Product Code: 48607
The In-vitro Diagnostics (IVD) Packaging market was valued at USD 7.22 billion in 2019 and is expected to reach USD 9.52 billion by 2025, at a CAGR of 4.5% over the forecast period 2020 - 2025. The global in vitro diagnostic packaging market is booming mainly due to technological advancements, enhanced diagnostic tools, and increased availability of over-the-counter tests.
- The rapidly rising practice of self-testing by the people, an increasing number of point-of-care testing, increased government expenditures on healthcare, growing awareness of personalized medicine and the increasing number of chronic diseases are some of the major factors boosting the growth of the in vitro diagnostics (IVD) packaging market.
- The importance of IVD packaging is increasing in the healthcare sector owing to the demand for faster diagnosis time and increased volume of samples obtained by the automation devices. This has resulted in the increased usage of IVD devices in hospitals.
- Other contributing factors boosting the growth of the market include the pressure from the governments and industries across the globe, to comply with the set regulations, due to the increasing demand for integrated healthcare systems. For instance, the FDA uses a risk-based regulatory scheme for medical devices (including IVDs).
Scope of the Report
In vitro diagnostics are tests done on samples such as blood or tissue that are taken from the human body. In vitro diagnostics can detect diseases or other conditions, and can also be used to monitor a person's overall health to help cure, treat, or prevent diseases.
Key Market Trends
Laboratories Segment to Witness High Growth
- As the hospitals and laboratories are some of the major consumers of in vitro diagnostic devices, the increasing revenues of these sectors are also expected to develop the market for IVD packaging across the globe.
- With the shift from the legacy systems to the commercial solutions favored by the laboratories, the market is expected to grow further as they provide a flexible and reliable method to manage data, resources, and workflows.
- Many governments across the globe are also regulating policies for laboratories having IVDs. For instance, in May 2018, Australia's Therapeutic Goods Administration (TGA) unveiled guidance for laboratories to meet in vitro diagnostics (IVD) regulatory requirements.
- Moreover, the ongoing shift towards personalized medical devices is expected to create a demand for IVD devices. Also, the innovations in IVD devices are likely to accelerate the demand for IVD packaging during the forecast period.
Asia-Pacific to Witness High Growth
- The Chinese government is increasing there healthcare expenditure primarily to focus on public health. With the increasing number of hospitals in China, it is justifying their investment in public health initiative, which is driving the market in this region.
- Moreover, Japan has faced the challenges of shrinking and aging population for several years. The latest population estimate by the Health, Labor, and Welfare Ministry, released in December 2018, points to the rapid decline of Japan's population with fewer births. The number of babies born in the country, in 2018, is estimated at 921,000, which is 25,000 less than the previous year and falling short of 1 million for the third year in a row. These circumstances in the country have accelerated healthcare spending in the region.
- India is also considered as a lucrative market for generic R&D activities and manufacturing of pharmaceuticals, owing to its strong capabilities across the value chain. Moreover, India's competitive advantage also resides in the magnified success rate of Indian companies in getting the Abbreviated New Drug Application (ANDA) approvals, which is boosting the market growth.
The in-vitro diagnostics (IVD) packaging market is competitive due to the presence of many players running their business in domestic as well as in international markets. The market is moderately concentrated with the major players adopting strategies like product innovation and mergers and acquisitions. Some of the major players in the market are Amcor Limited, Aptargroup Incorporated, Thermo Fisher Scientific Incorporated among others.
- June 2019 - Amcor announced the successful completion of its acquisition of Bemis Company Inc. The combined company will now operate as Amcor Plc (Amcor). The acquisition of Bemis brings additional scale, capabilities, and footprint that will strengthen Amcor's industry-leading value proposition
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Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Introduction to Market Drivers and Restraints
- 4.3 Market Drivers
- 4.3.1 Growing Demand for Tubes
- 4.3.2 Increasing Number of Point-of-care Tests
- 4.4 Market Restraints
- 4.4.1 Environmental Concerns Related to Raw Materials for Packaging
- 4.5 Industry Attractiveness - Porter's Five Force Analysis
- 4.5.1 Threat of New Entrants
- 4.5.2 Bargaining Power of Buyers/Consumers
- 4.5.3 Bargaining Power of Suppliers
- 4.5.4 Threat of Substitute Products
- 4.5.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Product
- 5.1.1 Bottles
- 5.1.2 Vials
- 5.1.3 Tubes
- 5.1.4 Closures
- 5.1.5 Other Product Types
- 5.2 By End User
- 5.2.1 Hospitals
- 5.2.2 Laboratories
- 5.2.3 Academic Institutes
- 5.2.4 Other End Users
- 5.3 Geography
- 5.3.1 North America
- 5.3.2 Europe
- 5.3.3 Asia-Pacific
- 5.3.4 Latin America
- 5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Amcor Limited
- 6.1.2 Aptargroup Incorporated
- 6.1.3 Corning Incorporated
- 6.1.4 Greiner Holding AG
- 6.1.5 Thermo Fisher Scientific Incorporated
- 6.1.6 COMAR, LLC.
- 6.1.7 WS Packaging Group
- 6.1.8 DWK Life Sciences
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS