Increasing demand for diagnostic contract packaging that can allows patient diagnosis at office, home, hospital, in the physician’s office, or even in remote locations is expected to propel demand over the coming years.
The market is projected to witness significant growth due to several factors such as the increase in demand for counterfeit prevention mechanisms, growing need for reliable and cost-effective medical diagnostic packaging, contract packaging for diagnostic products, medical diagnostic packaging providers landscape, and rising availability of cost-effective medical diagnostic packaging along with technological advancements.
Medical diagnostic packaging market was valued at US$ ~9.0 Bn in 2020 and is expected to grow at a CAGR of 7.4% during the forecast period 2021-2031.
What is Driving Demand for Medical Diagnostic Packaging?
Increase in demand for counterfeit prevention mechanisms and rise in IoT in the healthcare and medical industries, such major factors creating new growth opportunities for medical diagnostic packaging manufacturer and providers.
It also offers some of the major benefits such as detection of organic compounds, buffer solution for diagnostics, point of care diagnostics, veterinary testing kits, spot on control treatments, and others. The reliability of such benefits drives the growth of the medical diagnostic packaging market during the forecast period.
Medical diagnostic packaging finds application in equipment & tools, medical devices, IVD, implants and other consumer goods industry. G
rowing demand for sustainable packaging solutions and introduction of number of advanced medical devices that require specialized packaging is one of the major factors fueling demand for medical diagnostic packaging across the globe. It offers various features such as high strength and durability, increased competitiveness, profitability, flexibility, and scalable.
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What is the impact of COVID-19 Pandemic Outbreak on Sales of Medical Diagnostic Packaging?
The outbreak of this pandemic has impacted industries across the globe, including the packaging industry. However, there are pockets within packaging industry that are seeing a spike in the demand which includes, e-commerce packaging, hygiene & home care products, healthcare consumables packaging, and fresh & processed packaging.
Reduced demand from China, U.S. and Europe has led to a sharp decline in the sales of medical diagnostic packaging during the COVID-19 period. Besides, halted production and disruption in supply chain is projected to restrict medical diagnostic packaging market growth.
China and Japan Medical Diagnostic Packaging Market Outlook
The China is one of the largest markets for medical diagnostic packaging globally. The China medical diagnostic packaging market is set to tread on the historic pattern of bust and boom during the assessment period 2021-2031. Demand is likely to remain muted in the next couple of years, as several end-use industries make a gradual recovery.
Furthermore, China is the dominant country in the global medical diagnostic packaging market accounting for around 15%-20% of the market share in 2021. The increased adoption of diagnostic contract packaging for various diagnostic products and diagnostic testing applications has been fueling the growth for medical diagnostic packaging in the North American market.
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India Demand Outlook for Medical Diagnostic Packaging
Emerging economies such as India have registered meteoric growth in the medical diagnostic packaging market. This is attributed to the increase in disposable incomes and rapid urbanization in the country.
Moreover, increasing spending on medical and healthcare services due to growing health awareness is one of the major factor anticipated to have a positive impact on medical diagnostic packaging market growth.
Some of the key players such as Syntegon Technology GmbH, Trivitron Healthcare, Avecon Healthcare Pvt Ltd, and others are focused on cost effective and offering advanced solutions that have the potential to enhancing customer experience through increase their profitability in South Asia & Pacific countries.
Who are the Key Providers of Medical Diagnostic Packaging?
Some of the leading providers of medical diagnostic packaging include
The medical diagnostic packaging key players are focusing on the acquisition strategy to diversify its product portfolio and increase business in North America.
The medical diagnostic packaging provider and manufacturers are expanding its supply network and customer service, which results in acquisition of new clients for new medical diagnostic packaging products and services.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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