Supply and Demand Stability in US Medical Packaging Sector
The US medical packaging sector has, in recent years, been on a rollercoaster of supply and demand. Today, we’re seeing predictions that now include continuing strong, yet more stable growth over the next decade. With stability returning to the sector, we take a closer look at some of the biggest opportunities and challenges.
Global growth predictions
According to industry insights, the medical device packaging market is expected to grow globally at a stable 6.1% CAGR (Compound Annual Growth Rate). In monetary terms, this means growth from an estimated $12.4 billion (USD) to $20.9 billion by 2033.
This stabilisation of growth has enabled better prediction and analysis of the trends and opportunities that can now emerge as a result.
US medical packaging trends
The US currently holds an impressive global market share, with a medical device packaging industry that is expected to account for $5 billion (USD) during the next 10 years. At the current time, with the sector soaring, many industry experts believe this to be a conservative estimate.
Across the US, industry leaders are harnessing the opportunities provided by significant growth, working towards sustainability, meeting consumer demand and facing the ongoing challenges in collaboration.
Sustainability has been the key word in all sectors and particularly in the fast-paced, changing world of medical packaging. With single-use products high on the agenda, we’re seeing progress in leaps and bounds in innovations such as monomaterials, advanced polymers and fully recyclable paper, glass and bio plastics.
This is leading to advancements at a pace never seen before in the sector, in turn creating its own set of challenges, which the industry is embracing as it moves forward with lessons learned during the past few years.
Facing the challenges
Rising consumer demand has widened the approach to opportunity in the US medical packaging market and indeed, across the world. While this is good news, many smaller manufacturers are still facing the typical challenges in terms of regulation, compatibility, rising costs and recruitment.
Regulatory control is understandably stringent in the medical packaging sector. However, during recent years, it has been challenging for all sectors to keep up with changing regulations and standards. While compliance requirements will remain necessarily high to ensure the safety and integrity of pharma and medical device packaging, there are signs, according to some reports, that these too may begin to stabilise and standardise on a global scale.
All over the world, supply chain costs are rising, and the knock-on effect has been felt in every corner of every industry sector. Energy prices, worker pay rates, compliance and regulation and raw materials costs are all contributors to the rise in operational bottom-lines. With recruitment and quality control standards also causing waves, the adoption of automation is almost a foregone conclusion in today’s manufacturing industry. Automated packaging lines are helping companies of all sizes to handle many challenges in one box-ticking exercise.
The rise of packaging line automation
Medical packaging lines are benefiting from the integration of compatible automatic machinery. With automation, addressing speed and output, compliance and sustainability and streamlining distribution happens fast.
To fully gain the benefits and harness the opportunities that growth in the sector can bring, many smaller manufacturers and packaging lines will need automation in some form. However, it is important to ensure that the machinery installed meets often precise packaging needs, as the possibilities are almost endless.
Working closely with a machine manufacturer that understands both the opportunities and the challenges in the sector is crucial for a healthy ROI and a streamlined operational environment. The medical packaging sector remains highly regulated and this means that machines also need to meet local, national and global standards.
At Jacob White packaging, we’ve been building machines to precisely tailored requirements following close assessment with our pharma clients. Our machines can handle medical face masks, blister packs, medical bottles and everything in between, with tailoring to suit your operational process and controls.
Face all the challenges of medical packaging head-on and streamline your global operations with Jacob White. Talk to us today.
