Medical Device Packaging Industry Overview
The global medical device packaging market size was valued at USD 29.78 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2020 to 2028.
The increasing demand for medical devices such as surgical implants and instruments, medical supplies, electro-medical equipment, in-vitro diagnostic equipment and reagents, irradiation apparatuses, and dental goods has been driving the demand for medical device packaging products. Unhealthy lifestyles of people have been resulting in the high prevalence of chronic diseases, such as heart disease, cancer, diabetes, stroke, and arthritis, in recent years, especially in developed economies. These above-mentioned diseases require various medical equipment for diagnosing and treatment and have been contributing to the growth of the medical device market over the past five years.
Gather more insights about the market drivers, restrains and growth of the Global Medical Device Packaging Market
The manufacturers have been offering the products with various technologies, such as peal/seal and counterfeit technology. These are aimed to offer convenience and shield center fire products. Solutions such as 2-D barcode with unique numbering/ serialization, UV identification code, hologram, or hidden text printed using security or magnetic ink can be used to deliver full protection to product counterfeiting.
The U.S. has emerged as the largest market for medical device packaging due to the robust medical sector and the presence of numerous entities catering to the healthcare domain. The country holds a competitive advantage in terms of instrumentation, technology, software development, and high investments in the RD field, resulting in high production volumes of medical devices.
The U.S. has the highest per-capita healthcare expenditure in the world, which stood at USD 10,966 in 2019. The national health expenditure in the year 2019 was 17.7% of its GDP. The country’s demography is changing with an increasingly aging population. With the rising old-age population, the need for robust healthcare services becomes a priority in order to treat chronic diseases, such as heart-related illnesses, arthritis, diabetes, hypertension, and depression.
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Key Companies profiled:
Some of the prominent players in the global medical device packaging market include:
- Amcor plc
- Sonoco Products Company
- CCL Industries
- Constantia Flexibles
- WestRock Company
- Berry Global Inc.
- Glenroy Inc.
- SteriPack Group
- Riverside Medical Packaging Company Ltd.
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