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Medical Device Packaging Market future trend and growth opportunities over the forecast timeframe

Author : Rahul Varpe | Published Date : 2019-07-08 

Global Medical Device Packaging Market research report is added by Global market insights, inc by covering all major market aspects. The report also touches the key scenarios like top players, competition, types, applications, regions, recent developments and future market predictions.

Europe medical device packaging market size, led by UK, France, Italy, and Germany, may have a strong market share due to strong security protection of therapeutic equipment supported by government regulations will drive regional industry growth.

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Medical Device Packaging Market size is mainly driven by diagnostic centers, hospitals and therapeutic equipment manufacturers. Huge investment along with high-tech equipment and technology in the healthcare industry will enhance the industry growth.

Increasing healthcare expenditures along with growing health awareness among aging population may drive industry growth. Global medical device market may surpass USD 350 billion by 2024, with gains at over 4.5%. Recent developments in the healthcare sector and modern tools, machines, equipment and apparatus, may further enhance the industry growth. Innovations such as child resistant and tamper evident in packing is likely to fuel medical device packaging market size. 

Pharmaceutical packing accounts for the largest market share in medical device packaging market. Global packaging industry was valued at over USD 500 billion in 2016. DuPont’s Tyvek is used in pharmaceutical and sterile medicinal packing, which is eventually driving the industry growth demand.

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Increase in flexible packing demand in medical device packaging as the vendors are approaching for innovative pouches which offers protection to various medicinal equipment. Global flexible packaging market may witness significant gains at over 5%. Shift in trends towards convenient packing due to properties including transparency, chemical resistance, the ability to be cast into various shapes and durability, which will influence industry growth.

Containers comprises of the largest market share owing to cost-effectiveness and security enhanced formats in medical device packaging market. Pouch and trays in container types have a higher selling rate compared to others. Pouches have puncture resistance, barrier & strength properties and compartment trays remove the risk of infection dispersion and staff errors during the assembling of products.

Wrap films market size may witness significant gains over the foreseeable timeframe. They are polypropylene films which are designed for overwrapping and outer packing for sterile solution bags. Companies offers wide range of laminations and films for medical device packaging using high processing speed in flow wrap machines.

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The industry is facing huge pressure to decrease the cost as the end-use industries are mainly focusing towards product innovation by investing in the R&D. Companies are forming strategic alliances in order to reduce product costs. Intensifying healthcare costs may create multiple competition which will weaken the overall production and increase price sensitivity to packing cost thereby affecting medical device packaging market price trend.

Global medical device packaging market share is highly fragmented with prominent players including Mitsubishi Chemical Holdings Corporation, DuPont, Amcor Limited, Bemis Company, 3M Company, West Pharmaceutical Services, Chesapeake Limited, MeadWestvaco Corporation, Klöckner Pentaplast Group, Wipak Group, Riverside SteriPack., and Placon Corporation.

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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