August 03, 2022 10:00 ET | Source: Precedence Research Precedence Research
Ottawa, Aug. 03, 2022 (GLOBE NEWSWIRE) -- The global medical device packaging market size was valued at USD 35.08 billion in 2022. The medical device packaging market is mainly concern with the protection of the medical equipment in order to maintain the physical integrity of the devices which helps to retain its functionality. Variety of substances are put into use in order to provide protection to the medical equipment that avoids unnecessary damage to the product. A proper medical device packaging also impacts the sales and distribution of the product as it indicates the content of the package which helps the transporter to take adequate precautions while transporting the package to be delivered from one place to another.
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The North American market her shown a tremendous boost as a result of the numerous medical facilities that are provided to the people by the government. The various government facilities that have been encouraged helps the people to take complete advantage of them which leads to an increased demand for medical equipment and medicines. As a result of this, the medical device packaging market has gained speed and helps to produce a significant revenue return during the forecast period.
The Asia Pacific region has also proved to be a great opportunity for the market due to the increasing number of hospitals and medical facilities that are provided to the people. The huge population residing in this region has led to an increased consumption of medical supplies. The huge geriatric population residing in these countries leads to an increased demand of medical supplies which requires a proper packaging. The European market and the Middle Eastern region have also shown a significant growth in the medical device packaging market.
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The demand of the medical device packaging market goes hand in hand with the demand of the medical equipment and medicines. With the increasing number of chronic diseases among the people the number of medical equipment and medicines which are required by the health care industry is increasing rapidly. This leads to an increased demand of the medical device packaging supplies which helps to protect the equipment from being damaged and thus maintain its functionality. With the increasing geriatric population, the number of chronic diseases among the people is increasing rapidly which requires long term treatments and management. This gives rise to a high demand of medical supplies and equipment which need proper packaging and transportation in order to maintain it physically and functionally.
A proper packaging provided to the medical equipment also helps to increase its shelf life which helps the market to obtain a better return from the production. With the increasing disposable income of the people the demand for advanced medical goods with proper packaging is increasing rapidly. These multiple reasons prove to be the driving factors for the growth of the market of medical device packaging during the forecast period.
The multiple rules and regulations which has been laid by the government in order to protect the environmental change and global warming has led to a number of restraining factors for the manufacturers and producers. The use of plastics has been banned by the government in a number of sectors in order to reduce the waste produced in the environment. Since plastic is a non-biodegradable product, its use will hamper the environment and produce more pollution.
The laws and rules which have been laid down regarding packaging cannot be broken under any circumstance. The strict rules which are made by the medical authorities in order to provide standardized medical supplies have proved to be a restraining factor for the manufacturers globally. Since the use of plastic is the easiest option for the manufacturers, restrictions on the use of this product have hampered the growth of the market to a great extent.
The high cost associated with the usage of high-quality packaging material in order to maintain the structure of the medical equipment leads to an increase in the total cost of the medical devices which makes it slightly unaffordable for the people belonging to the lower socioeconomic category.
The shelf life of the medical products is increased tremendously when there is a proper packaging done in order to maintain its physical and functional integrity. The large number of medical supplies which are demanded by the elderly people in order to get treated and maintain the huge number of chronic diseases which require palliative treatment helps to boost the revenue return of the market tremendously.
In order to receive a perfectly transported medical device the consumer is ready to fee for the high-quality packaging material used for the medical equipment which helps the manufacturing company to obtain a better price for the product. Proper packaging which helps to transport a medical device in an intact condition attracts greater number of consumers which helps the market to show a considerable growth.
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Depending upon the quality of the packaging that has been provided along with the medical device the total cost of the medical equipment also alters. The developing and underdeveloped countries do not have a strong economic background and hence cannot afford such advanced facilities. Numerous delicate medical equipment which are used in the healthcare sector required a high quality of packaging material in order to maintain the integrity of its structure and functions.
The strict government guidelines which are laid in order to protect the environment have restricted the use of plastics in the packaging industry. Plastic being the most easily available packaging material for the manufacturers, is extensively used by the companies. A ban on the same has hampered the growth of the market.
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