Medical Device Packaging Market to Reach US$ 65.26 Billion by 2033: Impressive 5.4% CAGR Driven by Growing Demand from Medical Devices Sector

The global medical device packaging market is expected to be worth US$ 12,409.8 million in 2023, rising to US$ 20,914 million by 2033. The adoption of medical device packaging is expected to surge at a stable CAGR of 6.1% over the forecast period.

The medical device packaging market is experiencing significant growth driven by several key factors. The increasing aging population and the associated rise in chronic diseases are driving the demand for medical devices such as pacemakers, stents, and artificial joints, leading to an increased need for proper packaging to ensure the safety and integrity of these devices.

Advancements in medical technology have also led to the development of new medical devices, requiring manufacturers to invest in packaging solutions to protect them during transportation and storage.

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In addition, the growing demand for minimally invasive surgical procedures is driving the need for smaller medical devices and appropriate packaging solutions to ensure safe delivery to the surgical site. Stringent regulations for medical device packaging are also playing a key role in driving demand as governments around the world implement standards to protect the safety and integrity of the devices. Furthermore, rising awareness about the importance of proper packaging in extending the shelf life of medical devices is also driving demand.

While the adoption of medical device packaging is expected to experience significant growth, manufacturers are also facing several challenges. One of the prominent challenges is meeting stringent regulations and compliance requirements to ensure the safety and integrity of medical devices. Another challenge is ensuring the compatibility of packaging materials with medical devices to avoid any damage. Managing costs while maintaining high standards of quality is also a significant challenge for manufacturers as they strive to produce packaging solutions at a competitive price while meeting industry standards.

Key Takeaways from the Medical Device Packaging Market:

• The paper and paperboard market is predicted to account for US$ 14,293.2 million by 2033 and to register a 5.5% CAGR throughout the projection period.
• During the projection period, the plastic segment is expected to offer a growth potential of US$ 6,620.8 million. In 2022, the boxes sector accounted for about 30% of the market. This category is also predicted to rise at a healthy 5.5% CAGR throughout the projection period.
• Folding cartons are expected to represent an incremental potential of US$ 1.9 billion over the projection period and to account for more than 21% of the market by 2033.
• During the projection period, the medical device packaging sector in the United States is expected to exceed US$ 5,067.6 million.
• German market is predicted to provide a startling additional opportunity of US$ 1,030.4 million, making it an appealing location for both investors and producers.
• By 2033, China's medical device packaging industry is expected to be worth US$ $1,270.1 million.

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Green Packaging Gaining Traction in Medical Device Packaging Market

Prominent medical device packaging manufacturers are recognising the necessity of sustainable and cost effective packaging solutions. Prominent manufacturers across the globe have already shifted their focus towards sustainable packaging, especially towards flexible packaging, to reduce the carbon footprints released by various medical device packaging solutions. Along with that, the rising trend of "green design packaging", especially in the healthcare and pharmaceuticals industry, is ultimately contributing to the growth of the medical device packaging market. Moreover, these leading medical device packaging manufacturers are enhancing its manufacturing capabilities by expanding production units.

For Instance, April 2022, Amcor plc., launched AmLite, an ultra-recyclable and high-barrier flexible packaging solution for the pharmaceuticals and healthcare industry. The company reports that this newly developed packaging solution can reduce a pack's carbon footprint by up to 64%.

For instance, In November 2022, Nelipak Corporation, another manufacturer of medical device packing has expanded its manufacturing operations in Humacao, Puerto Rico. This enabled the company to strength its manufacturing capabilities and effectively cater to the end user demand.

About The Medical Device Packaging Market Report
Future Market Insights, in its new offering, offers an unbiased analysis of the global medical device packaging market, analyzing historical demand from 2012-2021 and forecast statistics for 2023-2033. The study provides growth projections on the medical device packaging market on the basis of packaging type (bags & pouches, containers, trays, stick packs, clamshell blister packs, boxes and other (flow wraps etc.), raw material (PE (HDPE, LDPE & LLDPE), PET, PP, PS, PVC, aluminium, glass, paper laminates, fabric and others (PLA, PHA etc.), application (disposable consumables, monitoring & diagnostic equipment and therapeutic equipment), end user (medical manufacturing, contract packaging and others), across seven regions.

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Key Segments Covered in Medical Device Packaging Industry Research

Medical Device Packaging Market by Packaging Type:
• Bags & Pouches
• Containers
• Trays
• Stick Packs
• Clamshell Blister Packs
• Boxes
• Others (Flow Wraps etc.)
Medical Device Packaging Market by Raw Material:
• PE
o HDPE
o LDPE
o LLDPE
• PET
• PP
• PS
• PVC
• Aluminium
• Glass
• Paper Laminates
• Fabric
• Others (PLA, PHA etc.)
Medical Device Packaging Market by Application:
• Disposable Consumables
• Monitoring & Diagnostic Equipment
• Therapeutic Equipment
Medical Device Packaging Market by End-user:
• Medical Manufacturing
• Contract Packaging
• Others

Key Questions Answered in the Report:
(1) What are the growth opportunities for the new entrants in the Global Medical Device Packaging industry?
(2) Who are the leading players functioning in the Global Medical Device Packaging marketplace?
(3) What are the key strategies participants are likely to adopt to increase their share in the Global Medical Device Packaging industry?
(4) What is the competitive situation in the Global Medical Device Packaging market?
(5) What are the emerging trends that may influence the Global Medical Device Packaging market growth?
(6) Which product type segment will exhibit high CAGR in the future?
(7) Which application segment will grab a handsome share in the Global Medical Device Packaging industry?
(8) Which region is lucrative for the manufacturers?

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About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 5-years.

This release was published on openPR.