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"Continuous technological advancements in the medical device market coupled
with an aging population provides wide opportunities for growth in the medical
device packaging market," according to Urmila Kishore, analyst of the study The
North American Medical Device Packaging Market from Frost & Sullivan.
The study shows that the market earned revenues of $569 million last year,
with that number predicted to rise to $918.8 million by 2013. Among the report's
findings are the following:
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.
The 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 the rate of 23% through 2011, as increases in
the number of surgeries have heightened the concern over postoperative
infection," explains Kishore. "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."
The report examines challenges faced by medical device packaging
manufacturers, provides a market overview, forecasts and trends, and looks at
specific package types including preformed thermoformed trays and lids, premade
pouches, premade bags, and rollstock. For more information on the report,
including pricing, contact Vanessa Quezada at 210/477-8427.
(Ref:
http://sterileprocessingnews.blogspot.com/2007/08/study-reports-aging-population-drives.html)
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