Southeast Asia Medical Device Packaging Market Expected To Grow At CAGR Of 5.6%, With US$ 3,477 Million By 2033 | FMI Study

Introduction

In the ever-evolving landscape of healthcare, the Southeast Asia Medical Device Packaging Market stands as a crucial pillar. This thriving industry not only safeguards cutting-edge medical devices but also plays a pivotal role in ensuring the safety of patients. As we delve into the intricacies of this dynamic sector, you’ll discover how it fosters innovation while prioritizing safety.

Southeast Asia Medical Device Packaging Market – An Overview

Southeast Asia is witnessing a remarkable surge in medical device packaging solutions. These are the backbone of the healthcare industry, securing items like diagnostic equipment, surgical instruments, and even implants. This section explores the various aspects of the Southeast Asia Medical Device Packaging Market, giving you a comprehensive understanding.

Anticipated at a 5.6% compound annual growth rate (CAGR), the Southeast Asia medical device packaging market is set to witness significant expansion, soaring from US$ 2,022 million in 2023 to a projected US$ 3,477 million by the year 2033.

Sales of biomedical packaging are set to surge to a valuation of US$ 391.4 million by 2023. Southeast Asia’s medical device packaging and the global medical device packaging sales are projected to total US$ 2,022 million and US$ 38.57 billion in 2023.

Medical device packaging industry in Singapore is estimated to grow at a CAGR of 6.3% during the forecast period. Singapore is expected to lead the Southeast Asia medical device packaging sales over the forecast period, generating revenue of US$ 318 million by 2033.

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Bags and Pouches to Remain the Preferred Packaging Format

In terms of packaging, the bags and pouches segment is predicted to lead medical device packaging industry in Southeast Asia in the forecast period, offering a definite financial opportunity of US$ 224.4 million by 2033. Bags and pouches in medical device packaging provide a barrier against contamination, ensuring that the medical device remains sterile until it is ready to be used.

Market Drivers-

1. Rising Healthcare Expenditure: Increasing healthcare spending in Southeast Asian countries is boosting the demand for medical devices. As healthcare infrastructure continues to develop, so does the need for efficient and safe packaging solutions.
2. Growing Aging Population: The aging population in the region is leading to a higher prevalence of chronic diseases, increasing the demand for medical devices. This demographic shift is a significant driver of the medical device packaging market.
3. Stringent Regulations: Governments and regulatory bodies are imposing stricter regulations and quality standards for medical device packaging to ensure patient safety. Compliance with these regulations is compelling manufacturers to invest in advanced packaging solutions.
4. Technological Advancements: Ongoing advancements in packaging materials and technologies are enhancing the protection, sterility, and usability of medical devices. This, in turn, is driving the adoption of modern packaging solutions.
5. Rise in Medical Tourism: Southeast Asia has become a hub for medical tourism, attracting patients from around the world. This trend is fueling the demand for high-quality medical devices and, subsequently, their packaging.
6. Environmental Sustainability: Growing awareness of environmental concerns is driving the demand for eco-friendly and sustainable packaging materials. Manufacturers are increasingly focused on reducing the environmental impact of their packaging.

For instance,

• In June 2023, Applied Materials announced a US$ 4 billion investment in the EPIC research and development Collaboration Center.
• In January 2023, Amcor acquired MDK to expand its medical device packaging collection in the Asia Pacific.
• In January 2023, TriMas announced the acquisition of Aarts Packaging B.V., a reputable and innovative provider of packaging solutions to significant lifestyle and beauty brands and their customers, and finally, food and life sciences.
• In April 2022, Huhtamaki introduced the Push Tab® blister lid, a mono-material and aluminium-free PET blister lidding that is a sustainable innovation for the worldwide pharmaceutical and healthcare industry.
• In August 2021, PAXXUS introduced AccuPierceTM, a pierceable, chemically-resistant aluminum foil designed for diagnostic purposes and employed as the device’s lidding component.

Some of the Key Players in Medical Device Packaging Industry in Southeast Asia

• Huhtamaki Oyj
• WestRock Company
• Berry Global, Inc.
• Tekni-Plex, Inc.
• DuPont Inc
• Graphic Packaging International, Inc.
• Amcor Plc
• Sonoco Products Company
• Amcor plc
• Berry Southeast Asia, Inc.
• Huhtamaki Oyj
• PAXXUS PTE LTD
• Graphic Packaging International, Inc.
• DuPont Inc
• Steripack Group

Upcoming Opportunities:

• Increased healthcare spending and demand for medical equipment: Growing healthcare spending and rising demand for medical devices in Southeast Asia present noteworthy growth opportunities for the medical device packaging industry.
• Aging population needs frequent healthcare: The region’s aging population is leading to increased demand for medical equipment. This leads to an increasing demand for specialized and effective packaging solutions.

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Southeast Asia Medical Device Packaging Segmentation by Category

By Material:

• Plastic
  • PE
  • PP
  • PET
  • PVC
  • Bioplastics
  • Others (PA, EVOH)
• Aluminum
• Glass
• Tyvek
• Paper & Paperboard
  • Coated
  • Uncoated
• Others (Fabric, Silicon, Etc.)

By Packaging Format:

• Bags & Pouches
• Films & Wraps
• Lids
• Rollstock
  • Top and Bottom
  • Forming Webs
• Containers
• Trays
• Stick Packs
• Clamshell
• Blister Packs
• Boxes
• Others

By Class:

• Medial Class 2
• Medical Class 3

By Application:

• Surgical Device
• Therapeutic Equipment
• Monitoring & Diagnostic Equipment
• Disposal Medical Supplies
  • IV Catheters
  • IV Sets
  • Syringes
  • Scalp vein sets
  • Drapes
  • Gowns
  • Gloves
  • Wound Care
  • Filter/Tubes

By Country:

• Indonesia
• Malaysia
• Philippines
• Singapore
• Thailand
• Vietnam
• Burma (Myanmar)
• Cambodia
• Brunei
• Timor-Leste
• Laos

About Future Market Insights (FMI)

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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