Medical packaging market to grow over $50 billion by 2022
A new MarketsandMarkets (marketsandmarkets.com) report reveals that the medical packaging market will grow from U.S. $35.31 billion in 2016 to U.S. $50.55 billion by 2022, at a compound annual growth rate (CAGR) of 6.29% from 2017.
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.
In terms of application, the equipment and 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.
On the basis of packaging type, the bags and 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 and 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 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.