The global IV (intravenous) product packaging market to grow at a CAGR of 6.16% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global IV (intravenous) product packaging market for 2016-2020. The report also presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market. The report also includes a discussion of the key vendors operating in this market.
Growing demand for traceability is a key trend for this market. Product traceability systems are aimed to keep a record of the product flow, which is meant for the consumption, and keep a track of product attributes throughout the production process or logistics network.
Since the manufacturing and distribution process of any medical product is very complex, companies consider traceability systems as the best tool to solve all counterfeit-related challenges. Product traceability tools help companies to make available reliable products to their consumers, thereby helping to reduce the counterfeiting of products in the market. In many countries such as the US and the UK, consumers are ready to pay a high amount for products containing traceability certificates on the products.
According to the report, growth in healthcare industry is a key driver for the market. The growing urbanization and increased health awareness among the population are the major factors for the growth of the healthcare industry. An increase in per capita income has elevated the purchasing power of people worldwide, which also has big implications on the global healthcare market.
Transformation of traditional methods of manufacturing of medical products into the current technological set-up has brought the entire market to a progressed stage, which is furnished with high-tech equipment, technology, and cumbersome hefty investment.
Further, the report states that prevention of counterfeit products is a challenge to market growth. Counterfeiting has become a major issue globally. According to WHO, more than 8% of all medical devices and products circulated worldwide are counterfeit. Counterfeiting not only results in losses for the company but also destroys the brand image of the products.
In Europe, under the new Anti-Falsification Directive, as of 2017, all the medical products need to be provided with a particular and unique code number, and an anti-tempering feature which will represent that the packaging of the product should be new and authentic. The counterfeiting of medical devices and intravenous products has posed a major challenge to the global intravenous product packaging market.
Other prominent vendors
- B.Braun Medicals
- MRK Healthcare
- Neotec Medical Industries
- Smith Medical
- Technoflex SA
For more information visit http://www.researchandmarkets.com/research/42pjlg/global
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SOURCE Research and Markets