Market Trends of North America Medical Devices Packaging Industry
Ophthalmic Goods Segment Holds Major Market Share
- Ophthalmic equipment is a specialized segment of the medical device industry. It focuses on developing, distributing, and marketing devices for diagnosing, treating, and monitoring various eye-related conditions. North American Native individuals exhibit a higher prevalence of ophthalmic conditions than the rest of the world White individuals. These findings point to poorer eye health and a greater unmet need for eye care.
- As per the United States Centers for Disease Control and Prevention, Age-related macular degeneration (AMD) affects approximately 1.8 million Americans aged 40 and above. Notably, AMD stands as the primary contributor to sustained reading and vision challenges in the 65 and older demographic.
- With a surge in eye diseases, expanding ophthalmic product exports, increased R&D investments, and stringent packaging regulations, North America has cemented its position as the leading player in the global ophthalmic packaging market. The market is witnessing solid growth with constant launches by key global players.
- Moreover, Canada is witnessing a robust surge in ophthalmic interventions. According to the Conference Board of Canada, not only is the frequency of these interventions on the rise but the number of individuals undergoing at least one ophthalmic procedure is set to double in the upcoming decades.
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Mexico is Expected to Witness Major Growth
- Mexico's medical device market prioritizes innovative, high-quality technologies that offer robust healthcare outcomes. Products that strike a balance between advancement and cost-effectiveness are poised for success. Demand is particularly high for medical devices in preventative care, diagnostic imaging, dental products, patient aids, orthopedics, and prosthetics. Bolstered by rising health expenditures and a penchant for adopting new technologies, Mexico stands out as a key player in the America’s medical device market.
- According to the International Trade Administration, US Department of Commerce, November 2023 publication, Mexico's production and export of medical devices, equipment, and instruments have been increasing in the past year since the 2020 post-pandemic period. As per the report, domestic production increased from USD 16.80 billion in 2020 to USD 17.31 billion in 2023. On the other hand, the export of medical instruments surged to USD 7.33 billion, up from USD 5.93 billion in 2020.
- Therefore, this constant increase in the medical device production and export trend is expected to be witnessed in the forecast period, positively impacting the demand for medical device packaging production across the country at the time of production and transport.
- The aging population has created a dependent market for the medical devices industry, as there is a growing demand for home care solutions among the elderly. Advances in medical device packaging have significantly broadened the scope of treatable conditions in a home care environment.
- According to World Bank data published in May 2024, the share of the 65+aged population in Mexico rose from 7.42% in 2017 to 8.32% in 2022. This growth depicts a constant dependency on medical devices across the market.
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