April 18, 2024

The Micro Packaging Market Is Poised To Grow Significantly By 2030 Owing To Growing Demand For Portable Diagnostic Devices

The micro packaging market is poised to grow significantly due to rising demand for portable diagnostic devices. Micro packaging refers to customized miniature packaging solutions that use less material for packaging small devices, goods, and components. It helps improve portability while maintaining product integrity. The global micro packaging market is estimated to be valued at US$ 1.69 Billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period between 2024 to 2031.

Key Takeaways
Key players: Key players operating in the micro packaging Amarket include Koninklijke Philips N.V., SCHILLER, Midmark Corporation, Smiths Medical, Vyaire Medical, Inc., SDI Diagnostics, Nihon Kohden Corporation, COSMED srl, Fukuda Sangyo Co. Ltd., Medicare Systems, MGC Diagnostics Corporation, LabTech, Vitalograph, Futuremed, Geratherm Medical AG, Guangzhou Medsinglong Medical Equipment Co., Ltd, Aluna, and Welch Allyn.

Growing demand: There is growing demand for portable diagnostic devices across various applications such as cardiopulmonary stress testing, respiratory disease monitoring, and drug abuse detection. This is driving the need for innovative packaging solutions that make such devices more compact and easy to use on the go.

Global expansion: Leading players in the micro packaging market are focusing on geographical expansion strategies to capitalize on the huge demand for micro packaging across developing economies in Asia Pacific and Latin America. Many players are setting up manufacturing facilities in countries like China, India, Brazil, and Mexico to cater to the local demand.

Market key trends
Advent of 3D printing technology: 3D printing technology enables the production of customized miniature packages in complex shapes that were not possible before through traditional manufacturing methods. This is revolutionizing micro packaging design. Many players are adopting 3D printing to develop innovative packaging formats.

The Micro Packaging Market size is poised to grow significantly due to rising demand for portable diagnostic devices. Micro packaging refers to customized miniature packaging solutions that use less material for packaging small devices, goods, and components. It helps improve portability while maintaining product integrity. The global micro packaging market is estimated to be valued at US$ 1.69 Billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period between 2024 to 2031.

Porter’s Analysis
Threat of new entrants: Low cost of machinery required for production makes it easier for new players to enter the market. However, presence of major global players poses a challenge.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of alternatives and less differentiation between products. They can negotiate on price and quality.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power as raw materials used in micro packaging are available from multiple sources globally at competitive prices.

Threat of new substitutes: Threat from substitutes is low as micro packaging offers benefits like miniaturization, sustainability and targeted delivery that are difficult to replicate.

Competitive rivalry: Intense as major players compete on innovation, quality, pricing and customer service. They spend heavily on R&D and new product launches to gain market share.

Geographical regions with highest market concentration in terms of value: North America accounts for the largest share due to growing pharmaceutical and healthcare industries and rising focus on ambulatory care.

Fastest growing region: Asia Pacific is expected to grow at the fastest pace during the forecast period due to increasing medical tourism, rising healthcare expenditure and growing geriatric population in countries like China and India driving demand.

Geographical Regions:
North America has the highest concentration of market value currently owing to advanced healthcare infrastructure, high healthcare expenditure and presence of major players in the region.

Asia Pacific region is poised to witness the fastest growth during the forecast period attributed to rising healthcare standards, growing middle class population, increasing penetration of medical devices and focus of global players to tap opportunities in emerging Asian markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it