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December 6, 2022
2 Min Read
The medical device packaging market is forecast to grow by $15.66 billion at a CAGR of 10.16% between 2022 and 2027.
According to the report released by Technavio in November, Europe is expected to contribute 29% of growth, reflecting an increase in healthcare expenditures and the strong presence of established vendors.
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 boosting the segment.
The growing adoption of medical devices is helping drive increased use of packaging.
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 demand for healthcare products, including healthcare devices globally.
The increase in the demand for healthcare devices has created a greater need for the associated packaging materials.
Technological advances are fueling growth.
The market is seeing 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.
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