Global Medical Device Packaging Market Report 2022: Growing Need for Lightweight Pharma Bottles Bolsters Sector
Global Medical Device Packaging Market
Dublin, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The "Global Medical Device Packaging Market, by Product Type, by Application, by Material Type, by Packaging Type, by End-user, Estimation & Forecast, 2017-2030" report has been added to ResearchAndMarkets.com's offering.
The global medical device packaging market held a market value of USD 28.15 billion in 2021 and is projected to reach USD 50.33 billion by the year 2030. The market is projected to list a CAGR of 6.88% during the forecast period. The market volume was registered at 21.36 million tons in 2021, with a growth rate of around 6.38% over the anticipated period.
The medical device packaging industry is likely to grow at an extensive rate owing to the increasing awareness and increasing investments by the chief players in the medical device packaging industry. In addition to that, the growing need for lightweight bottles by consumers is another factor increasing preference rates.
Moreover, the rising preference rates and applications of packaged medical products in contract packaging and manufacturing fuels the growth rate of the market significantly.
On the other hand, the medical device packaging business is likely to get hindered by the stringent regulations. The strict norms levied make it difficult for players to enter the market. The rising initiatives and guidelines set by public and private agencies indirectly lead to the increase in costs involved in the industry.
For instance, several associations such as China National Medical Products Administration (NMPA), Center for Medical Device Evaluation (CMDE), General Administration of Quality Supervision, Inspection, and Quarantine (AQSIQ), and other intelligence services, coupled with the government, are involved in setting different policies and reforms. Such a strategy hinders the path of entry for the new entrants in the market.
Growing Need for Lightweight Pharma Bottles
With ever-changing consumer preferences, the requirement for lightweight bottles in healthcare is drastically increasing. The benefits of easier handling, less traveling constraints, and the rising sustainability of such bottles is fueling the demand, and increasing the growth rate of the market for medical device packaging.
Increasing Investments in Packaging Capabilities
The prominent players operating in the market are keen on creating breakthrough innovations in the medical device packaging and recycling capabilities. For instance, in August 2021, Amcor announced its plans to build two new state-of-the-art innovation centers. The new facilities in Ghent, Belgium, and Jiangyin, Global, will welcome customers as of mid-2022, with full build-out over the next two years. The total investment is expected to be approximately USD 35 million.
Moreover, in September 2020, Amcor announced membership of the Digital Watermarks Initiative HolyGrail 2.0, which brings together over 85 companies and organisations across the packaging value chain. With such measures, the market for medical device packaging is sure to grow in the forecast period.
The global medical device packaging market is segmented into product type, application, material type, packaging type, and end user.
By Product Type
The pouches segment holds an opportunity of more than USD 4.5 billion over the period of 2022 to 2030. Moreover, the bags segment is projected to grow at the highest CAGR of 7.90% over the anticipated period.
The non-sterile packaging segment held more than 65% of the market share in 2021.
By Material Type
Paper & Paperboard
The plastic segment will cross the mark of USD 20 billion market revenue by 2030.
By Packaging Type
The primary segment held the largest market share of more than 40% in 2021.
By End User
The manufacturers dominated the market in 2021 in terms of revenue by holding more than USD 11 billion.
The global medical device packaging market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The market based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
The North American market for medical device packaging was the largest market holding a share of more than 30% in 2021. Moreover, the North American market held the revenue of USD 9.87 billion in the same year.
The Asia Pacific industry for medical device packaging was estimated to be the fastest growing with a CAGR of more than 7% over the forecast period.
The global medical device packaging market report answers questions such as:
What is the market size and forecast of the global medical device packaging market?
What are the inhibiting factors and impact of covid-19 on the global medical device packaging market during the assessment period?
Which are the types/segments/applications/areas to invest in over the assessment period in the global medical device packaging market?
What is the competitive strategic window for opportunities in the global medical device packaging market?
What are the technology trends and regulatory frameworks in the global medical device packaging market?
What is the market share of the leading players in the global medical device packaging market?
What modes and strategic moves are considered favorable for entering the global medical device packaging market?
No. of Pages
2021 - 2030
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2030
Compound Annual Growth Rate
A selection of companies mentioned in this report includes
Mitsubishi Chemical Holdings Corporation
Berry Global Inc.
For more information about this report visit https://www.researchandmarkets.com/r/kbihvg-medical?w=12
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