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Medical Device Packaging Market Size, Demand and Future Outlook 2028


Vantage Market Research, The North Star for the Working World

Vantage Market Research, The North Star for the Working World

WASHINGTON, Sept. 22, 2022 (GLOBE NEWSWIRE) — The market for Medical Device Packaging Market products has been driven by the rising demand for medical devices such as surgical implants and instruments, medical supplies, electro-medical equipment, in-vitro diagnostic equipment and reagents, irradiation apparatuses, and dentistry items. In recent years, especially in developed nations, unhealthy lifestyles have contributed to the increasing prevalence of chronic diseases like heart disease, cancer, diabetes, stroke, and arthritis.

Over the past five years, the market for medical devices has grown as a result of the disorders mentioned above, which require various pieces of medical equipment for diagnosis and treatment. Hence, ultimately propelling the demand for Medical Device Packaging Market products.

The Global Medical Device Packaging Market revenue is expected to reach a value USD 33.3 Billion in 2028.

The Global Market revenue was valued at USD 23.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period; states Vantage Market Research, in a report, titled “Medical Device Packaging Market Size, Share & Trends Analysis Report by Material Types (Plastic, Paper & Paperboard, Foils, Glass), by Product Types (Pouches, Clamshell Packs, Boxes, Bags), by Applications (Sterile Packaging, Non-Sterile Packaging), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

Get Sample Copy of This Report: https://www.vantagemarketresearch.com/medical-device-packaging-market-1835/request-sample

Key Industry Findings & Insights from the report:

  • The global Medical Device Packaging Market was valued USD 23.1 Billion in 2021 and is all set to surpass USD 33.3 Billion by 2028, exhibiting a CAGR of 6.3% during the forecast period 2022-2028.

  • In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.

  • In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.

  • The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.

  • North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Medical Device Packaging industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.

List of Prominent Players in the Medical Device Packaging Market:

Market Dynamics:

Drivers:

Rise in IoT in the Healthcare and Medical Industries

Internet of Things (IoT) enabled healthcare systems can track every drug package, keep track of every tablet or capsule’s medication activity, and display all patient-specific prescription data. For this use, the Rise of Intelligent and Interactive Packaging (I2Pack) format is appropriate for smart devices. The I2Pack is the next generation of medical packaging that integrates RFID, sensing, energy harvesting, communication, and other features over conventional packaging mediums to connect with customers. The I2Pack can be given more responsibilities in addition to containing and protecting goods because the information fetched and carried by the packaging will change from static to dynamic, and the information flow will change from one-directional (product to the consumer only) to dual-directional (both product to consumer and consumer to producer).

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Increasing Disease Prevalence across the Globe

Chronic diseases including diabetes, cancer, and other infectious diseases are becoming more and more common as a result of sedentary lifestyles and other reasons. Additionally, through a rising number of awareness campaigns, healthcare organizations from different nations are concentrating on raising diagnostic and treatment rates. The number of patients needing diagnostic treatments and testing is growing along with the incidence and awareness of such illnesses in society. For example, the International Diabetes Federation (IDF) estimates that 537 million people worldwide had diabetes in 2021; this number is expected to increase to 643 million by 2030 and 783 million by 2045. Similarly, 1.9 million new instances of cancer were anticipated to be diagnosed in 2021, according to the American…



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