The forecast period of 2018 and 2028 promises a solid growth to the global medical device packaging market, as per a Transparency Market Research (TMR) study. And, experts claim the factors are numerous and varied. Some of the major ones are stringent regulations imposed by the government and rising awareness levels regarding safety.
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Besides, improvement in shelf life of medical devices that can be brought about by proper packaging solutions, is helping the market chart an impressive growth curve over the forecast period. And, it is not surprising at all because need for robust solutions and high packaging integrity is always a big thing in the medical world. Thus, one notes players going for intense checks for the same.
Additionally, novel diseases marking the globe has led to a demand for better technology to be adopted in the packaging industry for protecting advanced devices and equipment.
The competitive landscape of the global medical device packaging market has numerous players operating in its field and is thus quite fragmented. To stay ahead of the competitors, players follow strategies that are deemed quite aggressive. For instance, product launches and innovation mark the market landscape in a big way. Some of the most significant names in the market include Amcor Limited, Berry Plastics Pvt. Ltd., and Bemis Company, among others.
Other strategic moves include synergistic collaborations and mergers. In fact, one of the notable acquisitions in the recent past include that of CleanCut Technologies by Olilver Inc. The move is aimed at improving product portfolio for Oliver Inc. And, it will also help broaden consumer base for the company.
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Region-wise, Europe is set to chart significant growth figures owing to high demand and use of advanced medical devices and use of superior diagnostic equipment. Another region that will grab eyeballs, owing to new opportunities, is that of the Asia PACIFIC (APAC).