Medical Device Packaging Market Exhibiting a CAGR of 5.3% by 2027
Packaging materials of medical are utilized for storing, protecting, transporting and organising medical devices. Market involves both flexible and rigid protection type of products packaging. A recent research report developed by Future Market Insights provides detailed study of the global medical device packaging market. The report reveals pricing analysis, Y-o-Y growth, market size and CAGR of the market over the forecast period.
The report includes all vibrant details of the market including trends, drivers those are driving the growth of the market as well as restraints that are influencing growth of the market. According to the report published by FMI, the market for medical device packaging is anticipated to expand at steady single-digit CAGR throughout the forecast period (2017-2027).
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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.
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 with.
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.
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.
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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.
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