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December 2024
The global diagnostic tools packaging market size is set for a massive revenue upswing, with projections of growth reaching hundreds of millions of dollars.
The diagnostic tools packaging market is likely to register impressive growth during the projected forecast period. The healthcare sector is under continuous pressure to supply goods that deal with the most recent clinical developments as well as being essential for the overall health of the people. The diagnostics industry is changing as a result of technology, automation and the demand for the personalized treatment. The most important instruments for enabling medical professionals to recognize illnesses or other health issues are diagnostics. One of the primary functions offered by the packaging for diagnostic equipment is to protect the instrument from external influences that can compromise the instrument's sterility and integrity such as biological contamination and physical damage.
The rising incidence of chronic diseases such as diabetes, cardiovascular disorders and respiratory conditions along with the growing importance of early diagnosis and preventive healthcare is fueling the need for long-term medication adherence is expected to augment the growth of the diagnostic tools packaging market during the forecast period. Furthermore, the advancements in the diagnostic technology such as the emergence of the portable and handheld devices as well as the stringent regulatory requirements related to medical device safety and packaging standards is also anticipated to augment the growth of the market. Additionally, the rapid expansion of the healthcare infrastructure in emerging market along with the rise of home-based diagnostic testing are also projected to contribute to the growth of the market in the near future. The global packaging industry size is estimated to grow from USD 1.20 trillion in 2022 to reach an estimated USD 1.58 trillion by 2032, growing at a 3.16% CAGR between 2023 and 2032.
The rising prevalence of chronic diseases across the globe is expected to fuel the growth of the diagnostic tools packaging market within the estimated timeframe. This is owing to the increase in tobacco use, excessive alcohol consumption, lack of physical activity and poor eating habits. According to the International Agency for Research on Cancer, lung, breast and colorectal cancers are among the most common cancers globally and Asia has the highest cancer incidence and mortality rates. Lung cancer had the highest incidence in 2022, with 2.48 million cases globally. Breast cancer followed with 2.3 million cases, making it the second most prevalent cancer. Diagnostic devices such as X-rays; computed tomography (CT); magnetic resonance imaging (MRI); positron emission tomography (PET), molecular diagnostic kits, and blood test kits are important in medical decision-making, consisting therapy and then follow-up. These tools require packaging options that guarantee the safety as well as sterility of the devices and protect them from the external contamination and damage during transportation.
Furthermore, according to the data by the American Diabetes Association, in 2021, 38.4 million Americans (11.6% of the population) had diabetes. Type-1 diabetes affects 2 million Americans, including over 304,000 adolescents and the children. With 16.5 million seniors (both diagnosed and undiagnosed), the number of Americans over the age of 65 is still high at 29.2 percent. With 399,401 death certificates mentioning diabetes, it was the eighth-leading cause of mortality in the United States in 2021. Thus, the utilization of the devices like blood glucose meters, insulin pen, test strips and lancets has become an integral part of the diabetes care. This is likely to drive the need for the reliable and convenient packaging. Additionally, with the increasing trend towards the home-based monitoring of diabetes, there is a greater need for packaging that is tamper-evident, easy to open and designed for the single-use to minimize the risk of cross-contamination.
The limited access to the advanced healthcare in developing regions is likely to hinder the growth of the market within the estimated timeframe. The majority of people across the globe cannot get basic healthcare. As well, a substantial percentage of the households are forced into poverty every year as a result of having to pay for their own healthcare costs. According to the data by the World Health Organization, the financial hardship affected almost 1.3 and 2 billion people worldwide in 2019 of which 1 billion faced severe medical expenses and 344 million faced decreasing health spending at the lowest level of poverty i.e., nearly half of the world population lived in extreme poverty. Poorer households are more likely to experience the financial hardship mostly due to the decreasing health spending.
Furthermore, roughly 40% of emerging economies struggle with significant debt. These countries cannot fund progress on the Sustainable Development Goals if they continue to incur high financing expenses and spend more on repayment of debt than on health or education. Additionally, by 2030, the WHO projects a shortage of ten million health workers, primarily in the lower and middle-income countries. Sub-Saharan Africa is the world's most suffered region by far and faces the most severe challenges. Asia also requires millions more health workers to close the gap in the health workforce due to its substantial portion of the global population. This lack of infrastructure as well as shortfall of the health workers along with the debt problems significantly reduces the demand for these tools and consequently, the need for packaging solutions that guarantee the safety, sterility and functionality of such devices.
