The medical device packaging market is expected to grow by USD 3.14 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Medical Device Packaging Market in Europe 2020-2024 (Graphic: Business Wire)
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The market in Europe has been witnessing an increase in the demand for medical devices such as diagnostic equipment, rehabilitation products, surgery devices, technical aid products, intensive care units, and hygiene devices over the years. This can be attributed to the growing prevalence of various chronic diseases and risk factors such as diabetes, hypertension, smoking, and obesity coupled with an expanding geriatric population. Moreover, factors such as rapid market approval processes and improved quality and cost-effectiveness of clinical research are encouraging medical device companies to expand their market penetration to advanced European countries such as Germany. All these factors are contributing to the growth of the medical device packaging market in Europe.
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As per Technavio, the high healthcare expenditure on medical technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Medical Device Packaging Market: High Healthcare Expenditure on Medical Technologies
Factors such as the rising public demand and expectations, growth of personal income, and advances in medical technology have increased the spending on healthcare in Europe. Also, there are about 27,000 medical technology companies in Europe, of which most of them are based in Germany, the UK, Italy, Switzerland, Spain, and France. With increased spending on healthcare, the market in Europe is witnessing the introduction of technologically advanced medical devices. As the availability, number, and type of devices in the market increases, the demand for medical device packaging will also increase during the forecast period.
"Technological advances in medical device packaging and the shift toward smart packaging of medical devices will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Medical Device Packaging Market: Segmentation Analysis
This market research report segments the medical device packaging market by Product (Pouches, Trays, Clamshells, and Other products) and Geography (Western Europe and Eastern Europe).
The Western Europe region led the medical device packaging market in 2020, followed by Eastern Europe. During the forecast period, Western Europe is expected to register the highest incremental growth due to the presence of efficient logistics connectivity and developed infrastructure in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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