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Medical Device Packaging Market Power of Brand Perception Measuring and Managing Consumer Perceptions | WestRock, 3M, Amcor plc, DuPont, Sonoco, CCL

Medical Device Packaging Market Power of Brand Perception Measuring and Managing Consumer Perceptions | WestRock, 3M, Amcor plc, DuPont, Sonoco, CCL

Report Ocean has published a new report on the Medical Device Packaging Market in diverse regions to produce a report with more than 250+ pages. 

The global medical device packaging market held a market value of USD 28.15 billion in 2021 and is projected to reach USD 50.33 billion by the year 2030. The market is projected to list a CAGR of 6.88% during the forecast period. The market volume was registered at 21.36 million tons in 2021, with a growth rate of around 6.38% over the anticipated period.

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The medical device packaging industry is likely to grow at an extensive rate owing to the increasing awareness and increasing investments by the chief players in the medical device packaging industry. In addition to that, the growing need for lightweight bottles by consumers is another factor increasing preference rates. Moreover, the rising preference rates and applications of packaged medical products in contract packaging and manufacturing fuels the growth rate of the market significantly.

On the other hand, the medical device packaging business is likely to get hindered by the stringent regulations. The strict norms levied make it difficult for players to enter the market. The rising initiatives and guidelines set by public and private agencies indirectly lead to the increase in costs involved in the industry. For instance, several associations such as China National Medical Products Administration (NMPA), Center for Medical Device Evaluation (CMDE), General Administration of Quality Supervision, Inspection, and Quarantine (AQSIQ), and other intelligence services, coupled with the government, are involved in setting different policies and reforms. Such a strategy hinders the path of entry for the new entrants in the market.

Growth Influencers:

Growing Need for Lightweight Pharma Bottles by Consumers

With ever-increasing consumer preferences, the requirement for lightweight bottles in healthcare is drastically increasing. The benefits of easier handling, less traveling constraints, and the rising sustainability of such bottles is fueling the demand, and increasing the growth rate of the market for medical device packaging.

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Increasing Investments in Packaging Capabilities

The prominent players operating in the market are keen on creating breakthrough innovations in the medical device packaging and recycling capabilities. For instance, in August 2021, Amcor announced its plans to build two new state-of-the-art innovation centers. The new facilities in Ghent, Belgium, and Jiangyin, Global, will welcome customers as of mid-2022, with full build-out over the next two years. The total investment is expected to be approximately USD 35 million. Moreover, in September 2020, Amcor announced membership of the Digital Watermarks Initiative HolyGrail 2.0, which brings together over 85 companies and organisations across the packaging value chain. With such measures, the market for medical device packaging is sure to grow in the forecast period.

Segments Overview:

The global medical device packaging market is segmented into product type, application, material type, packaging type, and end user.

By Product Type,
Pouches
Clamshell Packs
Boxes
Bags
Blisters
Cartons
Trays
Others
The pouches segment holds an opportunity of more than USD 4.5 billion over the period of 2022 to 2030. Moreover, the bags segment is projected to grow at the highest CAGR of 7.90% over the anticipated period.

By Application,

Sterile Packaging
Non-Sterile Packaging
The non-sterile packaging segment held more than 65% of the market share in 2021.

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By Material Type,

Plastic
Paper & Paperboard
Foils
Glass
Others
The plastic segment will cross the mark of USD 20 billion market revenue by 2030.

By Packaging Type,

Primary
Secondary
Tertiary
The primary segment held the largest market share of more than 40% in 2021.

By End User,

Manufacturers (OEMs)
Contract Packaging
Retail Pharmacy
Institutional Pharmacy

The manufacturers dominated the market in 2021 in terms of revenue by holding more than USD 11 billion.

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Regional Overview

The global medical device packaging market is expected to grow expansively during the forecast period due to the rising strategic expansions by the companies functioning in the industry. The market based on region, is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America. The North American market for medical device packaging was the largest market holding a share of more than 30% in 2021. Moreover, the North American market held the revenue of USD 9.87 billion in the same year.

The Asia Pacific industry for medical device packaging was estimated to be the fastest growing with a CAGR of more than 7% over the forecast period.

