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Medical implant sterile packaging plays a key role in maintaining the sterility and safety of medical devices and implants that are used in various surgical procedures. These packaging solutions help prevent microbial contamination and keep medical implants free from particulates and moisture throughout the supply chain. The growing geriatric population globally is susceptible to various joint and bone disorders which has increased the demand for hip, knee, and spinal implants significantly over the past few years. Furthermore, rising prevalence of chronic diseases such as cardiovascular diseases, cancer, diabetes etc. has enhanced the number of surgical procedures performed annually. According to data by the Centers for Disease Control and Prevention (CDC), over 51 million surgeries were performed in the United States in 2021.
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 key trends:
The medical implant sterile packaging market is witnessing increasing demand for customized trays and packs that are tailored according to the shape and size of specific medical devices and implants. Key players in the market are focusing on innovative product designs such as peelable pouches, clamshells, and blister packs made from materials like plastic, foil, and paper that provide protection as well as easy access. Furthermore, growing healthcare expenditure in emerging economies of Asia Pacific is creating lucrative opportunities for sterile packaging manufacturers. Countries like India, China, and Japan are investing heavily in improving healthcare infrastructure and medical technology which will positively impact demand for sterile packaging over the forecast period.
Porter’s Analysis
Threat of new entrants: The medical implant sterile packaging market requires high capital investments and technical expertise to comply with stringent regulatory policies. This poses significant barriers for new players.
Bargaining power of buyers: The presence of several medical device manufacturers gives buyers higher bargaining power to negotiate on pricing. However, stringent packaging standards ensure limited negotiations over quality.
Bargaining power of suppliers: The inputs for medical implant sterile packaging such as raw materials, machinery, and sealing equipment are highly specialized with few suppliers worldwide. This gives suppliers a stronger position in negotiations.
Threat of new substitutes: There are limited alternatives to provide sterility assurance levels required for implant packaging. Substitution threat remains low due to regulatory compliance needs in this industry.
Competitive rivalry: With a few multinational players and several regional medium-sized companies, competition intensity remains high in terms of pricing, innovation, and customer service.
Key Takeaways
The global Medical Implant Sterile Packaging market is expected to witness high growth. 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.
North America currently dominates the market due to the large patient pool undergoing surgeries in the US and Canada. With rising healthcare infrastructure and awareness, Asia Pacific is projected to be the fastest growing market during the forecast period. Europe accounts for a significant share owing to rising government funding for healthcare facilities. Asia Pacific exhibits lucrative prospects and is estimated to witness exponential growth in the upcoming decade. This growth can be attributed to expanding healthcare infrastructure, escalating medical tourism, and rising public awareness about medical implants.
Key players related content comprises:
Key players operating in the Medical Implant Sterile Packaging market are Oliver-Tolas,Bemis,Steripack,Orchid,Multivac,Janco,Sealed Air, and Selenium. Oliver-Tolas and Bemis collectively hold over 35% of the market share. The key players focus on new product launches, investments in research, partnerships, and mergers to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
