Future Outlook of the Medical Device Packaging Market: Analyzing Size, Segmentation, and Competitive Landscape By Report Ocean
Introduction
The “ Medical Device Packaging “ market’s future trajectory is a topic of paramount importance, necessitating a comprehensive analysis encompassing market size, segmentation, competitive landscape, present conditions, and anticipated trends. Moreover, the ongoing challenges posed by the COVID-19 pandemic also warrant strategic insights for businesses to navigate these circumstances successfully.
Market Size and Segmentation
The Medical Device Packaging market’s evolution hinges on understanding its size and segmentation dynamics. This entails delving into aspects like product types, applications, and geographical distribution. By dissecting these facets, a clearer perspective on future growth prospects can be gained.
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The global medical device packaging market held a market value of USD 28.15 billion in 2021 and is projected to reach USD 50.33 billion by the year 2030. The market is projected to list a CAGR of 6.88% during the forecast period. The market volume was registered at 21.36 million tons in 2021, with a growth rate of around 6.38% over the anticipated period.
The medical device packaging industry is likely to grow at an extensive rate owing to the increasing awareness and increasing investments by the chief players in the medical device packaging industry. In addition to that, the growing need for lightweight bottles by consumers is another factor increasing preference rates.
Moreover, the rising preference rates and applications of packaged medical products in contract packaging and manufacturing fuels the growth rate of the market significantly.
On the other hand, the medical device packaging business is likely to get hindered by the stringent regulations. The strict norms levied make it difficult for players to enter the market. The rising initiatives and guidelines set by public and private agencies indirectly lead to the increase in costs involved in the industry. For instance, several associations such as China National Medical Products Administration (NMPA), Center for Medical Device Evaluation (CMDE), General Administration of Quality Supervision, Inspection, and Quarantine (AQSIQ), and other intelligence services, coupled with the government, are involved in setting different policies and reforms. Such a strategy hinders the path of entry for the new entrants in the market.
Growth Influencers:
Growing Need for Lightweight Pharma Bottles by Consumers
With ever-increasing consumer preferences, the requirement for lightweight bottles in healthcare is drastically increasing. The benefits of easier handling, less traveling constraints, and the rising sustainability of such bottles is fueling the demand, and increasing the growth rate of the market for medical device packaging.
Increasing Investments in Packaging Capabilities
The prominent players operating in the market are keen on creating breakthrough innovations in the medical device packaging and recycling capabilities. For instance, in August 2021, Amcor announced its plans to build two new state-of-the-art innovation centers. The new facilities in Ghent, Belgium, and Jiangyin, Global, will welcome customers as of mid-2022, with full build-out over the next two years. The total investment is expected to be approximately USD 35 million. Moreover, in September 2020, Amcor announced membership of the Digital Watermarks Initiative HolyGrail 2.0, which brings together over 85 companies and organisations across the packaging value chain. With such measures, the market for medical device packaging is sure to grow in the forecast period.
Segments Overview:
The global medical device packaging market is segmented into product type, application, material type, packaging type, and end user.
By Product Type,
? Pouches
? Clamshell Packs
? Boxes
? Bags
? Blisters
? Cartons
? Trays
? Others
The pouches segment holds an opportunity of more than USD 4.5 billion over the period of 2022 to 2030. Moreover, the bags segment is projected to grow at the highest CAGR of 7.90% over the anticipated period.
By Application,
? Sterile Packaging
? Non-Sterile Packaging
The non-sterile packaging segment held more than 65% of the market share in 2021.
By Material Type,
? Plastic
? Paper & Paperboard
? Foils
? Glass
? Others
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The plastic segment will cross the mark of USD 20 billion market revenue by 2030.
By Packaging Type,
? Primary
? Secondary
? Tertiary
The primary segment held the largest market share of more than 40% in 2021.
