Medical Packaging Market Worth 50.55 Billion USD by 2022
21 Jul, 2017, 15:30 BST
PUNE, India, July 21, 2017 /PRNewswire/ --
The report "Medical Packaging Market by Material (Polymer, Non-woven Fabric, Paper & Paperboard), Packaging Type (Bags & Pouches, Trays, Boxes), Application (Medical Equipment & Tools, Medical Devices, Implants, IVDs), Packing Type, and Region - Forecast to 2022", published by MarketsandMarkets™, the Medical Packaging Market will grow from USD 35.31 Billion in 2016 to USD 50.55 Billion by 2022, at a compound annual growth rate (CAGR) of 6.29% from 2017.
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Browse 86 Market Data Tables and 31 Figures spread through 149 Pages and in-depth TOC on "Medical Packaging Market"
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The growing market for implantable devices is a major driving factor for growth in the Medical Packaging Market. Growth of the healthcare market will lead to growth of the Medical Packaging Market. Increase in healthcare awareness in different regions, especially in developing ones, boosts the growth of the Medical Packaging Market. Rise in disposable incomes in developing countries increases the expenditure on healthcare facilities.
Medical equipment & tools segment to gain maximum traction during the forecast period
In terms of application, the equipment & tools segment accounted for the largest share. Medical equipment is widely used in hospitals globally; it thus accounts for the largest market share. The devices segment accounted for the second-largest market share. The high number of devices used in the medical industry can be attributed to their dominant share in the packaging market.
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Bags & pouches segment projected to be the fastest-growing during the forecast period
On the basis of packaging type, the bags & pouches segment accounted for the largest share of the market. This segment is witnessing high growth due to its ease of packaging and a large number of application areas. Bags & pouches are easily stored, transported, are lightweight, and offer easy handling, leading to high demand from end consumers for polymers and other materials.
North America region constitutes the largest share in the Medical Packaging Market
North America accounted for the largest market for medical packaging. This is a developed market due to the high standard of living of consumers. The U.S. accounted for the largest country-level market for medical packaging, globally. The reason for growth is the technological development and high disposable income of consumers.
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The global market for medical packaging is dominated by large players such as Avery Dennison Corporation (U.S.), 3M Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), CCL Industries, Inc. (Canada) , Amcor Limited (Australia), Constantia Flexibles Group GmbH (Austria), Bemis Company (U.S.) , Sonoco Products Company (U.S.) , WestRock Company (U.S.). These players have adopted various strategies to expand their global presence and increase their market share. Mergers & acquisitions, expansions, and new product launches are some of the major strategies adopted by market players to achieve growth in the Medical Packaging Market.
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