Global sales revenue of the medical device packaging market is projected to be US$ 38.57 billion in 2023. The market is slated to increase at a CAGR of 5.4% to reach a valuation of US$ 65.26 billion by 2033.
The global medical device packaging business has witnessed impressive growth over the past few years due to increasing demand from the medical devices sector. This is coupled with growing expenditure on healthcare by key economies. The rising demand for easy-to-use and easy-to-dispose packaging solutions is also contributing to the growth of the global medical device packaging market.
Industries strive to reduce their environmental footprint and follow the regulation of waste management. Demand for easy-to-dispose packaging solutions is likely to increase in the coming years.
The bulk of medical waste is made up of single-use medical gadgets and their packaging, which is damaging the environment if not properly disposed of. Easy-to-dispose-of packaging options, such as compostable or biodegradable packaging, are becoming increasingly popular. Since they provide a more environmentally friendly option to conventional packaging materials.
These options help decrease the load on waste management systems and are reasonably priced. Easy-to-dispose-of packaging is anticipated to become the norm in the medical device packaging business. As demand for eco-friendly packaging solutions rises.
There is a high demand for packaging solutions that maintain the product and the package integrity throughout the cycle. This need for protection is anticipated to play a key role in driving the growth of global medical device packaging.
What Factors Need to Take Care of the Medical Device Packaging Industry?
A sterile environment is created for the contents of medical device packaging, and this sterility must be preserved until the box is opened for use. A medical equipment or surgical instrument must come into contact with a patient's sterile tissue or mucous membranes during all interference operations.
The introduction of harmful germs that could result in infection is a serious concern associated with all such techniques. To avoid a breach of the host defences, reusable medical equipment must be cleansed or sterilized before use. As a result, a crucial component of the use of medical equipment is the degree of disinfection or sterilization of the object's intended use.
Regional Analysis
What is the Scope of Medical Device Packaging Growth in the North America Market?
Due to its thriving healthcare industry and plenty of organizations serving the sector, North America held the leading share of 31.5% in 2022. The United States enjoys a competitive advantage that leads to high production levels of medical devices.
This relates to the creation of software, the use of instruments, technology, and sizable financial commitments to the field of research and development. Around 29.5% of the North America medical devices packaging market is held by the United States alone.
The interim order regarding the import and sale of medical devices for use regarding COVID-19 in Canada was approved by the Federal Minister of Health in March 2020. By the temporary measure, Health Canada permits the sale of selected products in Canada. Provided that the packaging satisfies all applicable regulations.
Is Europe Able to Meet the Industry's Demand for Medical Device Packaging?
In 2022, Europe held the second-leading share with more than 27.2%. In 2023, the United Kingdom is likely to overtake Germany as a key market.
The nation is distinguished by the existence of numerous reputable device-manufacturing businesses that compete in both the domestic and global markets.
The United Kingdom is a leader in medical technology innovation and is a key exporter of medical products on a global scale.
How Asia Pacific Contributes to the Medical Device Packaging Industry?
Asia Pacific is anticipated to experience adequate growth by 2033. China is one of the key markets for medical equipment in the world and a country with significant economic growth in Asia Pacific. The healthcare sector is receiving a lot of investment as a result of China's economic growth. In the upcoming years, it is anticipated that China's healthcare sector is likely to flourish further.
How do International Businesses Compete in the Medical Device Packaging Sector?
Leading corporations frequently buy rival businesses to diversify their product offerings and boost production capacity. Throughout the forecast period, there are few new concepts and innovations introduced due to the existence of publicly recognized multinational companies in the market area.
In the struggle against the players on the global market, smaller and privately held companies are far behind in terms of revenue generation. Medical device packaging start-ups must be prepared and adapt to previous and present trends. To make their future business plans if they want to develop a significant market presence.
Key players in the medical device packaging market are continuously susceptible to developments. This is used as a foundation for participating in inorganic or organic forms of expansion.
- Amcor, in April 2020, did produce ultra-packaging for hydrogen-sterilized products. Steam preservation was also a part of this packaging. The standard requirement of SBS (Sterile Barrier System) is being adhered to.
- Wipak, in November 2019, came up with pouching material that is at a lesser risk of wastage or spoilage at the time of transportation and warehousing. It consists of 9 layers in all.
These insights are based on a report Medical Device Packaging Market by Future Market Insights.