The global Medical Devices Secondary Packaging Market is on a growth trajectory, with an estimated valuation of US$ 12,409.8 million in 2023, projected to reach an impressive US$ 20,914 million by 2033, driven by a steady compound annual growth rate (CAGR) of 6.1% during the forecast period.
Several pivotal factors are propelling the demand for Medical Devices Secondary Packaging:
1. Aging Population and Rising Chronic Diseases: The increasing elderly population is accompanied by a surge in chronic illnesses. This demographic shift fuels the demand for medical devices like pacemakers, stents, and artificial joints, necessitating robust packaging solutions to ensure the safety and integrity of these vital devices.
2. Technological Advancements: Ongoing advancements in medical technology lead to the creation of innovative medical devices. As these new devices enter the market, manufacturers must invest in reliable secondary packaging to safeguard these devices during transport and storage.
3. Minimally Invasive Procedures: The growing preference for minimally invasive surgical procedures requires smaller medical devices and appropriate packaging to ensure their secure delivery to surgical sites.
4. Regulatory Compliance: Stringent regulations governing Medical Devices Secondary Packaging are a driving force. Governments worldwide are implementing stringent standards to guarantee the safety and integrity of medical devices, emphasizing the importance of adhering to these regulations.
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In essence, the Medical Devices Secondary Packaging market’s growth is intertwined with the evolving healthcare landscape and the need for robust packaging solutions to protect critical medical devices.
Furthermore, rising awareness about the importance of proper packaging in extending the shelf life of medical devices is also driving demand.
While the adoption of medical device secondary packaging is expected to experience significant growth, manufacturers are also facing several challenges. One of the prominent challenges is meeting stringent regulations and compliance requirements to ensure the safety and integrity of medical devices. Another challenge is ensuring the compatibility of packaging materials with medical devices to avoid any damage. Managing costs while maintaining high standards of quality is also a significant challenge for manufacturers as they strive to produce packaging solutions at a competitive price while meeting industry standards.
Key Takeaways from the Medical Device Secondary Packaging Market:
- The paper and paperboard market is predicted to account for US$ 14,293.2 million by 2032 and to grow at a 5.5% CAGR throughout the projection period.
- During the projection period, the plastic segment is expected to offer a growth potential of US$ 6,620.8 million. In 2022, the boxes sector accounted for about 30% of the market. This category is also predicted to rise at a healthy 5.5% CAGR throughout the projection period.
- Folding cartons are expected to represent an incremental potential of US$ 1.9 billion over the projection period and to account for more than 21% of the market by 2032.
- During the projection period, the medical device secondary packaging sector in the United States is expected to exceed US$ 5,067.6 million.
- This German market is predicted to provide a startling additional opportunity of US$ 1,030.4 million, making it an appealing location for both investors and producers.
- By 2032, China’s medical device secondary packaging industry is expected to be worth US$ $1,270.1 million.
Who is Winning?
Product innovation, market expansion into new markets, strategic alliances and collaborations, and acquisitions are common growth tactics employed by the industry’s leading players. Startups in the market are developing innovative technologies to efficiently label medical devices.
Packaging companies may save validation time and eventually create smaller batch sizes that comply with customer specifications by applying the same processes for identical medical devices with a few minor adjustments. The use of NFC and RFID tags in packaging materials is expected to be promoted by counterfeiting, which is a serious problem with medical supplies.
Sonoco Products Company, Smurfit Kappa, Berry Global Group,Inc., Constantia Flexibles Group GmbH, UFP Technologies, Placon Incorporated, Steripack Group, Nelipak Group, Stora Enso Oyj, Winpak Ltd, Graphic Packaging International, LLC,Atlantic Packaging, Pro-tech Design & Manufacturing Inc., Scan Modul B.V., Körber AG, The BoxMaker
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Recent Developments in the Market:
- Ashfield, a subsidiary of UDG Healthcare plc, announced the development of three business divisions in January 2021 to expand and diversify its healthcare capabilities.
- In April 2021, Amcor presented its most recent invention, the New AmSkyTM blister system. This innovation has the potential to revolutionize medical packaging sustainability.
- In April 2020, Amcor’s ULTRA pouches were certified for steam sterilization at 134°C and vaporized hydrogen peroxide treatment. As a result, the pouches may be used to sterilize reusable medical equipment.
Medical Devices Secondary Packaging Market by Category
By Material:
- Paper and Paperboard
- Plastics
By Packaging Format:
- Boxes
- Folding Cartons
- Bags and Pouch
- Trays
- Inserts and Dividers
- Wrapping Films
By End Use:
- Surgical
- Therapeutic
- Diagnostic
By Region:
- North America
- Latin America
- Europe
- South Asia and the Pacific
- East Asia
- The Middle East and Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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