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Global medical device packaging market projected to reach $57.6 billion by 2024
The global medical device packaging sector is forecast to achieve a compound annual growth rate of 6.3% between 2018 and 2024, according to a report from Zion Market Research (New York). It is projected to reach a value of $57.6 billion in 2024, compared with $37.5 billion in 2017.
The report, Medical Device Packaging Market by Packaging Type, Material and Application: Global Industry Perspective, Comprehensive Analysis and Forecast, 2017–2024, covers a full range of packaging that is used to store, transport and protect medical devices.
Medical packaging must maintain sterility of the medical device until point of use, notes the report. Its primary role is to keep the products free from microbial contamination and to maintain a sterile condition.
Demand for flexible packaging is on the rise, according to the report; transparency, chemical resistance and moldability are expected to contribute to market growth during the forecast time period.
Longer shelf life requirements are also a major factor driving the market. Materials typically need to have barrier properties and be able to withstand disinfectants.
The report segments the medical device packaging market by type (bags & pouches, trays and boxes); materials (polymers, non-woven fabrics and paper/paperboard); and application (disposable consumables, monitoring and diagnostic equipment, and therapeutic equipment).
The major players operating in the medical device packaging market, according to the report, are 3M, DuPont, Amcor, Bemis, SteriPack, Siemens Healthcare, GE Healthcare, West Pharmaceutical Services, Wipak, Riverside Medical Packaging, Placon and Oracle Packaging.