Definition of Market/Industry:
Medical implants sterile packaging is mainly done to prevent the contamination in the medical products and 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 was valued at US$ 1,632.2 Mn in terms of value and 7,665.8 Thousand Units in terms of volume by the end of 2018.
Increasing expenditure on healthcare for enhancing the facilities is projected to boost market growth. According to Deloitte Touche Tohmatsu Limited, with global health care spending expected to rise at a CAGR of 5 percent in 2019-23, it will likely to present many opportunities for the sector. According to the nonpartisan The US spent $3.5 trillion on healthcare in 2017 and Out of $3.5 trillion spent on healthcare in 2017, $1.5 trillion was paid by the federal government.
The advent of advanced technology in the packaging and design of medical devices is expected to fuel market growth. For instance, in December 2019, Covestro launches 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 provides stable protection for the product itself. Also, strict government rules and regulation is also projected to propel the market growth.
North America region dominated the global xyz market in 2018, accounting for 37.6% share in terms of volume, followed by Western Europe and Asia Pacific, respectively
Figure 1: Global Medical Implants Sterile Packaging Market Share, By Region, 2018
The rise in product recall is projected to hamper 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, FDA has reported a total of 29 medical device recalls so far this year, of which seven were reported in July. 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 United States.
The high cost of the medical implant sterile packaging is expected to restrict market growth. Various companies are focussing on increasing the 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 weaken the overall production cost. This factor is expected to hamper the market growth.
Rising Demand for the low-cost product due to increasing pressure on the healthcare sector to decrease the cost and improve quality have fostered the opportunities for cheaper products with quality and efficiency. Moreover rising approval by FDA for generic implants has also encouraged manufacturers to gain exponential growth in demand and sales of generic trauma implants such as plates, screws, and nails. Therefore, rising demand for low-cost packaging among device manufacturers is propelling the market growth of medical implant sterile packaging
The growing use of the disposable device over reusable due to rising patients' awareness regarding hygiene and strict rules imposed on this device manufacturers expected to foster the market growth. Moreover, over the last few years, the cases on the infection have been increased drastically due to the contamination of micro bacterial from the used device which has led the regulatory body to improve and promote the sale of disposable devices rather than reusing the same. This is expected to augment the market growth.
Figure 2. Global Medical Implants Sterile Packaging Market - Opportunity Analysis
By Material Type, plastic segment in the global medical implants sterile packaging market was valued at 887.3 Mn market in 2018 and is forecast to reach a value of US$ 1,648.3 by 2027.
Market Trends/Key Takeaways
Rising Sterilization by using nitrogen dioxide gas benefits parenteral drugs in North America is a major trend that has been observed in the market. Nitrogen dioxide gas offer producer of parenteral drug products sterilizing the surface of single-dose containers with a true means of room- temperature sterilization. Therefore, the rising trend of using nitrogen dioxide for sterilizing medical devices is expected to foster market growth.
Improving the device's sterilization methods and testing procedure is expected to augment the market growth. Over the recent few years, advancement in sterilization technology has been drastically changing the outlook of the healthcare sector. The various standard has been addressing pertaining to packaging testing and sterilization. For instance, in June 2015, shipping and distribution testing is updating its vibration sequencing to more accurately mimic real-world condition rather than the excessive cycle than currently required
Figure 3. Global Medical Implants Sterile Packaging Market Share, By Material Type, 2018
Oliver Tolas, Bemis Company, Inc, Steripack Contract Manufacturing, Orchid Orthopedic Solutions LLC, Multivac Group., Janco Inc, and Sealed Air Corporation
Few Recent Developments
- In May 2016, the company acquired Mangar medical packaging, a leading healthcare medical packaging company
- In Feb 2016 The company has expanded its adhesive coating operation in Hamilton which includes an additional high-speed coating line for manufacture the sterile grade packaging