By End User,
? Manufacturers (OEMs)
? Contract Packaging
? Retail Pharmacy
? Institutional Pharmacy
The manufacturers dominated the market in 2021 in terms of revenue by holding more than USD 11 billion.
Regional Overview
The global medical device packaging market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The market based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
The North American market for medical device packaging was the largest market holding a share of more than 30% in 2021. Moreover, the North American market held the revenue of USD 9.87 billion in the same year.
The Asia Pacific industry for medical device packaging was estimated to be the fastest growing with a CAGR of more than 7% over the forecast period.
Competitive Landscape
The prominent players operating in the global medical device packaging market include WestRock, 3M, Amcor plc, DuPont, Sonoco, CCL, Mitsubishi Chemical Holdings Corporation, Berry Global Inc., Constantia Flexibles, Kl?ckner Pentaplast,and others.
The major ten players in the market hold approximately 70% of the total market share. These market players are investing in joint ventures, product launches, mergers, expansions. In May 2020, Chengdu PUTH Medical got accredited with Registration Certificate for disposable medical masks, medical device production license, and CE declaration of conformity.
The global medical device packaging market report provides insights on the below pointers:
? Market Penetration: Provides comprehensive information on the market offered by the prominent players
? Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
? Market Diversification: Provides in-depth information about recent developments, and investments
? Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global medical device packaging market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players
? Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
? Pricing Analysis: Pricing analysis of various components used in the manufacturing of medical device packaging
? Manufacturing Cost Analysis: Cost-share of various components in medical supply products, cost analysis, unit cost analysis
The global medical device packaging market report answers questions such as:
? What is the market size and forecast of the global medical device packaging market?
? What are the inhibiting factors and impact of covid-19 on the global medical device packaging market during the assessment period?
? Which are the types/segments/applications/areas to invest in over the assessment period in the global medical device packaging market?
? What is the competitive strategic window for opportunities in the global medical device packaging market?
? What are the technology trends and regulatory frameworks in the global medical device packaging market?
? What is the market share of the leading players in the global medical device packaging market?
? What modes and strategic moves are considered favorable for entering the global medical device packaging market?
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Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
Key Reasons to Purchase this Report:
Strategic Direction: This research report provides insightful analysis and strategic advice for senior executives, decision-makers, professionals, sales managers, and other market stakeholders working in this space. It aids in decision-making and offers strategic recommendations for product advancements.
Comprehensive Analysis: Both economic and non-economic aspects are taken into account in the report’s thorough qualitative and quantitative analysis of the market. For a complete knowledge of market dynamics, it contains a segment breakdown with market evaluations expressed in terms of value (USD Billion) for each segment.
Growth Opportunities: The research highlights the geographies and market categories predicted to expand at the highest rates, potentially positioning them to dominate their respective markets. It offers a thorough examination of consumption trends in various geographic areas and highlights the variables affecting regional market trends.
Competitive Landscape: The competitive landscape section lists the top market rivals and discusses current business expansions, collaborations, product launches, and acquisitions. This data makes it easier to evaluate significant players’ market positions.
Detailed Company Profiles: These include their company description, insights, product benchmarking, and SWOT analysis, providing a thorough picture of the major market participants. Stakeholders are able to assess the advantages and disadvantages of the leading market players due to these profiles.
Future Market Outlook: The study presents recent trends, growth prospects, drivers, challenges, and restraints in both emerging and developed regions. It also includes current and future market outlooks. It gives stakeholders knowledge of potential industry trends and aids in their prediction of upcoming market dynamics.
Industry Analysis: Using Porter’s Five Forces Analysis, the research provides a comprehensive analysis of the industry, looking at factors such as the bargaining power of customers and suppliers, rivalry among businesses, the threat of alternative products, and the threat of new entrants. This research helps to comprehend how fiercely the market is competitive.
Value Chain Insights: Through a thorough examination of the value chain, the research offers insightful information about the market. This aids stakeholders in comprehending the main processes and actors involved in the creation and supply of the good or service.
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