Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Medical Implants Sterile Packaging Market Insights
Medical implants sterile packaging is mainly done to prevent the contamination in the medical products and to destroy the microorganism. It is an advanced approach that eradicates the transmission of microbial agents and viruses that can spread various diseases. Medical implants sterile packaging undergo various stages of testing and then approved for the marketing, and it is important for the development of medical implants. The packaging protects the medical devices from damages and pathogens during transportation.
The global medical implants sterile packaging market is estimated to be valued at US$ 1,741.3 million in 2019, and is expected to exhibit a CAGR of 7.1% during the forecast period (2019-2027).
Figure 1. Medical Implant Sterile Packaging Market Value (US$ Mn) & Y-o-Y Growth Analysis, (2016-2027)
Source: Coherent Market Insights (2020)
Global Medical Implant Sterile Packaging Market Drivers
Increasing expenditure on healthcare for enhancing the facilities is estimated to boost the market growth over the forecast period. For instance, according to the Deloitte Touche Tohmatsu Limited, global health care spending expected to exhibit a CAGR of 5% during 2019-23, it is expected to show lucrative opportunities for the sector. According to the Committee for a Responsible Federal Budget, the U.S. spent US$ 3.5 trillion on healthcare in 2017 and out of US$ 3.5 trillion spent on healthcare in 2017, $ 1.5 trillion was funded by the federal government.
The advent of advanced technology in the packaging and design of medical devices are expected to fuel the market growth over the forecast period. For instance, in December 2019, Covestro launched packaging with implants in mind. Makrofol MA507 polycarbonate film is highly transparent so the physician can reliably visually inspect the implant before unpacking it. It also offers stable protection for the product itself. Moreover, stringent government rules and regulation for handling the medical devices is expected to propel the market growth over the forecast period.
Global Medical Implant Sterile Packaging Market Restraints
However, rising number of product recall is expected to hamper the market growth. Additionally, the recall associated lawsuits have criticized orthopedic device manufacture to loss of credibility in the minds of customers. For instance, in March 2019, U.S. FDA reported a total of 29 medical device recalls so far this year, of which seven were reported in July 2019. As of this time last year, the agency had only reported 14 medical device recalls, so device recalls do appear to be on the rise in the U.S.
Moreover, high cost of the medical implant sterile packaging is expected to restrict the market growth. Various companies are focusing on increasing R&D activities, in order to reduce the price of the overall product which and intensifying the health cost can lead to intense competition in the market and reduce the overall production cost. This factor is expected to hamper the market growth over the forecast period.
Global Medical Implant Sterile Packaging Market - Regional Analysis
Regional segmentation of the medical implant sterile packaging market comprises North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
Among regions, North America medical implant sterile packaging market is expected to witness significant market growth during forecast period, owing to presence of major players operating in sterile packaging industries, who are focusing on development the novel solutions for medical implant sterile packaging. For instance, in February 2017, UFP Technologies, Inc. has expanded its FlexShield product line to include sterile barrier integrity protection for any medical device. FlexShield is made from flexible, medical-grade thermoplastic polyurethane (TPU) films that can provide protection to a range of medical devices and implants such as fixation plates, hip stems, surgical screws, trocars, and surgical saw blades.
The increasing number of joint replacement surgeries in the Europe region is expected to drive the growth of the Europe medical implant sterile packaging market over the forecast period. For instance, according to the National Joint Registry (NJR) for England, Wales, during the period of the financial year 2016 and 2017, around 2.35 million cases of joint replacement were registered in the NJR. This consistent increase in number of the joint replacement cases is expected to drive demand of the implants, which will lead drive demand for medical implant sterile packaging products over the forecast period.
Figure 2: Global Medical Implant Sterile Packaging Market Share (%), By Region
Global Medical Implant Sterile Packaging Market - Competitive Landscape
Key players operating in the medical implant sterile packaging market include Oliver Tolas, Bemis Company, Inc, Steripack Contract Manufacturing, Orchid Orthopedic Solutions LLC, Multivac Group., Janco Inc, and Sealed Air Corporation