The recent report by Market Research Future (MRFR) asserts that the global Medical Device Packaging Requirements market 2020 is slated to acquire a substantial market valuation of USD 30 billion by 2022 at a moderate 6% CAGR over the review period.
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Drivers and Restraints
The Medical Device Packaging Requirements have diversified over the years. The influential factors accountable for the growth of the Medical Device Packaging Requirements market size are increasing the need for flexible packaging for the Medical Device Packaging Requirements market, and the launch of innovative products such as child-resistant and tamper-evident packaging are fuelling the market growth. Growing healthcare expenditures along with increasing health awareness among the geriatric populace, are also likely to drive market growth. Moreover, increasing environmental concerns and the augmented availability of better microbial packing can contribute towards sterile therapeutic packaging, consequently improving the Medical Device Packaging Requirements market growth. Plastic is an essential material used for Medical Device Packaging Requirements and is extensively used in the industry for devices ranging from IV bags to syringes. The increasing concerns surrounding plastic use has attracted investment for research and development activities for alternate materials that can be used for medical devices packaging purposes. Rising demand from the healthcare sector, adoption of reliable packaging and growing aging population may fuel product demand. The availability of new products in the field of biopharmaceutical and biologics supported by requirements for improved compliance is also poised to fuel market growth. Furthermore, growing complications in product engineering, along with the growing number of market entrants, are expected to boost the medical device outsourcing industry with lucrative growth opportunities.
The top market players identified by MRFR in the global Medical Device Packaging Requirements Market are Bemis Company Inc, Chesapeake Limited, Amcor Limited, Klöckner Pentaplast Group, 3M Company, E. I. du Pont de Nemours and Company, Mitsubishi Chemical Holdings Corporation, WestRock Company, and Oliver-Tolas, among others.
February 2020: Gryphon Investors, a US-based middle-market private equity firm, announced signed an agreement to make a strategic investment in Pacur, LLC, a leading supplier of specialty plastic Medical Device Packaging Requirements materials.
October 2019: Specialty chemical company Clariant sold its healthcare packaging business to private equity firm Arsenal Capital Partners, which renamed the company Airnov Healthcare Packaging, which specializes in manufacturing packaging products for diagnostic, pharmaceutical, and nutraceutical sectors .
The segment analysis of the global market for medical devices packaging market has been conducted on the basis of material, and product. The Medical Device Packaging Requirements market on the basis of material is segmented into plastic, paper & paperboard, and others. The plastic segment is anticipated to lead the market share over the review period, owing to the superior properties of plastic that make it ideal for shipping and storing sophisticated devices, drugs and other medical devices. The market for medical devices market on the basis of the product has been segmented into pouches, trays, bags, clamshell packs, and others.
The geographical overview of the global Medical Device Packaging Requirements market has been conducted in four major regions, namely the Asia Pacific, Europe, North America, and lastly, the rest of the world (comprising Latin America and the Middle East and Africa).
The medical devices packaging market in Europe is expected to expand significantly over the forecast period, owing to the high susceptibility of government regulations and the growing demand of rehabilitation products, diagnostic equipment, hygiene devices. Moreover, the advent of European packaging standards for terminally sterilized medical devices is likely to contribute substantially to the market share over the review period.
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