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New study: Global medical device packaging market will hit at a CAGR of 6.2% in the forecast period 2017 to 2024

New study: Global medical device packaging market will hit at a CAGR of 6.2% in the forecast period 2017 to 2024

Global Medical Device Packaging Market, By Drug Delivery Device Packaging (Injectable Drug Delivery Packaging, Topical Drug Delivery Packaging, Nasal Drug Delivery Packaging, Pulmonary Drug Delivery Packaging, Transdermal Drug Delivery Packaging, Ocular Drug Delivery Packaging, Other), By Container Type (Pouches, Bags, Blister Packaging, Clamshells, Boxes, Others), By Raw Material (Plastics {Polyethylene [High-Density Polyethylene, Low Density Polyethylene], Polypropylene, Others}, Paper and Paper board, Glass, Others), By End User (Medical Manufacturing, Contract Packaging, Retail Packaging, Others), By Distribution Channel (Direct Tenders, Retail) By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa) – Industry Trends and Forecast to 2024

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The Global Medical Device Packaging Market is expected to reach USD 37,719.7 million by 2024 from USD 23,400.0 million in 2016, growing at a CAGR of 6.2% in the forecast period 2017 to 2024. The new market report contains data for historic years 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.

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Segmentation: Global Medical Device Packaging Market

By Drug Delivery Device Packaging (Injectable Drug Delivery Packaging, Topical Drug Delivery Packaging , Nasal Drug Delivery Packaging, Pulmonary Drug Delivery Packaging, Transdermal Drug Delivery Packaging, Ocular Drug Delivery Packaging, Other), Container Type (Pouches, Bags, Blister Packaging, Clamshells, Boxes, Others), By Raw Material [Plastics {Polyethylene (High-Density Polyethylene, Low-Density Polyethylene), Polypropylene, Others}, Paper and Paper board, Glass, Others}], End User (Medical Manufacturing, Contract Packaging, Retail Packaging, Others), Distribution Channel (Direct Tenders, Retail), Geography (North America, Europe, Asia-Pacific, South America, Middle East & Africa)

Drivers: Global Medical Device Packaging Market

Some of the major factors driving the market for medical device packaging market are expanding medical device packaging market, growing need of flexible packaging for the medical device packaging market, and increasing innovative products such as child resistant and tamper evident packaging are fuelling the growth of this market.

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Growing Medical Device Market

The medical device packaging market is dependent upon the growth of medical devices market.

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The current market for medical devices is on the rise in developed and developing countries. With the increase in healthcare expenditure, integrating portable healthcare facilities the medical devices market is growing with the same pace.

Also an aging population, demand for personalized treatment, and increased availability of healthcare are the major factors which are boosting the growth of this market. In accordance with this trend, the remote and virtual healthcare industries are anticipated to benefit from this growth.

Innovative Products Such as Child Resistant and Tamper Evident Packaging are Fuelling the Growth of the Market

The medical device packaging industry has benefited from the newer materials because of improved sterility and barrier system of the medical device packaging. However, there is still a need for tougher films which are puncture resistance and have greater advantages.

For many years, the medical device packaging industry has used pouches, clamshells, and blisters among others and has seen newly engineered materials enter the medical device packaging market place. Coextrusions, a technique in which the plastics with different properties are layered into a single sheet, are replacing heat seal coatings with wide sealing windows and consistent seal strengths, metallocenes and new blends of resins are offering better and cheaper alternatives.

Increased Demand Of Flexible Packaging

The demand for flexible packaging is on the rise due to factors such as cost containment, recycling, sustainability, protection from contaminants and lightweight capabilities. The shift towards the flexible packaging is attributed to various advantages such as efficiencies in manufacturing and cost of production, eco-friendly packaging advantages, and competitive edge among others.

The flexible packaging is cheaper as compared to other packaging as it decreases the freight costs at all level and also helps in handling and production processes. With the rise in medical device packaging market the flexible packaging would see much more growth in the coming future.

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Major Players: Global Medical Device Packaging Market

Some of the major players operating in this market are Barger, DuPont, CONSTANTIA, 3M, Mitsubishi Chemical Holdings Corporation, Amcor, Berry Global Inc., Bemis Company, Inc., Texchem Polymer Engineering Division, Klöckner Pentaplast, CONSTANTIA, Technipaq Inc., Plastic Ingenuity, and Beacon Converters among others.

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