Medical Device Packaging Market Overview
As packaging plays a pivotal role in maintaining the quality of products in the medical device industry, an effective and safe packaging technique should be implemented to protect medical devices against external factors. However, following the packaging guidelines and strict regulatory standards of the FDA (Food and Drug Administration) is a major hurdle facing companies in the medical device packaging industry. Also, companies are under the need to stay abreast of market changes and create packaging materials that retain the quality of products and ensure durability in the long-run.
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The client is a medical device packaging company based out of Europe.
The client wanted to understand the prevailing market dynamics in the US medical device packaging industry to create an informed expansion strategy. They wanted to examine critical factors including investment environment, industry development, and regional market changes. However, they needed a research partner to provide them with effective market assessment and industry research to guide their way forward. As such, they approached the experts at Infiniti Research to leverage their expertise in offering market intelligence solution.
Challenge #1: Balancing industry compliance and innovation
Stricter FDA regulations in the United States necessitated companies to find new ways to meet industry standards while offering unique and user-friendly packaging. The client, therefore, wanted to understand the policies and regulations of the United States to successfully launch their medical devices in the market.
As medical device packaging design must be sufficiently robust to withstand shipping through all types of climates and a variety of physical hazards, the client wanted to analyze medical device packaging materials gaining popularity in the US. In addition, the client wanted to understand how the top companies in the US medical device packaging industry tackled the rising transportation challenges and ensured products arrives at the hospital free of wear and tear.
Medical device packaging company challenge #3: Rising need for user-centric design
User-friendly packaging was also becoming a major focus of companies in the US medical device industry. The client, therefore, wanted to analyze the demand for different packaging materials the US. By doing so, they wanted to focus on building packaging materials that follow industry standards and meet the healthcare standards and requirements.
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The experts at Infiniti Research conducted US medical device industry analysis. This phase of the engagement helped the client to gain a better understanding of the current and future market potential for their medical device packaging products in the US. Based on our insights, the client also gained an understanding of the market demographics and competitive scenario.
The next phase of the engagement involved market opportunity assessment. The insights obtained from Infiniti’s market opportunity assessment helped the client to review potential barriers to market entry, identify supply chain risks, and understand regulatory requirements in the US. In addition, the client was also able to identify medical device packaging trends and alternatives that need to be focused on in the coming years.
Infiniti’s market intelligence engagement also involved a competitive intelligence analysis. The insights obtained from this phase of the engagement helped the client to analyze top companies in the US medical device packaging market and understand their business strategies and plans.
Also, by conducting a customer survey of healthcare companies in the US, the experts helped the client to understand the needs and demands of healthcare companies regarding packaging design.
“Infiniti Research is a trusted market intelligence provider. They helped us in developing action plans and marketing strategies to successfully establish our operations in the United States.” – The client
The insights obtained from Infiniti’s market intelligence solution helped the client to analyze factors such as industry development, investment environment, market size, and market opportunities. By understanding the policies and regulations of the United States, the client was able to clear the medical package testing procedures faster.
In addition, by identifying the supply chain risks in the market, they focused on designing products that are robust to withstand shipping through all types of climates and a variety of physical hazards. Within two years of entering the packaging market, the client was able to exceed their sales expectation and realize savings of over $2.7 million.
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