SEATTLE, April 09, 2020 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the Global Medical Implant Sterile Packaging Market was valued at US$ 1,741.3 million in 2019 and is expected to exhibit a CAGR of 7.1% during the forecast period (2019-2027).
Key Trends and Analysis of the Global Medical Implant Sterile Packaging Market:
There are variety of the medical implants are available in the market, which are protected by the sterile packaging. Moreover, manufacturers are focusing the development of the technologically advanced medical implants. Thus, such increasing product launches by the major players is expected to drive growth of the global medical implant sterile packaging market over the forecast period. For instance, in September 2019, WishBone Medical, Inc., a global pediatric orthopedic company launched Kids Growth Control Plating System, a single-use procedure kit in sterile packaging to treat angular limb deformities in children.
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Moreover, rising adoption of inorganic growth strategies such as acquisitions and mergers by the major packaging companies, engaged in the manufacturing of packaging product for healthcare industry are expected to drive the market growth. For instance, in November 2019, Sonoco, a global packaging company acquired the Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD, (together TEQ), from ESCO Technologies, Inc. The companies were engaged in manufacturing of thermoformed packaging serving healthcare, medical device, and consumer markets.
The advent of advanced technology in the packaging and design of medical devices is expected to fuel market growth. For instance, in December 2019, Covestro launches packaging with implants in mind. Makrofol MA507 polycarbonate film is highly transparent so the physician can reliably visually inspect the implant before unpacking it. It also provides stable protection for the product itself. Also, strict government rules and regulation is also projected to propel the market growth.
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Key Market Takeaways:
- The global medical implant sterile packaging market is expected to exhibit a CAGR of 7.1% during the forecast period (2019-2027), owing to adoption of the inorganic growth strategies such as acquisition by key players in the market. For instance, in November 2018, WishBone Medical, Inc. acquired Red Star Contract Manufacturing company to provide sterile packaging and plastic injection molded single use instrumental products for its pediatric orthopedic business segment.
- Among regions, North America is expected to witness significant growth in the medical implant sterile packaging market, owing to presence of the major key players such as UFP Technologies, Inc., and Sonoco, who are focused on adopting organic and inorganic growth strategies such as product developments & launches, and acquisitions, respectively.
Major players operating in the global medical implant sterile packaging market include—
Oliver Tolas, Bemis Company, Inc, Steripack Contract Manufacturing, Orchid Orthopedic Solutions LLC, Multivac Group., Janco Inc, and Sealed Air Corporation
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Market Segmentation:
- Global Medical Implant Sterile Packaging Market, By Product Type:
- Pouch and Bags
- Clamshell
- Blister
- Tubes
- Vials
- Others (Boxes)
- Global Medical Implant Sterile Packaging Market, By Material Type:
- Plastic
- Paper
- Foil
- Glass
- Global Medical Implant Sterile Packaging Market, By Application:
- Spinal Implants
- Reconstructive Joints
- Hip Joints
- Knee Joints
- Elbow Joints
- Other Small Joints
- Extremity Braces and Support
- Knee
- Elbow
- Wrist
- Hand
- Foot / Ankle
- Dental Implants
- Cardiovascular Implants
- Other Implants
- Global Medical Implants Sterile Packaging Market, By Region
- North America
- By Country:
- U.S
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- U.K.
- Germany
- Italy
- Spain
- France
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country:
- Australia
- India
- China
- Japan
- ASEAN
- South Korea
- Rest of Asia Pacific
- By Country:
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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