Continuous technological advancements in the medical device market coupled with an ageing population provides wide opportunities for growth in the medical device packaging market. A recent study by Frost and Sullivan shows that the market earned revenues of about US$570 million in 2006 and is expected to touch US$920 million by 2013. Some other highlights are:
The market for medical device packaging in North America is highly competitive, with a large number of participants vying to establish their presence. Recent times have seen increased demand for surgical and implant devices.
The market for medical devices is continuously flooded with upgraded and innovative product offerings due to the strong focus on R&D activities within this industry.
Packaging forms an integrated and vital component in the medical device market. The North American medical device packaging market is experiencing steady growth. Despite the growth, this market is expected to face stiff competition due to the cost reduction pressure created by device manufacturers.
Scientific and technological breakthroughs to improve health and lengthen the average life span have accelerated the pace of medical invention, resulting in a plethora of new medical devices with advanced features and superior performance properties. Package manufacturers are encouraged to respond to new product requirements by employing advanced technologies and materials.
Disposable medical devices including surgical supplies are extremely popular. This market is expected to grow at 23% through 2011, as increases in the number of surgeries have heightened the concern over post-operative infection. The demand for implants is anticipated to encourage the use of rigid packaging materials such as trays, which is likely to boost the revenues of rigid packagers.
In a fast growing market for home-based medical devices, an increasingly important sector for plastics, BCC Research is predicting therapeutic devices to lead increases over the next five years. The global market for home medical equipment is expected to be valued at US$15 bln in 2007, compared with US$14 bln in 2006. This figure is set to rise to US$20 bln in 2012, at an average annual growth rate of 6.8%.
In a new report, the US research firm divides the market into three application areas: assistive devices; therapeutic devices; and monitors, sensors and telemetry devices. The last segment currently accounts for the largest share of the market, mainly because of the very large market for home blood glucose testers. Worth an estimated US$7 bln in 2007, the market for home monitors, sensors and telemetry devices is expected to reach US$9 bln by 2012, an annual 5% increase over the forecast period. But therapeutic devices are experiencing a huge increase, growing at an annual rate of 13.4% between 2007 and 2012. Valued at US$3.5 bln in 2006 and US$4 bln in 2007, demand for therapeutic devices is set to soar to US$7.5 bln by 2012.
As a result, therapeutic devices� share of the total global home medical equipment market is expected to increase from 25% to over 33% by 2012. Assistive devices, worth an estimated US$3.7 bln in 2007, are expected to increase at an annual rate of 1.7% to reach US$4 bln by 2012.
Also in its report, BCC says the US and Canada together form the largest geographical market for home medical equipment with 34.2% of the global market. The EU accounts for 28.9% and Japan 7.3%. The US/Canadian market is also growing faster than any other major geographical market segment, with a projected growth rate of 8.6% over the next five years.