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Medical device packaging market to grow at CAGR of 10.16%

Technavio has announced its latest market research report titled Global Medical Device Packaging Market 2023-2027. The medical device packaging market size is forecast to grow by US$ 15.66 billion at a CAGR of 10.16% between 2022 and 2027.

Europe is forecast to contribute 29% to the growth of the global medical device packaging market during the forecast period. The increase in healthcare expenditures and the strong presence of established vendors will facilitate the medical device packaging market growth in Europe over the forecast period.

Technavio has segmented the medical device packaging market by product, applications, and geography in the report.

Pouches account for the largest share of the market

The pouches segment held the largest share of the market in the base year. The segment is driven by the lower cost of pouch packaging compared to other types of packaging solutions.

Also, the increase in demand for sterilized, single-use products such as disposable balloons, dilation catheters, and syringes packed using pouches is driving the growth of the segment.

Higher adoption of medical devices drives the growth

The increasing adoption of medical devices is one of the factors driving the medical device packaging market growth.

Factors such as rapid market approval processes and rising quality and cost-effectiveness of clinical research are increasing the demand for medical devices such as diagnostic equipment, rehabilitation products, surgery devices, technical aid products, intensive care units, and hygiene devices.

In addition, the growing prevalence of various chronic diseases and risk factors coupled with the expanding geriatric population has increased the demand for healthcare products, including healthcare devices across the world.

The increase in the demand for healthcare devices has created a greater need for packaging materials. This is driving the growth of the global medical device packaging market.

Technological advances also contribute to the growth

Technological advances are another key medical device packaging market trend fueling the market growth. The market is observing significant improvements in terms of technology used in the packaging of implantable medical devices, medical imaging devices, home healthcare products, and supercomputing devices.

For instance, hermetic packaging is being used in implantable medical devices to protect the implant electronic circuitry against the harsh environment of the human body. This technology is widely used in miniaturized implantable medical devices.

Similarly, the market is witnessing the advent of innovative packaging designs and technologies such as temperature-controlled-sterilized containers, compression molding, liquid injection molding, and transfer molding. Such technological advances are expected to have a positive impact on the growth of the global medical device packaging market during the forecast period.

Source : https://www.adsalecprj.com/en/news_show-79368.html

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