CLEVELAND, June 29, 2016 /PRNewswire/ -- US demand for IVD packaging products is projected to increase 2.9 percent annually to $3.9 billion in 2020. Primary containers will comprise 63 percent of the market, or almost $2.5 billion. The remainder of demand will be divided among closures, secondary containers, microplates, labels and package inserts, and various other accessories. These and other trends are presented in In Vitro Diagnostic (IVD) Packaging, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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Over the past several years, advances in reagents and related substances have increased the quality and performance of IVD packaging configurations. According to analyst Bill Martineau, "This trend is promoting the use of higher value-added containers, closures, and packaging accessories. Nonetheless, the relative cost of packaging to IVD product shipments is expected to decrease gradually, falling to 13.3 percent in 2020 and 13.1 percent in 2025."
Demand for primary IVD containers is forecast to increase 2.8 percent annually through 2020. Included in this product segment are reagent and solution bottles, blood collection tubes, sample and transport tubes, culture and media bottles, tubular vials, culture and media plates, and various miscellaneous containers such as ampuls, bags and pouches, test sticks and blister packs. Based on expanding use in cancer testing and the detection of complex infectious diseases, culture and media plates and bottles will post the fastest revenue growth through 2020 and beyond. However, by 2025 blood collection tubes will capture the largest share of demand value due to their adaptability to virtually all types of IVD procedures as well as to evolving user preferences for higher value-added types with enhanced seals and premium additives.
Reagent and solution bottles will continue to dominate the packaging of consumables for clinical chemistry and immunoassay procedures. However, these containers will generate below average revenue growth as advances in technology reduce the volume of reagents required for many patient tests. Among other primary IVD containers, sample and transport tubes and tubular vials will post the largest shares of demand value based on applications spanning most IVD procedures.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group