Recent insights highlight the fact that soft drinks will have the strongest performance when it comes to packaging.
In recent years, factors such as changes in lifestyle, increase in disposable income, and relative advances in medical technology are fueling the demand for medical packaging among the end-user segments. Since medical packaging plays a prominent role in preserving the health-based outcomes, organizations are emphasizing the use of modern technologies to improve the quality and cost-effectiveness of the products offered. In addition, the regulatory concerns laid out by the FDA and the rising need for promising medical facilities are contributing to the rising demand for sophisticated packaging among the consumers. Although the medical packaging market is witnessing promising growth, owing to the presence of a considerable number of players, several factors may influence the growth of the industry. They include:
Fluctuating raw material prices: In the medical devices sector, packaging requires the use of end raw materials such as paper, board, and rigid plastics. With the fluctuations in the prices of these products, the medical packaging industry is facing pressures to maintain stability and safety in the products being offered. Also, the combination of economic uncertainty and energy price inflation will have an adverse effect on the packaging companies.
Environmental issues: With the implementation of stringent regulations by the government, companies in the medical packaging industry need to ensure that the regulatory requirements are met before supplying the products to the end-users. Also, the rising environmental concerns are further forcing the manufacturers to reduce pollution while managing the reduction of waste.
To gain a summary of the latest trends and lucrative business expansion opportunities, organizations are leveraging market intelligence solutions. Market intelligence refers to the information relevant to the company’s market, which helps in determining relevant market opportunities and making accurate and confident decisions. A precise view of the market can help customers record, analyze, and interpret information about the company’s markets, competitors, and the customers.
The Business Challenge
- The client: A renowned medical packaging client
- Area of engagement: Market intelligence
The client, a renowned medical packaging manufacturer in the US, wanted to gain insights into the market size calculations, competitor analysis, and substitute products. With the help of market intelligence, the client wanted to gain accurate and precise information on the market’s growth potential and the possible ways to increase revenues, profits, and market shares. The client wanted to meet the growing medical demands by bringing about cost-effectiveness in their service offerings. Moreover, the medical packaging supplier wanted to penetrate niche target segments and minimize the risk of investments being made.
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To ascertain the demand for the products and offer reliable product offerings in the market, the market intelligence experts at Infiniti carried out extensive research, comprising of interviews and discussions with prominent stakeholders in the medical packaging space. To profile the competitors, the experts also compiled information from a wide array of proprietary sources such as paid industry databases, trade shows, government regulatory bodies, and company presentations in the medical packaging space.
The Solution Benefits and the Business Impact
The market intelligence solution offered by Infiniti assisted the medical packaging client in identifying the niche market segments and tailor products and marketing efforts around the customer’s needs. The client was able to increase the need for medical awareness and improve the demand for better healthcare and medical facilities. Moreover, the medical packaging client was able to segment the market on the basis of the material, packaging types, and region, and adequately meet the business requirements of the target audience. In addition, the market intelligence solution also assessed the preferences of the customers and offer products based on their requirements.
The medical packaging industry will witness a gradual improvement in the raw materials used for the production of packaging materials. The products will be more durable, stronger, and will have a better design. The industry is also expected to witness advances in technologies in terms of smart packaging, electronic tagging, and RFID technology.
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the packaging industry