Medical packaging materials are used for protecting, storing, organising and transporting medical devices. The market covers both rigid as well as flexible protection formats of packaging products.
A new research report by Future Market Insights (FMI) gives an in-depth analysis of the global medical device packaging market which includes the market size, Y-o-Y growth, pricing analysis and CAGR during the forecast period.
The report is titled 'Medical Device Packaging Market: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027.' It includes all vital details of the market including the drivers that are driving its growth, the restraints that are limiting the market growth and also the trends that are governing the market direction. According to the market forecast by FMI, the global medical device packaging market is expected to grow at a steady CAGR of 5.3% during 2017-2027.
Global Medical Device Packaging Market: Dynamics
The global medical device packaging market is experiencing a surge with the developments happening in the industry. There is a rapid growth in investments in the medical device market, which is in turn helping businesses spend more on the packaging of medical devices.
However the market's growth is likely to be hindered due to high regulatory scrutiny of the market. There is a demand for testing and analysis even beyond regulatory requirements to have a deeper understanding of what are the possible risks associated with impurities in contact with a medical device. For instance, a number of regulations have been laid down by the FDA which make it extremely tough for packaging manufacturers to comply with.
Global Medical Device Packaging Market: Segmental Highlights
The global medical device packaging market is segmented into different categories, thereby simplifying the understanding of the market. The segmentation is done on the basis of packaging type, material type, application, end user and region.
• On the basis of packaging type, bags and pouches segment leads with the maximum market share. The bags and pouches segment is estimated to hold a market value of over US$ 6,600 Mn in 2017. The segment is in close competition with the containers segment that is at the second position with an estimated market value of over US$ 6,000 Mn in 2017.
• Among the material types, PE segment appears to be the most attractive segment. It is expected to hold a market value of over US$ 6,000 Mn in 2017, growing at a CAGR of 5.1%. Among the sub segments of the PE segment, HDPE holds the maximum market value.
• On the basis of application, disposable consumables is the most lucrative segment that is expected to reach a market value of over US$ 22,200 Mn by the end of the forecast period.
• On the basis of end user, medical manufacturing is the dominating segment, which is expected to hold a market value of over US$ 12,000 Mn in 2017, growing at a CAGR of 5.1%.
• North America is the most attractive region in the global medical device packaging market, projected to account for a market value of over US$ 9,700 Mn in 2017. Western Europe is at the second position with the market growing at 5.6% CAGR, which is higher than that of North America.
