Medical devices refer to equipment, tools, apparatus and machines used in the health care industry. This report predicts that the Global Medical Devices Packaging market will reach a value of $30.5 billion by 2020, with a CAGR of 5.9%. North America and Western Europe together account for 50% of the market. Moreover, North America is expected to drive the market during the projected period.
The growth of Medical Devices Packaging market is driven directly by its end use industry, i.e., Medical devices industry. More innovations are coming up in the packaging of these devices so as to be tamper evident, and child-resistant. The industry is highly susceptible to government regulations, which in turn vary with country. As such, most of the country’s/region needs are met by domestic production while generic are shipped.
Medical devices market is growing in North America region and as such the volume sales of Medical Devices Packaging is expected to increase since it is directly related to the sales of end market. But, on the other hand, the industry is under pressure to reduce prices as the end use industry is focusing more on bringing in innovative products through investments in R&D.
Medical Devices Packaging market is highly fragmented with large number of players manufacturing varieties of packaging products for medical devices across regions. But, on the other hand, the industry is witnessing mergers and acquisitions / consolidation of packaging players in recent times, owing to pressure on the companies to reduce prices.
Companies Mentioned:
Amcor
Bemis
Berry Plastics
DuPont
MWV
Albea
Mitsubishi Chemical Holdings
Chesapeake
Technipaq
SteriPack
