The Global Medical Device Packaging Market is growing at a high CAGR of 23.20% during the forecast period (2020-2027).

Published Date: 2021-02-26

health-care

DataM forecast the Global Medical Device Packaging Market is anticipated to grow at a CAGR of 23.20% from 2020 to 2027

Market Definition

Packaging in the case of medical devices must be able to maintain its sterility across the supply chain. Besides, it must protect the medical devices from contamination and mechanical damage during transportation and storage, thereby maintaining the overall quality & integrity of the product. The medical device industry is characterized by several technological innovations in medical equipment, tools, and apparatus, which are expected to have a positive impact on the medical device's packaging market growth. The medical device industry comprises many products ranging from surgical tools to imaging equipment that is used for the treatment of a wide range of illnesses and diseases. 

Market Dynamics

Drivers

  • Rising demand for the medical device due to rising prevalence of the Covid-19 infection with increasing healthcare spending
  • Rising demand for medical devices due to surge in prevalence of the chronic diseases
  • Supply chain and production lines that produce a higher level of automation and digitization under medical device packaging
  • Smart packaging with effective product safety is one of the key drivers in Medical packaging.

Restraints

  • Strengthening of rules and regulations for the global medical device packaging and change in the raw material prices
  • The FDA’s perspective on voluntary recalls with medical device packaging results from audited package processes and trends in recent recall data for package processes. 

The market is driven by rising demand for medical devices due to the rising prevalence of the Covid-19 pandemic with the surge in healthcare spending.

As per the Worldometer on 15th November 2020, an estimated 56.01 million cases increased by 1.15 million deaths due to the Covid-19 infectious. It created a massive demand for medical devices such as ventilators, accessories and other respiratory devices for the necessary treatment of the infected cases.

Active packaging technology: is a 3-Phase Active-Polymer technology currently used to protect a range of electrochemical, lateral flow, and molecular diagnostic test kits on the market today.

For instance, on 13th April 2020, Ford, 3M and other suppliers have started producing medical equipment to fulfill the unprecedented global demand for the devices. It created a massive demand for packaging during the covid-19 pandemic. Further demand will remain constant as several countries' recovery rates from the covid-19 infection have been increased.

Also, as COVID -19 cases continue to rise in parts of the United States, the country is still struggling to secure the volume of PPE necessary to keep up with the virus's spread. To help arm frontline workers, in May 2020, BIC North America announced plans to produce 2,000 medical-grade face shields every day at its factory in Milford. The face shields, approved by the FDA and Level 1 medical devices, are all made of materials typically used in packaging (plastic) or would otherwise be scrapped from materials used in the lighters. Besides, the shields are designed so the plastic can be removed and sterilized by the hospitals rather than disposed of.

Geographical Analysis

North America occupied the highest market share of about 36.2%% in 2019, which is expected to increase to 37.9% by 2027

The North American market is estimated to grow at a CAGR of 7.2% during the forecast period (2020-2027).

The North American region was dominating the global medical device packaging market. It accounted for the largest market share in 2019 due to several manufacturing industries of the medical devices with growing healthcare expenditure. As per the Medtech Europe Organization, in the United States, the medical devices trade to the United States increased to around US$ 2.30 billion, followed by the European MedTech trade partners China and Japan.

The United States is the major contributor to the market in this region, owing to its advanced primary medical community, extensive medical and life science research activities, and large pharmaceutical and medical supply and device industries.

In May 2020, Packaging Compliance Labs LLC announced an investment of USD 2.57 million to expand its headquarters in the greater Grand Rapids area. The medical device packaging, engineering, and testing firm were awarded a USD 135,000 Jobs Ready Michigan grant from the Michigan Strategic Fund. The expansion of the packaging company significantly contributes to the overall market growth. Further, the US Food and Drug Administration (FDA) regulates sterilization packaging intended for use in healthcare under CFR Title 21 880.6850 and classifies it as a class II medical device.

In May 2020, Med Accred announced to continue its expansion and support for the medical device industry. The company has added new plastics mechanical assembly and sterile device packaging audit processes and accredited many new suppliers within the last year. The program also entered its second year of partnering with the United States Department of Commerce through the Medical Manufacturers MedAccred Accreditation Pathway for manufacturers and suppliers seeking accreditation.

Also, rising growth in the Canadian diagnostic product industry is expected to expand the applications for parenteral vials and specialty multiple-well trays, thus driving the country's market. 

Further, in Canada, the Federal Minister of Health approved the interim order respecting the import and selling of medical devices for use concerning  COVID -19 in March 2020. Under the temporary measure, Health Canada will allow certain products to be sold in Canada, where the requirement of packaging should be fully compliant with Health Canada requirements

About Us:

DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year, we have secured more than 100 unique customers from established organizations all over the world.

For more information:

Sai Kiran

Sales Manager at DataM Intelligence

Email: [email protected]

Tel: +1 877 441 4866

Website: www.datamintelligence.com

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