The primary function of global medical device packaging apart from the very meaning that is derived from the name itself is of paramount of importance due to a few factors that range from the ability to maintain sterility of medical devices across the supply chain; the ability to protect medical devices from contamination as well as mechanical damage during transportation and storage thereby contributing to the sustenance of overall product quality & integrity.
According to the report, the medical device packaging market is projected to grow at a CAGR of 5.39% to reach over the forecast period 2019-2025. Moreover, with the above-mentioned benefits of medical devices packaging solutions, various technological developments in the medical packaging; continuous investment in research and developments that are giving rise to several advanced medical devices which in turn is giving rise to specialized packaging as well as the growing awareness leading to increase in healthcare spending will lead to an exponential growth in the medical devices packaging market. From a regional perspective, the medical device packaging market in North America is expected to account for the largest share in the market due to the presence of a large number of medical device companies that facilitate expeditious innovations in the medical device industry.
The latter is also the case for European markets. The number of exports to other countries is also other factors that have resulted and will also lead to healthy growth in the medical device packaging market during the forecast period. From the perspective of the USA, it is important to note that, the country retains its global position of being the largest medical device market of the world that accounted for US$156 billion (40 % of the global medical device market in 2017). By 2023, it is expected to grow to the US $208 billion. Medical devices exported by the U.S. according to the key product categories as identified by the Department of Commerce exceeded US $43 billion in 2018. R&D spending continues to represent a high percentage of medical device industry expenditures, averaging 7 percent of revenue. Compared to several other industries including automotive, defense, and telecommunications, the medical device industry invests a higher percentage of yearly revenues into product innovation.
This sheds a lot of light on the competitive nature of the industry as well as constant innovation and improvement of existing technologies [Source: The International Trade Administration (ITA), U.S. Department of Commerce]. For Instance, in April 2019, Tekni-Plex (Wayne, PA) had announced its intention to expand its medical packaging portfolio by formalizing the definitive purchase agreement to acquire three manufacturing facilities from Amcor’s Flexible Packaging business unit. The facilities are located in Madison and Milwaukee, WI, and Ashland, MA. These facilities produce a range of sterilizable medical device packaging substrates including coated and uncoated Tyvek, heat-seal and cold-seal coated paper and films, medical-grade laminates, and die-cut lids and label.
The major players covered as part of the report are Amcor PLC., DuPont De Nemours, Inc., WestRock Company, Berry Global Inc., ProAmpac, Mitsubishi Chemical Holdings Corporation, Wihuri Group, and Eagle Flexible Packaging, among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/medical-devices-packaging-market
In this report the medical device packaging market has been segmented based on the following: