Global medical implant sterile packaging market is estimated to witness high growth, owing to increasing healthcare expenditure & favorable reimbursement policies
Global Medical Implant Sterile Packaging Market is estimated to be valued at USD 2.21 Bn in 2024, exhibiting a CAGR of 8.1% over the forecast period. The market growth is driven by increasing demand for medical implants procedures due to rising incidences of chronic diseases and trauma injuries. Furthermore, rising healthcare expenditure by governments worldwide and availability of favorable reimbursement policies for medical implant procedures can also drive the market growth during the forecast period.
Market Dynamics:
Increasing Healthcare Expenditure: Higher spending on healthcare has enabled improved access to medical services and raised awareness about various treatment options including medical implant procedures. This has boosted demand for sterile packaging solutions for medical implants.
Favorable Reimbursement Policies: Reimbursement facilities for medical implant procedures vary globally depending on the economic conditions of individual countries. However, in developed regions of North America and Europe, reimbursement programs by public and private insurance payers make healthcare services affordable. This encourages patients to opt for necessary implant surgeries and therapies.
Growing Prevalence of Chronic Diseases Boosts Demand for Medical Implants
Global medical implant sterile packaging market growth is driven by growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and others. According to the data from World Health Organization, cardiovascular diseases are the leading cause of death globally, with an estimated 17.9 million deaths due to cancer each year. Such chronic conditions often require surgical implantation of devices such as stents, pacemakers, prosthetics and other to treat the condition or replace a body part. This rising disease burden boosts demand for various medical implants, which need sterile packaging for transportation and storage. The packaging helps maintain the sterility of these implants before use in surgery.
Advancements in Implant Technology are Increasing Usage of Implants
Continuous advancements in medical implant technology have increased the usage of implants across various therapeutic areas. Implants have become highly specialized to treat complex conditions. For example, in orthopedics, new materials enables the development of advanced joint replacements with greater range of motion and durability. In cardiovascular implant devices, miniaturized implants allow treatment of more patients. The ability to deliver long-term therapy through implantable drug infusion pumps is an advancement in pain management and various other therapies. As the applications of implants expand due to technological progress, more sterile packaging will be required to ensure safe usage of these advanced devices.
Stringent Regulations Increase Production Costs
Global medical implant sterile packaging market growth can be hampered by stringent regulations around sterile packaging of medical devices, which increases production costs. Regulatory bodies like the U.S. FDA have very strict norms to ensure that the sterility of implant packaging is maintained throughout transportation and storage. This involves qualified production personnel, special production facilities, sophisticated packaging machineries, elaborate packaging validation protocols and others. Complying with these regulatory standards requires sizable investments and operational expenditures. The costs associated with establishing and maintaining regulatory compliance pose challenges especially for small players.
Supply Chain Vulnerabilities Impact Cost and Availability
COVID-19 pandemic exposed vulnerabilities in medical supply chains and threatened the stability of implant availability. Disruptions at various stages from raw material procurement to finished product distribution impacted cost and continuity of supply. Shortages of basic packaging materials due to bottlenecks occurred. Plant shutdowns at contract manufacturers and logistical issues in transportation surfaced risks. These challenges pushed up inventory carrying costs. Ensuring supply chain resilience against future disruptions requires strategies like redundant sourcing, inventory stockpiling, dual manufacturing sites which further increases expenses.
Personalized and 3D Printed Implants
Rising focus on personalized healthcare can offer opportunities for customized sterile packaging of implants. Patients increasingly demand implants tailored to their anatomical characteristics retrieved through medical imaging scans. 3D printing technology enables precise design and fabrication of personalized implants of any shape and size. However, providing unique sterile packaging solutions specific to each customized implant’s dimensions and material is challenging. Developing advanced packaging technologies compatible with personalized implants can address emerging demand.
Shift to Ambulatory Surgery Centers Drives Packaging Evolution
Growing preference for minimally invasive surgeries performed in outpatient ambulatory surgical centers instead of hospitals can offer opportunity for the market growth. Streamlined implant packages optimized for efficient retrieval and unfolding in small operating rooms without compromising sterility can help support this shift. Innovations in packaging designs, materials and opening methods facilitating quick access yet maintaining sterility even when handled outside dedicated hospital settings will be crucial to leverage this market trend. Catering packaging assortments and configurations for ambulatory procedures can expand the market reach.
Link - https://www.coherentmarketinsights.com/market-insight/medical-implants-sterile-packaging-market-995
Key Development
- In February 2024, Riverside, a medical device contract packaging company, move to spin off Shawpack, a manufacturer of medical device packaging machinery, into its own separate legal entity, representing a strategic step to strengthen its position and competitiveness in the global medical device packaging sector
- In February 2024, SPMC Sustainability and Regulatory Committee’s new paper, led by Mr.Nick Packet from DuPont Tyvek Healthcare Packaging, looks at how environmental rules for plastic packaging in medicine could clash with FDA safety rules on sterilization and product stability. The report aims to inform lawmakers and others about these issues.
- In September 2022, Eastman partnered with Ethicon, a Johnson & Johnson MedTech company, to incorporate Eastman Renew materials into its medical device sterile-barrier packaging. This partnership marks a significant milestone in advancing sustainability within the healthcare industry by reducing waste and promoting a circular economy. Ethicon is a healthcare company that adopt medical-grade Eastman Renew materials for its product packaging.
Key Players: 3M Company, Amcor Limited, Berry Global, Inc., Oliver Healthcare Packaging, Steripack Ltd., BillerudKorsnäs AB, Wipak Group, West Pharmaceutical Services, Inc., Riverside Medical Packaging Company Ltd, Renolit SE, DuPont de Nemours, Inc., Orchid Orthopedic Solutions LLC, Nelipak Healthcare Packaging, Janco Inc., Sealed Air Corporation, Sonoco Products Company, Technipaq Inc.
