Medical Device Packaging Market Outlook
[275 Pages Report] The global demand for medical device packaging Market witnessed a massive downfall in the first half of 2020 on account of lockdown and social distancing barriers implemented due to the spread of coronavirus disease throughout the world. Big as well as small manufacturing companies went through the worst phase and suffered heavy losses in 2020.
Market Drivers
The developments in the industry is likely to result in the expansion of the market. It is observed that these is swift growth in the investment in the medical devices market, which is resulting in the increased demand for medical devices packaging.
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Market Restraints
Owing to high inspection of the market, the expansion of the medical device packaging market has been hindered. There is increasing demand for analysis and testing even beyond regulatory requirements to deeply understand the impurities associated with the packaging that are in contact with the medical devices. For instance, numerous regulations have been speculate by the FDA that made packaging manufacturers to comply
Key factors influencing Medical Device Packaging Marke Growth
Medical Devices Packaging Manufactures to Target Developed Countries
Healthcare and pharmaceutical expenditure has increased in the past few years in the developed countries of North America and European regions, with the U.S. accounting for the highest at around 15% as a share of its GDP. According to World Health Organization, global healthcare expenditure by all the countries as a share of their GDP, ranges from 5% to 15%, offering substantial opportunity for medical device packaging Market manufacturers.
Advanced healthcare facilities are available in the countries such as the U.S., Germany, the U.K., Russia, China, Japan, which includes ambulatory surgical centers, clinics and medical offices, orthopedic, and other rehabilitation centers, and urgent care centers. Thus, medical device packaging manufacturers can target these highly progressive countries to become part of this multi-billion dollar and fast-growing market.
Market Segmentation
To simplify the understanding of the market, the market has been segmented into various categories. Based on the application, packaging type, region, material type, and end-user, the market has been segmented.
By Packaging Type
Bags and pouches segment, by packaging type is anticipated to remain the most attractive segment. The segment is projected to secure US$ 6,600 Mn by 2017-end. The containers segment is leading in the market, followed by bags & pouches segment.
By Material Type
The PE segment, material type is anticipated to remain most lucrative segment. The segment is anticipated to reflect single-digit CAGR to reach market valuation of more than US$ 6000 Mn by the end of 2017. HDPE, the sub-segment of the PE is likely to secure maximum market share, in terms of value.
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By Application Type
Disposable consumables, by application type is projected to remain most attractive segment and is estimated to reach US$ 22,200 Mn by the end of forecast period.
By End-user
Based on end-user, medical manufacturing is projected to retain its dominance in the global medical devices packaging market. The segment is estimated to reach more than US$ 12,000 by the end of 2017, exhibiting growth rate of single-digit.
By Region
Geographically, the North America is projected to remain most attractive region in the market and is anticipated to secure market value of more than US$ 9700 by 2017-end. Further, Western Europe is likely to secure second position with single-digit CAGR, which is comparatively higher than that of North America, throughout the forecast period.
The companies need to focus on a sustainable packaging solution, which includes smart and modern packaging technology as well as will be cost efficient. Among all the opportunities that are present in the market, leading players need to take smart approach towards packaging system. For example, auto identification is the technology used to identify objects or person by the use of machine.
Vendor Insights
Several leading players operating in the market are profiled in this report includes, Westfield Medical Limited, Amcor Limited, Sealed Air Corporation, Glenroy, Inc., Constantia Flexibles Group GmbH, Huhtamaki Oyj, Ampac Holdings LLC, Wipak Group, West Pharmaceutical Services, Inc., Mondi Plc, Nelipak Corporation, Bemis Company, Inc. The report assesses that these leading players are likely to contribute largely to the growth of the global medical devices packaging market.