Sterile Medical Packaging Market in the US 2019-2023|Growth Analysis and Forecast| Technavio
LONDON--(BUSINESS WIRE)--Jan 29, 2019--The research report on the sterile medical packaging market in the US by predicts the market to post a CAGR of more than 5% during the period 2019-2023.
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Technavio has released a new market research report on the sterile medical packaging market in the US for the period 2019-2023 (Graphic: Business Wire)
The US is the largest medical device market and a key consumer of sterile medical packaging and the country’s government funds a significant part of the total healthcare expenditure. This makes access to implant surgeries and medical devices more affordable for the general population. Many medical device companies have come up in the US between 2013 and 2018, which is also driving the demand for new sterile packaging solutions.
As per Technavio, the increasing US medical exports will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Sterile medical packaging market in the US: Increasing US medical exports
The US has become a significant exporter of medical goods, particularly sterile medical instruments and advanced medical devices. The country has a robust medical device manufacturing industry owing to favorable intellectual property (IP) and patents environment. This has resulted in many domestic and international med-tech companies setting up their manufacturing and R&D operations in the region.
“The US invests heavily in medical R&D, thereby gaining a considerable advantage in terms of advanced manufacturing capability and cost-efficiency. The country exports advanced medical devices to developing countries such as China, Brazil, and India. The US-based sterile medical package manufacturers will witness greater growth opportunities from the export market due to rising demand for advanced healthcare devices and medicines in these countries during the forecast period,” says a senior research analyst at Technavio.
Sterile medical packaging market in the US: Segmentation analysis
This research report on the sterile medical packaging market in US segments the market by material (plastic, glass, aluminum, and others) and product (bottles, blister packs, thermoformed trays, and others).
The plastic segment held the largest sterile medical packaging market share in 2018. The factors driving the demand for plastics packaging are the wide degree of machinability and barrier protection offered by plastics. Plastics packaging also meets the aesthetic demands of the medical industry, and it is compatible with almost all sterilization techniques that do not require porosity.
The bottles segment accounted for the highest share of the market in 2018 as they are usually used in packaging tablets, capsules, and liquid drugs. Investments in the development of high-strength glass for bottles and vials is expected to drive market growth during the coming years.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES OTHER HEALTH MANUFACTURING PACKAGING MEDICAL SUPPLIES
SOURCE: Technavio Research
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PUB: 01/29/2019 10:46 AM/DISC: 01/29/2019 10:46 AM