Packaging can be defined as the technology of enclosing or protecting products for distribution, storage, transportation, and use. The World Health Organization (WHO) defines a medical device as, any article, instrument, apparatus or machine that is used in the prevention, diagnosis or treatment of illness or disease, or for detecting, measuring, restoring, correcting or modifying the structure or function of the body for some health purpose. Medical devices need extra care when being shipped or transported from one place to another, and require protection against shock, vibrations, atmospheric changes in humidity and heat. As such medical device packaging is an essential element in keeping medical devices functional and ready to use whenever needed.
Rising demand for cost-effective and disposable medical device packaging across the globe is a key factor driving growth of the global medical device packaging market. In addition, growing healthcare industry in developed and developing economies coupled with increasing investments in development of innovative and easy to use packaging products by prominent manufacturers are other major factors expected to drive growth of the global medical device packaging market over the forecast period.
However, high cost of medical device packaging coupled with high initial capital investment are key factors restraining growth of the global medical device packaging market. Additionally, stringent government regulations in developed countries on use of certain type of packaging materials is another factor expected to hamper growth of the global medical device packaging market over the forecast period.
The global medical device packaging market report has been segmented on the basis of material type, packaging type, application, and region. On the basis of region, the global medical device packaging market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Currently, the market in North America dominates the global medical device packaging market in revenue terms owing to increasing use of disposable medical device packaging in countries in the region. The market in Europe accounted for second-highest revenue share in the global medical device packaging market, due to high healthcare expenditure by governments of countries, and growing adoption of innovative packaging products followed by markets in Asia Pacific, and Middle East & Africa respectively. The market in Asia Pacific is projected to have fastest growth in terms of revenue, owing to rise in government initiatives for the improvement of healthcare facilities in the region.
Prominent players in the global medical device packaging market include Avery Dennison Corporation, 3M Company, E. I. du Pont de Nemours and Company, CCL Industries, Inc., Amcor Limited, Constantia Flexibles, Bemis Company, Inc., Sonoco Products Company, and WestRock Company.