Competitive Landscape

The prominent players operating in the global medical device packaging market include WestRock, 3M, Amcor plc, DuPont, Sonoco, CCL, Mitsubishi Chemical Holdings Corporation, Berry Global Inc., Constantia Flexibles, Klckner Pentaplast, and others.

The major ten players in the market hold approximately 70% of the total market share. These market players are investing in joint ventures, product launches, mergers, expansions. In May 2020, Chengdu PUTH Medical got accredited with Registration Certificate for disposable medical masks, medical device production license, and CE declaration of conformity.

Table of Content:

  • Report Overview
  • Global Growth Trends
  • Competition Landscape by Key Players
  • Data Segments
  • North America Market Analysis
  • Europe Market Analysis
  • Asia-Pacific Market Analysis
  • Latin America Market Analysis
  • Middle East & Africa Market Analysis
  • Key Players Profiles Market Analysis
  • Analysts Viewpoints/Conclusions
  • Appendix

Continue……..

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The global medical device packaging market report provides insights on the below pointers:

Market Penetration: Provides comprehensive information on the market offered by the prominent players
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about recent developments, and investments
Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches in the global medical device packaging market have been provided in this research report. In addition, the report also emphasizes the SWOT analysis of the leading players
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
Pricing Analysis: Pricing analysis of various components used in the manufacturing of medical device packaging
Manufacturing Cost Analysis: Cost-share of various components in medical supply products, cost analysis, unit cost analysis

The global medical device packaging market report answers questions such as:

What is the market size and forecast of the global medical device packaging market
What are the inhibiting factors and impact of covid-19 on the global medical device packaging market during the assessment period
Which are the types/segments/applications/areas to invest in over the assessment period in the global medical device packaging market
What is the competitive strategic window for opportunities in the global medical device packaging market
What are the technology trends and regulatory frameworks in the global medical device packaging market
What is the market share of the leading players in the global medical device packaging market
What modes and strategic moves are considered favorable for entering the global medical device packaging market

Key Metrics Explored in Report Ocean Research Service:

Market Size: Quantifying the total value or volume of the market to provide a comprehensive understanding of its scale and potential.

Market Growth Rate: Measuring the rate at which the market is growing over specific periods to assess attractiveness and potential for investment.

Market Share: Analyzing the portion or percentage of the market captured by specific companies or products, providing insights into competitive positions.

Customer Satisfaction: Assessing levels of satisfaction or dissatisfaction among customers with a focus on products, services, or brands. This aids in gauging customer loyalty and identifying areas for improvement.

Pricing Analysis: Examining pricing strategies, including average prices, price differentials, and price elasticity, to understand market dynamics.

Market Segmentation: Dividing the market into distinct segments based on demographics, geography, behavior, or psychographics to understand varying needs and preferences.

Customer Acquisition Cost (CAC): Calculating the cost of acquiring a new customer to evaluate the efficiency of marketing and sales efforts.

Customer Lifetime Value (CLV): Measuring the total value a customer generates over their entire relationship with a company to assess long-term profitability.

Return on Investment (ROI): Evaluating the profitability and effectiveness of investments or marketing campaigns by measuring returns relative to costs.

Competitive Analysis: Assessing the performance and strategies of competitors, including market share, revenue growth, product portfolio, and customer satisfaction.

Key Performance Indicators (KPIs): Utilizing specific metrics to measure business or organizational performance, such as sales growth, market penetration, customer retention rate, and profitability.

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About Report Ocean:

Report Ocean stands as a preeminent provider of market research reports within the industry. Renowned globally, we are acclaimed for delivering insightful and informative research reports. Our commitment lies in furnishing clients with a comprehensive blend of both quantitative and qualitative research outcomes. As an integral component of our expansive global network and thorough industry coverage, we offer an in-depth reservoir of knowledge that empowers strategic and well-informed business decisions. Our approach integrates cutting-edge technology, advanced analysis tools, and our proprietary research models, all underpinned by years of expertise. This synergy allows us to craft essential details and facts that consistently surpass expectations.

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