Kenneth Research recently added a report on Medical Devices Packaging Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Medical Devices Packaging Market along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Medical Devices Packaging Market products.
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The global medical device packaging market is estimated to mark a revenue of ~USD 31 billion by end of 2021. It is expected that the global medical device packaging market will grow significantly during the forecast period marking a CAGR of ~7% between 2022 and 2030. Several factors, including the rapid technological development of the medical device industry and the introduction of various advanced medical devices that require specialized packaging, are expected to drive market development during the forecast period. In addition, due to increased health awareness, the increase in healthcare spending is expected to have a positive impact on market growth. For medical devices, packaging must be able to maintain sterility throughout the supply chain. In addition, you must protect medical equipment from contamination and mechanical damage during transportation and storage, so as to maintain the overall quality and integrity of the product. The medical device industry is characterized by various technological innovations in medical equipment, tools and appliances, which are expected to have a positive impact on the growth of the medical device packaging market.
The medical device industry includes a large number of products, from surgical tools to imaging equipment used to treat various diseases and conditions. In addition to standard medical devices compatible with various patients, the increase in the development of patient-specific medical devices may have a positive impact on the growth of the medical device packaging market during the forecast period.
In addition, several factors including the aging of the population, coupled with increasing investment in the healthcare industry, especially in several emerging countries, are expected to increase the demand for medical devices, which in turn is expected to promote the development of medical device packaging. demand. Forecast period. In addition, packaging companies are increasingly focusing on providing sustainable and profitable packaging for medical devices, which is expected to drive market growth.
According to materials, the medical device packaging market has been subdivided into plastic, paper and cardboard, foil, glass, etc. Plastic is one of the most widely used materials for manufacturing medical device packaging. Many types of plastics, such as polyethylene (PE), polyethylene terephthalate (PET), and polypropylene (PP), are used to produce medical device packaging. Plastics are used to make flexible, semi-rigid and rigid structures for packaging medical devices.
According to different products, the market has been subdivided into bags, bivalve containers, boxes, trays, bags, blisters, etc. During the forecast period, the growth rate of the luggage product segment may be the highest. These bags are used to package various medical products, including surgical instruments, diagnostic products, and biomedical equipment. These bags have good barrier properties and puncture resistance, increasing their application in medical device packaging.
According to applications, the medical device packaging market has been subdivided into sterile and non-sterile packaging. Sterile packaging is used for medical devices to avoid contamination and protect them from physical damage. In addition, aseptic packaging is used for medical devices, where it is important to maintain sterility during storage and transportation. Therefore, aseptic packaging must consider several factors, such as packaging materials, packaging integrity, and sealing quality.
During the forecast period, the growth rate of aseptic packaging applications is likely to be the highest. On the other hand, some medical devices are sterilized before use or unpacking and do not require aseptic packaging. These devices need to be packaged to prevent vibration, temperature and shock during transportation and storage.
According to different regions, the medical device packaging market is divided into North America, Europe, Asia Pacific, Central and South America, the Middle East and Africa. North America may account for most of the market. Due to the existence of a large number of medical device companies and rapid innovation in the medical device industry, growth is mainly driven by the United States, which in turn is expected to benefit the market. In addition, medical devices are also exported to various countries, which is expected to drive market growth.
Europe is also expected to occupy a considerable share of the global medical device packaging market. The market is mainly driven by new product innovation and regulations and standards related to medical device packaging. During the forecast period, the Asia-Pacific region may experience significant growth rates. In turn, factors such as population growth, coupled with increasing investment in the healthcare industry, are expected to drive the demand for medical devices, thereby benefiting market growth. Company, Printpack, Klöckner Pentaplast, Berry Global Inc., Technipaq Inc., Constantia Flexibles, Plastic Ingenuity, Tekni-Plex, etc. Companies operating in the market are adopting strategies such as mergers and acquisitions and new product development to gain a competitive advantage.
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