The advancements in diagnostic technologies are projected to fuel the growth of the diagnostic tools packaging market in the years to come. Technology has made it easier for diagnostic devices like point-of-care testing (POCT) equipment to become smaller and more portable. By enabling on-the-spot testing, these small devices remove the need to transmit specimens to centralized laboratories. Faster diagnostic and treatment decisions are made by medical personnel attributed to their increased ability to conduct tests swiftly and effectively at the bedside of the patient, in hospital emergency rooms, ambulances as well and remote places. Furthermore, there is potential for the future growth of the POCT devices with the development of the innovative biosensors and bio-analysis methods. These developments make it possible to detect analytes with extreme sensitivity and specificity, which improves test result accuracy and dependability. Biosensors using technologies based on electrochemical, photonic and nanomaterials have more possibilities for rapid point-of-care diagnosis.
Additionally, the real-time diagnostics represents major advancements, from wearable glucose monitoring devices to the real-time PCR testing. A complete collection of the sensor-generated health data is provided by wearable biosensors, guaranteeing ongoing monitoring and prompt findings for the medical decision-making. Also, with the current innovations in the artificial intelligence, healthcare diagnostics could undergo a transformation by increasing the diagnostic process's speed, efficiency, and forecast accuracy. Artificial intelligence (AI) systems are able to evaluate the medical images and help medical professionals diagnose and detect disorders more rapidly and accurately. As diagnostic technologies continue to evolve with the growing demand for the telemedicine and home-based healthcare options, the packaging industry is poised to capitalize on the need for innovative, protective and the intelligent packaging for the modern diagnostic tools. This creates immense growth opportunities for the packaging sector.
The plastic segment held considerable market share in 2023. Choosing the appropriate packing material is a difficult procedure. The diagnostic device packaging companies favors specific materials as they can achieve the demanding regulations. Polymers like polypropylene (PP), polyethylene (PE), and polyethylene terephthalate (PET) are frequently utilized for various packaging applications related to diagnostic instruments. High-density polyethylene (HDPE), in particular, is a strong, lightweight plastic with a high strength-to-density ratio. It is a great option for instrument packaging in this sector owing to its ability to resist impacts, moisture and different chemicals. Moreover, HDPE's main advantages are its affordability, availability, and durability. During their lifetime, these characteristics contribute in maintaining the devices' sterility and integrity. Moreover, HDPE happens to be one of the finest recyclable polymers used in the packaging sector, with an approximate 30% recycling rate, as stated by the American Chemistry Council.
The hospitals segment held the largest market share in 2023. As hospitals have state-of-the-art diagnostic technology, medical experts and laboratories, they are exceptional at correctly diagnosing the conditions. Early diagnosis and timely medical intervention drastically improves patients' probability of recovery in the hospital setting. As the population ages and technology improves, hospitals will have to adapt to the constantly shifting demands of the healthcare delivery. Their evolutionary history will enable them to maintain the foundations of wellness and health, remain at the top of healthcare, and grow with the changing circumstances. Also, hospitals operate in environments where infection control is paramount which is further likely to fuel the segment's growth in the years to come.
North America held the largest market share in the world in 2023. This is due to the growing incidence of chronic conditions like diabetes, cancer and cardiovascular diseases in the U.S. and Canada. For instance, as per the data by the Centers for Disease Control and Prevention, in every 33 seconds, a person dies from cardiovascular illness. 702,880 persons lost their lives to heart disease in 2022. That is the same as one death out of every five. The most prevalent kind of heart disease is coronary heart disease. In 2022, it claimed 371,506 lives. Furthermore, the well-established healthcare system with advanced diagnostic facilities along with the strict regulations regarding the packaging of medical and diagnostic tools is also expected to contribute to the regional growth of the market.
Asia Pacific is likely to grow at fastest CAGR during the forecast period. This is owing to the trend toward point-of-care and home-based diagnostics along with the increasing government initiatives and healthcare investments for better access to the healthcare services across the region. Additionally, the growing rising medical tourism as well as the increasing focus on infection prevention is also anticipated to promote the growth of the market in the region in the near future.
According to the data by the India Brand Equity Foundation, The medical tourism industry in India is projected to grow from its 2024 valuation of US$ 7.69 billion to US$ 14.31 billion by 2029. Over 634,561 foreign visitors sought medical care in India in 2023, accounting for approximately 6.87% of all foreign visitors to the country, based on the India Tourism Statistics. Furthermore, the growing middle class with increasing disposable income are also expected to support the regional growth of the market.
Some of the key players in diagnostic tools packaging market Amcor Plc, Berry Global Group, Inc., AptarGroup, Inc., West Pharmaceutical Services, Inc., Gerresheimer AG, Sonoco Products Company, Mondi Group, CCL Industries Inc., Nelipak Healthcare Packaging, and Thermo Fisher Scientific Incorporated, among others.
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