Technological progress in the medical device industry and increase in demand for innovative packaging solutions are the factors driving the growth of the global medical devices packaging market. Rise in spending on healthcare services due to increase in health awareness also propels the medical device packaging market growth. The spread of COVID-19 has forced increasing number of industries to shut their facilities temporarily affecting the packaging sector too.
Portland, OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Medical Device Packaging Market generated $22.09 billion in 2020, and is projected to reach $47.11 billion by 2030, registering a CAGR of 7.5% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
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Factors such as technological progress in the medical device sector, the launch of several upgraded medical devices that need specialized packaging, and rise in demand for innovative packaging solutions propel the market growth. Moreover, increased production and supply of medical devices, medicines, and drugs across the world drive the global medical devices packaging market growth. However, strict rules & regulations imposed by governments across the globe hampers the growth of the global market. In addition, increase in the need for sterile packaged, tamper-proof, and nonreactive products opens many doors of opportunities for the market.
Covid-19 impact on global medical device packaging market:
COVID-19 has affected various sub-domains of the healthcare sector, including the medical device packaging sector in terms of production and supply chain.
Medical workers, devices, and facilities are helping to cope with increase in the number of patients infected with COVID-19. This affected the productivity of the workforce.
The spread of COVID-19 created new challenges for the international medical device supply network.
The shortage of hospital beds increased the demand for self-monitoring health devices. This is positively impacting the medical devices packaging market.
The report segments the global medical device packaging market on the basis of material type, product type, application, and region.
Based on material, the plastic segment accounted for the largest market share in 2020, contributing to more than one-third of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the glass segment is estimated to witness the fastest CAGR of 11.5% from 2021 to 2030.
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Based on the product, the pouches segment contributed to the largest share in 2020, accounting for more than one-fifth of the global medical device packaging market. However, the bags segment is expected to manifest the highest CAGR of 9.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding around two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, LAMEA is expected to portray the fastest CAGR of 9.6% during the forecast period.
Leading players of the global medical device packaging market analyzed in the research include Amcor Limited, Constantia Flexibles, Berry Global Inc., 3M Company, CCL industries INC., Klöckner Pentaplast Group, Mitsubishi Chemical Holdings Corporation, DuPont, WestRock Company, and Sonoco Products Company.
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