Growth at a CAGR of 5.64 percent of the medical device packaging market is predicted during the year 2022-27 as per Arizon’s most recent report. Some of the factors that influence the market dynamics include technology, price wars, innovation, and marketing. The market is being driven by the growing demand for innovative and long shelf-life packaging and medical devices.
It is being predicted that an extraordinary growth rate will be seen due to the increase in demand for new packaging way outs due to the enhancement in the supply chain of these devices globally.
Due to the existence of various key stakeholders, the competitive landscape of the global medical device packaging market is disjointed. Furthermore, prominent companies are using novel strategies e.g. JVs, partnerships, and new product launches to lead the competitive curve of the market. Stevcon also aims to assimilate into this network and benefit from the relationships established to showcase its polished skillset.