PRZOOM - /newswire/ -
Palo Alto, CA, United States, 2007/07/31 - New analysis from Frost & Sullivan, North American Medical Device Packaging Market, reveals that the market earned revenues of $569.0 million in 2006 and is estimated to reach $918.8 million in 2013.
The market for medical device packaging in North America is highly competitive with large number of participants vying to establish their presence. Recent times have seen increase in demand for surgical and implant devices which is consecutively driving this market. The continuous technological advancements in medical device market coupled with rising aging population provide wide opportunities for growth in medical device packaging market.
New analysis from Frost & Sullivan (materials.frost.com), North American Medical Device Packaging Market, reveals that the market earned revenues of $569.0 million in 2006 and is estimated to reach $918.8 million in 2013.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the North American Medical Device Packaging Market, then send an email to Vanessa Quezada, Corporate Communications, at vanessa.quezada[.]frost.com with your full name, company name, title, telephone number and email address. Upon receipt of the above information, an overview will be sent to you by email.
“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,” says Frost & Sullivan Research Analyst Urmila Kishore. “The medical device packaging industry is directly dependant on the medical device industry. According to a recent study, the medical device market is expected to grow by approximately 11 percent from 2005 to 2011 due to growing aging population and increased awareness of diseases.”
Packaging forms an integrated and vital component in the medical device market. Medical devices are packaged in order to maintain sterility and to provide effective protection to the product. The North American medical device packaging market is experiencing steady growth with the rise in demand for medical devices in the healthcare sector coupled with greater focus on R&D to provide innovative, customized, and cost-effective packaging solutions to their customers.
Cost reduction is one of the major challenges faced by the healthcare market. Market participants such as device manufacturers are finding it difficult to maintain profitability amidst the increased raw material, transportation, and production costs. This forces device manufacturers to demand packaging manufacturers to supply products at lower costs. To meet this requirement, packaging manufacturers need to develop new packaging materials and packages that deliver optimum performance at a reduced cost.
"Other challenges faced by North American medical device packaging companies include coping with emerging trends in the medical device market," says Urmila Kishore. "For example, the introduction of combinational drug delivery devices, is posing major challenge to packagers to come up with new innovative packaging that suit the products.”
The success of a company primarily depends on the technological investments, as well as the provision of good service and technical support to the customers. Therefore, it is necessary for packaging companies to have consistent product innovation featured with excellent customer service facilities.
North American Medical Device Packaging Market is part of the Chemicals & Materials Growth Partnership Service. It reviews the principal drivers and restraints, examines various types of packages, and provides competitive structure, revenue forecasts, and market share analysis for this market. Interviews with the press are available.
About Frost & Sullivan
Frost & Sullivan, a global growth consulting company, has been partnering with clients to support the development of innovative strategies for more than 40 years. The company's industry expertise integrates growth consulting, growth partnership services, and corporate management training to identify and develop opportunities. Frost & Sullivan serves an extensive clientele that includes Global 1000 companies, emerging companies, and the investment community by providing comprehensive industry coverage that reflects a unique global perspective and combines ongoing analysis of markets, technologies, econometrics, and demographics.