providing the strength and flexibility needed to support medical devices.
Disposable Consumables Gain Major Traction Due to Their High Safety
Based on application, the market is divided into disposable consumables, therapeutic equipment, and monitoring & diagnostic equipment. The disposable consumables segment holds the largest market share, as these products enhance patient safety with their one-time-use feature.
Regional Coverage
The market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the medical devices packaging market, focusing on key product types, materials, applications, and major market players. It highlights the latest market trends and significant industry developments. Additionally, the report covers various factors contributing to market growth.
Drivers and Restraints:
Increased Spending on Medical Technologies to Boost Market Growth
The healthcare sector is increasing its spending on advanced medical devices due to improvements in medical technologies and the rising geriatric population. Technologically advanced medical devices assist doctors in diagnosing a wide range of chronic diseases more efficiently. Consequently, the healthcare industry is investing heavily in these advanced devices, which is expected to drive the growth of the medical devices packaging market.
However, the market's development may be hindered by low product quality and the introduction of strict regulations regarding the use of plastic-based medical devices packaging products.
Regional Insights:
North America Leads Market Growth Due to High Investments in Medical R&D
North America dominates the global medical devices packaging market, driven by significant government investments in medical research and development programs aimed at creating advanced technologies for medical devices. The presence of reputed market players in the region further accelerates market growth.
Europe
Europe is the second-largest region in the global market, with several prominent medical device manufacturers competing at both domestic and international levels.
Information Source: https://www.fortunebusinessinsights.com/medical-devices-packaging-market-108354
Competitive Landscape:
Leading Market Players to Develop Cutting-Edge Packaging Solutions to Expand Customer Base
The medical devices packaging market features a highly fragmented competitive landscape, with a few major players dominating. These key players are increasingly focusing on developing innovative packaging solutions to meet the unique needs of their customers and expand their client base.
Notable Industry Development:
In November 2023, Ostium Group announced its partnership with Eastman to develop eco-friendly packaging products for medical devices. This collaboration aims to integrate Eastman’s sustainable packaging solution, the Easter 6763 Renew copolyester, with Ostium’s next-generation CILLAR Acetabular and Femoral kits for total hip replacement. This move underscores Ostium Group’s commitment to sustainability and its contribution to a circular economy.