Sarasota, FL -- (SBWire) -- 01/07/2019 --Zion Market Research has published a new report titled "Medical Device Packaging Market by Packaging Type (Bags & Pouches, Trays, and Boxes), by Material (Polymer, Non-woven Fabric, and Paper & Paperboard), and by Application (Disposable Consumables, Monitoring & Diagnostic Equipment, and Therapeutic Equipment): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2024". According to the report, global medical device packaging market was valued at approximately USD 37.56 billion in 2017 and is expected to generate revenue of around USD 57.60 billion by the end of 2024, growing at a CAGR of around 6.30% between 2018 and 2024.
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Medical device packaging is utilized for storing, transporting, and protecting the medical devices. The packaging must maintain the sterility of the medical device until its usage. The main objective of the packaging is to keep the products free from microbial contamination and maintain the sterile condition. Packaging helps the medical devices against tearing, vibration, splitting, damaging, and atmospheric changes. The increasing demand for pharmaceutical packaging devices such as catheters, gloves, syringes, plasters, injections, insulin pens, and the scalpel is the major factor driving the medical device packaging market. Moreover, rising demand for the product with longer shelf life is also another major factor driving the market. The shelf life of the product can be increased by protecting it from various deteriorating agents, such as oxygen, moisture, and microorganisms. Such factors are anticipated to fuel the market growth.
On the basis of the packaging type, the market is segmented into bags & pouches, trays, and boxes. Bags & pouches within the packaging type held the largest market share in 2017. This growth is attributed to its large number of applications and ease in packaging. Moreover, bags & pouches are lightweight and can be easily stored, transported, and portable which tends to positively influence the market growth.
On the basis of material, the medical device packaging market is segmented into the polymer, non-woven fabric, and paper & paperboard. Polymer segment is expected to contribute a major revenue share in 2017 and would continue its dominance over the forecast time period. This growth is attributed due to the high density and extremely fine polyethylene material which is used in packaging such as pouches. Tyvek is the material under polymers which is used for packaging. It offers features such as dimension stability, chemical inertness, and puncture resistant. Packaging that comes under this segment can be used in operating rooms and can come in direct contact of skin. Hence, the polymer segment is anticipated to dominate the market during the forecast time period.
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On the basis of application, medical device packaging market is segmented into disposable consumables, therapeutic equipment, and monitoring & diagnostic equipment. Monitoring & diagnostic equipment within the application segment is anticipated to dominate during the forecast timeframe. This dominance is attributed to a large number of devices widely used in the global medical industry.
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are regional segments of the market. North America held the largest market for medical device packaging. The growth of this regional market is attributed to the technological advancement and high income of consumers. Asia Pacific medical device packaging market has emerged as the fastest growing region led by China and India owing to growing pharmaceutical industries in the region.
The major players operating in the medical device packaging market are 3M, E. I. du Pont de Nemours and Company (Du Pont), Amcor Limited, Bemis Company, Inc., SteriPack Contract Manufacturing., Siemens Healthcare, GE Healthcare, West Pharmaceutical Services, Inc., Wipak Group, Riverside Medical Packaging Company Ltd., Placon, and Oracle Packaging.
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This report segments the global medical device packaging market as follows:
Medical Device Packaging Market: Packaging Type Segment Analysis
Bags & Pouches
Trays
Boxes
Medical Device Packaging Market: Material Segment Analysis
Polymer
Non-woven Fabric
Paper & Paperboard
Medical Device Packaging Market: Application Segment Analysis
Disposable Consumables
Monitoring & Diagnostic Equipment
Therapeutic Equipment
Medical Device Packaging Market: Regional Segment Analysis
North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa
Global Medical Device Packaging Market Set for Rapid Growth, to Reach Value Around $57.60Bn by 2024
Global medical device packaging market expected to generate revenue of around USD 57.60 billion by the end of 2024, growing at a CAGR of around 6.30% between 2018 and 2024. Medical device packaging is utilized for storing, transporting, and protecting the medical devices. The packaging must maintain the sterility of the medical device until its usage.