by The global Medical Implant Sterile Packaging Market is estimated to be valued at US$ 25.8 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Medical implant sterile packaging involves various packaging formats such as pouches & bags, blister packs, clam shells, vials & ampoules used for sterile packaging of medical devices, implants and instruments. Implants include devices such as pacemakers, orthopedic and dental implants, cardiovascular stents and intraocular lenses. Sterile packaging plays a vital role in maintaining sterility and preventing contamination during transportation and storage of these sensitive medical products.Growing worldwide healthcare spending along with increasing demand for quality healthcare services is fueling the demand for various orthopedic implants, spinal implants and cardiovascular devices. This in turn is driving the growth of medical implant sterile packaging market. Risen incidences of chronic diseases such as cardiovascular diseases, cancer and orthopedic disorders among the aging global population further complements market growth.
Market Key Trends:
Growing geriatric population prone to orthopedic disorders and joint replacement surgeries: Rise in life expectancy and growing geriatric population globally will boost the need for joint replacement surgeries. By 2050, over 2 billion people will be aged 60 years and above according to the United Nations. This will drastically increase the demand for orthopedic implants and their sterile packaging.
Advent of minimally invasive surgeries: Minimally invasive procedures have gained immense popularity owing to benefits such as less pain, blood loss and faster recovery time compared to open surgeries. This has spurred the adoption of various cardiovascular and spine implants which in turn accentuates the need for their sterile packaging. Strict regulatory framework and certification for medical packaging: Stringent regulations set by regulatory bodies ensure the use of standardized packaging for medical devices, instruments and implants. This fuels innovation and development of new packaging solutions that meet strict sterility, barrier protection and certification standards.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate in the Medical Implant Sterile Packaging Market Size due to the presence of regulatory requirements and certification. New entrants also need significant R&D investment and brand building to gain market share.
Bargaining power of buyers: Buyers have moderate bargaining power as there are few suppliers who provide quality certified packaging as per regulatory standards. Switching costs are also high for buyers.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to the proprietary nature of packaging and certification requirements. Companies need approval for any change in raw materials or design.
Threat of new substitutes: Threat from new substitutes is low as there are no close substitutes which can provide the same benefits of sterility and prevent contamination as implant packaging.
Competitive rivalry: The market is competitive with the presence of global and regional players focusing on new product launches, expansions and mergers.
Key Takeaways
The global Medical Implant Sterile Packaging Market is expected to witness high growth at a CAGR of 10% over the forecast period due to increasing number of surgeries and growing demand for advanced sterile packaging.
Regional analysis: North America dominates the global market owing to advanced healthcare infrastructure and high number of surgeries performed in the region. Asia Pacific is expected to exhibit the fastest growth during the forecast period supported by increasing healthcare spending, rising incidences of chronic diseases and growing medical tourism industry in the region.
Key players analysis: Key players operating in the medical implant sterile packaging market are Amcor Limited, Dupont De Nemours, Inc., West Pharmaceutical Services, Inc., Sonoco Products Company, 3M Company, Ampac Group and Oracle Packaging. Companies are focusing on new product launches catering to regulatory requirements and innovation in materials to strengthen their product portfolios
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
