The Korea medical device packaging market is expected to hold significant share in the upcoming decade. High incidence rate of chronic diseases such as diabetes and cancer would aid growth. Increasing prevalence of chronic diseases would push medical device packaging demand in Korea.
Patients with chronic conditions need frequent monitoring and treatment. They often need medical devices to assist them in their day-to-day care. Packaging these medical devices is essential to ensure their safe transport and use.
Awareness of health issues is expected to propel demand for medical device packaging in Korea. The government’s efforts to improve healthcare delivery would also propel demand.
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The government in Korea is also encouraging citizens to seek medical help when needed. It has resulted in people undergoing regular medical check-ups. The trend would continue to drive the demand for medical device packaging by 2027.
Subsequently, development of new technologies and materials is making it easy to package and transport medical devices. This will allow for improved safety and efficiency, facilitating the growth in medical device packaging market.
Manufacturers in Korea are investing in research and development to create innovative materials. These can provide superior protection. They can also extend the shelf life of medical devices. It would help to ensure their quality and safety. Hence, companies in Korea are also creating efficient packaging solutions.
Key Takeaways from the Medical Device Packaging Market
- The medical device packaging market will witness 3% CAGR between 2022 and 2027.
- Revenue generated from medical device packaging sales will reach US$ 48.1 billion by 2027.
- In 2022, the global medical device packaging market reached US$ 36.6 billion.
- High incidence of chronic diseases will escalate medical device packaging demand in Korea.
“Rising cases of chronic diseases would drive demand for medical device packaging. Key players will manufacture cost-effective packaging materials,” says a Future Market Insights analyst.
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Competition Landscape in the Medical Device Packaging Market
Manufacturers in Korea are focusing on producing cost-effective and light packaging materials. Lightweight nature of new packaging materials makes it easy to transport and store.
Cost efficiency helps to keep prices competitive. Manufacturers are looking at innovative solutions to generate high share. They are developing flexible packaging. This type of packaging can protect products while providing ease of use
Munksjö, The Right Place, Inc., and Amgen are Korea medical device packaging manufacturers.
Recent Developments:
- In October 2021, Munksjö announced the release of Steralia. It is a scientific paper for the production of medical pouches. These are used for sterilization of medical equipment.
- In May 2020, Michigan Economic Development Corporation (MEDC) and the Right Place, Inc. joined hands. Packing Compliance Labs, LLC (PCL) expanded its facilities in Korea with this collaboration.
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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