Global in-vitro diagnostics packaging market to grow till end of decade

The global in-vitro diagnostics (IVD) packaging market is expected to exceed US$8 bln by 2020 as per Technavio, growing at a CAGR of over 3%. Although the market witnessed slow but steady growth previously, investment in R&D and rising application in the biomedical and chemical sectors will drive market growth during the forecast period. Sharan Raj, one of Technavio’s lead industry analysts for packaging research says, “The market is further driven by an increase in diagnostic services and a rise in the incidence and prevalence of chronic diseases and infections.” In terms of revenue, the US dominates the market in the Americas. The demand for diagnostic products and services is growing in this region because of a rise in the aging population and an increase in the number of people with chronic and infectious diseases. Also, healthcare research undertaken in this part of the world is on the higher side, which contributes to the overall consumption of IVD products on a large scale. In the Americas, multiple initiatives by governments and health organizations help increase health awareness among the population. This has resulted in growing number of regular and molecular diagnostic tests and check-ups. The market in Latin America is in the nascent stage, which will open up new opportunities for vendors of IVD packaging. The market in the Americas is likely to sustain its growth pace over the forecast period. Technavio has also identified that the markets in developed countries are gradually maturing. This will create opportunities for vendors to grow in the untapped markets of developing markets in APAC such as Malaysia, India and China where there is rapid improvement in the healthcare sector. Vendors are focusing more on adopting sustainable materials to reduce the dependency on conventional plastics and adopt eco-friendly practices. “The emergence of green plastics or biodegradable plastics is expected to fuel the growth of the market. These plastics are made from petrochemicals and contain biodegradable additives,” says Sharan. Vendors are using biodegradable plastics to comply with stringent environmental regulations and to maintain the quality of the products packaged. For instance, Eastman introduced the lightweight and sustainable Eastalite copolyester at a price similar to conventionally used high impact polystyrene (HIPS). This material provides high tear strength compared to HIPS and prevents discoloration and consequent deterioration, following irradiation.