A report published in May 2023 by Future Marketing Insights projects the global medical device packaging market to be worth $12.4 billion in 2023 and see a CAGR of 6.1%, climbing to $20.9 billion by 2033, thanks in large part to the growing popularity of durable, eco-friendly packaging.
Given that the US currently accounts for three-quarters of the total North American medical device packaging market, analysts expect the market to continue on its trajectory, growing to a value of $5 billion by 2033. To put this in perspective, Germany, which generates over 20% of Europe’s income, will provide an additional opportunity of about $1 billion.
Medical device packaging spans bags, pouches, containers, trays, stick packs, clamshell blister packs and boxes, with bag and pouch packaging accounting for a major chunk of the global medical device packaging market.
There’s also a broad range of materials found in this market, including polyethylene, polypropylene, polystyrene, polyvinyl chloride, PET, aluminum, glass, paper laminates, fabric, and others including biopolymers such as polylactic acid (PLA), and polyhydroxyalkanoates (PHA). Disposable consumables are expected to maintain dominance, both in terms of value and volume.
Factors influencing medical device packaging growth.
Global demand for medical devices such as pacemakers, stents, and replacement joints are rising due to an aging population and the related growth in chronic diseases. New medical devices have been created following medical technology advancements, necessitating packaging solutions from manufacturers to safeguard them during storage and transport.
As governments globally develop requirements to safeguard the safety and integrity of the gadgets, strict laws for medical device packaging are also significantly influencing demand. Demand is also being fuelled by a growing understanding of how critical adequate packaging is to extend the shelf life of medical devices.
Although medical device packaging use is anticipated to expand significantly, manufacturers still face obstacles that include the need to meet strict compliance standards to guarantee the safety and integrity of medical devices and ensuring packing materials are compatible with medical devices to prevent damage.
Key medical device packaging takeaways:
- The plastic segment is expected to offer a growth potential of $6.6 billion.
- In 2022, the boxes sector accounted for about 30% of the market; this category is also predicted to experience a 5.5% CAGR throughout the projection period.
- Folding cartons are expected to represent an incremental potential of $1.9 billion over the projection period and to account for more than 21% of the market by 2033.
- During the projection period, the medical device packaging sector in the US is expected to exceed $5,07 billion.
- Germany is predicted to provide a startling additional opportunity of $1.03 billion.
- By 2033, China’s medical device packaging industry is expected to be worth $12.7 billion.