Study reports aging population drives medical device packaging

http://www.healthcare-packaging.com/newsletters/hcp-08-10-07.html

"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."