Market Trends of Asia-Pacific Medical Devices Packaging Industry
This section covers the major market trends shaping the APAC Medical Devices Packaging Market according to our research experts:
The Plastic Segment is Expected to Hold a Significant Market Share
Medical device packaging requires control over moisture, light barriers, and childproofing. The growth of polymers in medical devices has brought a considerable transformation to the medical device packaging industry. Plastic medical devices are steadily replacing other materials such as glass, ceramics, and metals, owing to benefits such as greater flexibility and affordable price.
Plastic has a long life and can be used for a wide range of applications, and the cost of the material used to make plastic products is less, thereby reducing the cost of manufacturing. Plastics are resistant to corrosion and shattering, and medical-grade plastics can be designed to handle repeated sterilizations. All these advantages allow the medical device manufacturers to significantly reduce their overhead costs, benefiting both the operations and the patients by offering services at a lower cost.
PET, HDPE, PP, and vinyl are the most common plastics used in the medical devices packaging industry.
Medical devices packaging providers are increasing investments in developing sustainable packaging solutions due to the growing demand and stringent regulations. For instance, in October 2021, Avient announced two additions to its MEVOPUR line of medical-grade materials. Its new Pharmapack are color and additive masterbatches based on a polyethylene (PE) carrier that is manufactured using non-fossil feedstocks. The resins have bio-based content of up to 95%, as calculated to ASTM D6866 standard.
A similar approach is expected to be adopted by major packaging providers operating in the region to fulfil the growing demand for sustainable packaging solutions for medical devices.
China is Likely to Occupy the Maximum Market Share
China is among the leading medical device manufacturers in the world. Traditionally, the Chinese medical devices market has been known for low-end consumables, aids, and mechanotherapy devices, wherein the country was largely dependent on foreign imports to procure high-end medical devices. However, there has been a shift toward more domestically made high-value, high-risk devices in the country lately, owing to government-backed initiatives such as 'Made in China.'
Along with the expanding base of the healthcare sector, China's medical devices market is developing at a significant pace. One of the driving factors for the increase in demand for high-end medical devices in China is the aging population.
According to ITA, China registered 264 million people aged 60 years and above by the end of 2020, accounting for 18.7% of the total population. This demographic is expected to reach over 300 million by 2025. Additionally, the expanded medical insurance coverage also increased the demand for implants in the neurology and cardiovascular sectors, where high-value consumables are still import-dependent.
The country also exports a major share of its locally manufactured devices across various regions, which is augmenting the demand for medical devices packaging in the country. For instance, according to WTO, China became the largest exporter of COVID-19-critical medical products in 2020 as it exported products with a value of USD 105 billion, about 2.8 times its exports in 2019.
The growing export volume and the growth of consumption of medical devices within the country are expected to drive the growth of the medical devices packaging market in the country during the forecast period.
