The global medical device packaging market is primed for solid growth over the next half-decade.

Arizton research data predicts the sector will grow 5.6 percent annually through 2027 due to a surge in demand for novel packaging solutions and long self-life packaging. This increased demand will likely result from increased manufacturing and an improvement in the medtech supply chain. Other trends likely to influence market dynamics include innovation, technology, marketing, and price wars. 
 
Packaging companies are incorporating next-generation features such as 3D packaging and enabling specific medical devices sensors to achieve the required small size and thin thickness to adapt to highly complex environment and surfaces of a human body. In addition, medical devices packaged are also focusing on 3D packaging integration technology that have higher accuracy and efficiency. With the increased technological and regulatory challenges, medical device manufacturers (MDMs) understood the value in determining the best packaging and sterilization solutions in the design process. Therefore, Internet of Things (IoT) continues to grow, medical device packaging has evolved to become a two-way connected platform that builds real-time, digital bridges to share information, nurture relationships, and deliver insights like never before.
 
Shift from Glass to Plastics Packaging Material
In the recent years, plastics continue to witness high usage in medical and dental applications packaging. It is expected that the high-performance plastics will grow at a much faster pace than commodity plastics. In response to this trend, most specialty polymer manufacturers have developed their products portfolio to high-performance medical-grade polymers. Medical plastic products are transforming the healthcare industry. The increased use of polymers in medical devices has renovated the marketplace, with plastic medical devices progressively replacing other materials such as metals, glass, and ceramics.
 
Key Highlights

• Rapid technological advancements in medical and novel medical devices require specialized packing solutions. Favorable patient demographics and a rise in the consumption of a wide range of medical devices are fueling the need for safe and effective packaging of medical devices.
• Rising environmental concerns coupled with an increased focus on minimizing hospital-acquired infections (HAIs), as well as the need for sterile medical devices have led to the usage of innovative and eco-friendly packing solutions.
• India is likely to witness the highest absolute growth of around 60% due to a sudden rise in demand for a wide range of medical devices among various healthcare facilities in the country. The covid-19 pandemic created significant growth opportunities for medical device manufacturers in the country and led to an increase in demand for packaging solutions for medical applications.

In 2021, the contract manufacturing organizations (CMO) accounted for a 41 percent revenue share. Financial sponsors have been attracted by the availability of independent acquisition targets featuring high-growth potential and thus the prospect of large returns on investment. The heightened need for reliable and safe medical devices and a rising interest in strategic partnerships are driving the demand for specialized CDMOs.
 
The competitive landscape of the global medical device packaging market is fragmented owing to the presence of several key players. In addition, leading companies are adopting strategies such as new product launches, joint ventures, mergers, partnerships, and takeovers to stay at the forefront of the competitive curve in the market. For instance, in May 2020, MedAccred declared to continue to provide support and expansion in the medical device industry. The company has included new plastics mechanical assembly and sterile device packaging audit processes and approved many new suppliers within the last year.