As per Research Report Insights (RRI) report, the global market for medical implants sterile packaging is set to expand at over 6% CAGR between 2016 and 2024. By the end of 2016, the global market is estimated to cross US$ 1,427Million and is expected to reach US$ 2,436.4 Million by 2024.
Due to a large geriatric population which is prone to orthopedic diseases, demand for orthopedic implants (including, reconstructive joint implants, extremity braces & support and spinal implants) is expected to gain traction over the forecast period. Moreover, growing demand for medical packaging and growing preference for hygiene packaging amongst various end users is anticipated to support the growth of the global market for medical implants sterile packaging over 2024.
The growing acceptance of medical implants sterile packaging across the globe is further benefiting the overall market. Various pharma packaging companies are adopting advanced medical implants sterile packaging solutions. In addition, factors such as changing lifestyle, advancement in medical implants and equipment packaging, increasing ratio of implant surgeries and higher prevalence of degenerative ailments are expected to fuel the demand for medical implants sterile packaging in the near future.
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By product type
The pouches & bags is anticipated to be the fastest growing segment of the market during the forecast period, which is largely attributed to the recent expansion of the application base for pouches & bags segment to multiple pharma divisions. By 2016 end, the segment is projected to account for more than 53% share of the market, expanding at a value CAGR of over 6% through 2016 to 2024.
Whereas, the clamshell segment is projected to increase at a pronounced rate of over 7% CAGR through 2024 in terms of value.
Based on material
The Foils category is expected to be the fastest growing segment, increasing at a value CAGR of more than 7% over the forecast period.
Demand for dental implants is expected to remain the highest over 2024. In 2016. The dental implant segment is set to account for more than 13% share of the market.
Similarly, demand for cardiovascular implants is also anticipated to register a healthy growth, reflecting a 7% value CAGR between 2016 and 2024.
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On the basis of regional prospects:
Asia Pacific is expected to be at the pole position in the global market for medical implants sterile packaging. The region is expected to exhibit attractive market opportunities for leading players of the market. This is primarily attributed to the increasing preference of efficient packaging and increased per capita spending.
Whereas, the mature markets in North America and Europe are expected to observe fluctuations in growth. The market in Europe is expected to increase at over 7% value CAGR between 2016 and 2024. On the other hand, Latin America and the MEA regions are projected to witness a steady growth over the forecast period.
Key participants operating in the global market include Janco Inc., Sealed Air Corporation, Oliver-Tolas Healthcare Packaging, Steripack Contract Manufacturing, Multivac Group, Selenium Medical, Bemis Healthcare, and Orchid Orthopedic Solutions LLC.