Portland, OR, Sept. 21, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Medical Device Packaging Market generated $22.09 billion in 2020, and is projected to reach $47.11 billion by 2030, registering a CAGR of 7.5% from 2021 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
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Factors such as technological progress in the medical device sector, the launch of several upgraded medical devices that need specialized packaging, and rise in demand for innovative packaging solutions propel the market growth. Moreover, increased production and supply of medical devices, medicines, and drugs across the world drive the global medical devices packaging market growth. However, strict rules & regulations imposed by governments across the globe hampers the growth of the global market. In addition, increase in the need for sterile packaged, tamper-proof, and nonreactive products opens many doors of opportunities for the market.
Covid-19 impact on global medical device packaging market:
- COVID-19 has affected various sub-domains of the healthcare sector, including the medical device packaging sector in terms of production and supply chain.
- Medical workers, devices, and facilities are helping to cope with increase in the number of patients infected with COVID-19. This affected the productivity of the workforce.
- The spread of COVID-19 created new challenges for the international medical device supply network.
- The shortage of hospital beds increased the demand for self-monitoring health devices. This is positively impacting the medical devices packaging market.
The report segments the global medical device packaging market on the basis of material type, product type, application, and region.
Based on material, the plastic segment accounted for the largest market share in 2020, contributing to more than one-third of the total share, and is expected to maintain the lead throughout the forecast period. On the other hand, the glass segment is estimated to witness the fastest CAGR of 11.5% from 2021 to 2030.
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Based on the product, the pouches segment contributed to the largest share in 2020, accounting for more than one-fifth of the global medical device packaging market. However, the bags segment is expected to manifest the highest CAGR of 9.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in 2020, holding around two-fifths of the total share, and is expected to maintain dominance throughout the forecast period. On the other hand, LAMEA is expected to portray the fastest CAGR of 9.6% during the forecast period.
Leading players of the global medical device packaging market analyzed in the research include Amcor Limited, Constantia Flexibles, Berry Global Inc., 3M Company, CCL industries INC., Klöckner Pentaplast Group, Mitsubishi Chemical Holdings Corporation, DuPont, WestRock Company, and Sonoco Products Company.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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