The Medical Implants Sterile Packaging Market is all set to be in the driver’s seat shortly. Technology adoption once looked upon as a costly endeavor, is slated to witness a drastic transformation in the form of granular applications. Technologies like DevOps and AIOps are constructively disrupting the healthcare IT sector and are expected to create wonders in this regard in the upcoming period.
The Medical Implants Sterile Packaging Market will witness a CAGR of 6.5% by reaching US$ 2,436.4 Million from 2024. The new-fangled healthcare electronic technologies like 3D printing, GPS tracking, and wearable biometric devices are being tested concerning clinical use. Cutting-edge technology is expected to be one of the driving forces in the healthcare industry in the subsequent decade.
According to a new report by Persistence Market Research titled “Medical Implants Sterile Packaging Market: Global Industry Analysis and Forecast, 2016–2024”, the global medical implants sterile packaging market is anticipated to be valued at US$ 1,427.8 Mn by the end of 2016 and this is estimated to increase to US$ 2,436.4 Mn by the end of 2024, registering a CAGR of 6.5% in terms of value during the forecast period (2016 – 2024). Orthopedic implants (including spinal implants, reconstructive joint implants, and extremity braces & support) is expected to gain a significant market share owing to a large global baby boomer population prone to orthopedic ailments.
Global medical implants sterile packaging market dynamics
A growing demand in medical packaging and increasing usage of hygiene packaging among multiple end users is anticipated to drive advances in the industry. Medical implants sterile packaging is one of the emerging packaging solutions, widely used for pharma packaging, and is driven by factors such as increasing implant surgeries, innovative medical equipment and implants, increasing chronic degenerative diseases, and changing lifestyle of people.
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- Oliver Tolas
- Bemis Company, Inc
- Steripack Contract Manufacturing
- Orchid Orthopedic Solutions LLC
- Multivac Group.
- Janco Inc
- Sealed Air Corporation
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Global medical implants sterile packaging market forecast
The global medical implants sterile packaging market report is categorically split into four sections – based on product type, material type, application, and region. On the basis of product type the global medical implants sterile packaging market has been segmented into pouches & bags, blister, clamshell, tubes, vials, and others. On the basis of material, the global medical implants sterile packaging market has been segmented into plastic, foils, paper, and others.
On the basis of application, the global medical implants sterile packaging market has been segmented into spinal implants, extremity braces & support, dental implants, cardiovascular implants, reconstructive joint implants, and other implants. On the basis of region, the global medical implants sterile packaging market has been segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The pouches & bags product type is likely to emerge the dominant segment throughout the forecast period due to its wide application in multiple pharma industries. The pouches & bags product type segment is estimated to create a large market share of 53.1% in 2016 and is expected to expand at a CAGR of 6.9% from 2016 to 2024 in terms of value.
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The clamshell product type segment is anticipated to witness high Y-o-Y growth rates ranging from 5.8% to 7.2% over 2016–2024 and is expected to exhibit a CAGR of 7.6% in terms of value over the forecast period.
The foils material type segment is expected to create a significant CAGR of 7.3% in terms of value over the forecast period. The paper material type segment is projected to grow at lower Y-o-Y rates ranging from 5.6% to 5.7% over 2016–2024.
The dental implants application segment is estimated to account for 13.7% market share by 2016 end and is anticipated to remain stagnant at 13.8% during the forecast period. The cardiovascular implants segment is projected to grow at a CAGR of 7% in terms of value during 2016–2024.
Among regions, Asia Pacific is anticipated to be the key region driving overall demand for medical implants sterile packaging owing to the increasing usage of packaging and growing consumer spending power in the region. Mature markets such as North America and Europe are expected to witness uneven growth while Latin America and MEA are expected to register sluggish growth throughout the forecast period.
Europe is anticipated to witness higher Y-o-Y growth rates ranging from 5.9% to 6.2% over 2016–2024, and is estimated to record 7.3% CAGR in terms of value over the forecast period.
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