Market Trends of IVD Packaging Industry
This section covers the major market trends shaping the In-Vitro Diagnostics Packaging Market according to our research experts:
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 world.
- 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 world 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 toward 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.
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Asia-Pacific to Witness High Growth
- The Chinese government is increasing China’s healthcare expenditure, primarily to focus on public health. With the increasing number of hospitals in China, it is justifying the 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 one 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.
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