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Aug 22, 2023

Global Medical Device Packaging Market Size Expected to Reach $50 Billion By 2028

News provided by 26 Sep, 2023, 10:00 ET Share this article PALM BEACH, Fla., Sept. 26, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The Global Medical Device Packaging market is

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26 Sep, 2023, 10:00 ET

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PALM BEACH, Fla., Sept. 26, 2023 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The Global Medical Device Packaging market is anticipated to continue its growth rate in several coming years. Medical device packaging applications employ various materials and methods. The packaging material which remains in direct contact with the healthcare devices is called primary packing material and the material which protects the primary packaging is called secondary packing materials. Some of the key secondary packaging materials used are paper or cardboard boxes. Tertiary packing systems such as a carton box are generally used for bulk storage and transportation application of the medical device. The medical packaging material must be compatible with the sterilization process, i.e., these medical packaging shall retain the sterile condition, till the pack is broken. Furthermore, packaging systems for non-sterile devices should maintain their cleanliness and integrity. According to the report published by Facts Factors, the global medical device packaging market size was worth around USD 31.75 billion in 2021 and is predicted to grow to around USD 50.70 billion by 2028 with a compound annual growth rate (CAGR) of roughly 6.96% between 2022 and 2028. Active Companies in the markets today include Sharps Technology Inc. (NASDAQ: STSS), Stevanato Group S.p.A. (NYSE: STVN), West Pharmaceutical Services, Inc. (NYSE: WST), Becton, Dickinson and Company (NYSE: BDX), Pfizer Inc. (NYSE: PFE).

The Facts Factors report said: "Some of the key types of medical devices include overwraps, bags, pouches, trays, and clamshells comprising various materials. These materials are flexible as well as rigid. Paper is being increasingly used in medical device packaging. Further, to offer clean peal performance, these packaging papers are being impregnated with polymer and latex. Meanwhile, plastics are used as film (flexible) and sheets (semi-rigid and rigid) for medical device packaging. Furthermore, aluminum is also used as foil or vacuum-deposited on film which acts as a barrier for oxygen, light, and moisture. These materials are used for shipping and storing various medical devices such as syringes, incubators, dialysis machines, elastic bandages, gloves, catheters, pacemakers, dental lasers, valves, and others. Considering the growing demand for medical devices in the healthcare sector, the demand for medical device packaging is likely to rise, in the coming years."

Sharps Technology Inc. (NASDAQ: STSS and STSSW) BREAKING NEWS: Sharps Technology Signs Asset Purchase Agreement to Acquire InjectEZ Specialty Copolymer Syringe Manufacturing Facility and a 10-Year Purchase Agreement for Over $400 Million from Nephron Pharmaceuticals -

- Sharps Technology, Inc. (the "Company"), an innovative medical device and pharmaceutical packaging company offering patented, best-in-class syringe products, and Nephron Pharmaceuticals Corporation, ("Nephron") a privately owned U.S. leader in contract manufacturing and 503B outsourcing, announce the signing of an Asset Purchase Agreement (APA) to acquire Nephron's InjectEZ specialty syringe manufacturing facility. This includes a 10-Year purchase agreement for over $400 Million from Nephron Pharmaceuticals for next-generation copolymer prefillable syringe systems. Product delivery is scheduled for the first quarter of 2024 with revenue totaling approximately $30 Million for the first twelve months of production and subsequent revenue of over $45 Million per year beginning in 2025, and continuing through 2033.

Management Comments: "These transactions represent a transformative event for the Company," commented Soren Christiansen, Board Chairman of Sharps Technology. "Recruiting Robert Hayes as our CEO two years ago was a substantial achievement for Sharps Technology and its shareholders. Robert has built a strong team, and together they worked through a successful, multi-month financing process that resulted in selecting a funding partner that is poised to provide up to $75 Million in debt financing to be used for the transaction. The Company will now have manufacturing operations in Europe and the United States and this deal will generate significant short and long-term revenue. This transaction enables Sharps to enter the highly profitable copolymer prefillable syringe segment, which has the highest growth in the syringe market place. The Company is well positioned for future growth and providing meaningful benefits to both patients and shareholders."

"I would like to thank Bill and Lou Kennedy, and the Nephron team, for their commitment since the inception of the manufacturing and research partnership that was signed in 2022," commented Robert Hayes, Sharps Technology CEO. "With this landmark purchase agreement in place for our copolymer prefillable syringes, we will accelerate the realization of our shared goals with the Kennedys, transition the Company to revenue, and propel Sharps into a new phase of growth and sustainability. At the forefront of our growth trajectory are our copolymer based prefillable syringe systems, a sector that is experiencing escalating market demand and is poised to shape the future of Sharps. We are excited about the opportunities that lie ahead as we strengthen our relationship with Nephron and will update our shareholders as the transaction advances." CONTINUED… Read this full release for Sharps Technology at: https://ir.sharpstechnology.com/

Other recent developments in the markets include:

Stevanato Group S.p.A. (NYSE: STVN), a leading global provider of drug containment, drug delivery, and diagnostic solutions to the pharmaceutical, biotechnology, and life sciences industries, recently announced that it will livestream its inaugural Capital Markets Day on September 27, 2023 from 11:00 a.m. ET to approximately 2:30 p.m. ET.

The livestream will be available at https://ir.stevanatogroup.com/news-events/ir-calendar, and supporting materials will be made available online the morning of the event.

Founded in 1949, Stevanato Group is a leading global provider of drug containment, drug delivery and diagnostic solutions to the pharmaceutical, biotechnology and life sciences industries. Stevanato Group delivers an integrated, end-to-end portfolio of products, processes and services that address customer needs across the entire drug life cycle at each of the development, clinical and commercial stages. Stevanato Group's core capabilities in scientific research and development, its commitment to technical innovation and its engineering excellence are central to its ability to offer value added solutions to clients.

West Pharmaceutical Services, Inc. (NYSE: WST) recently announced its financial results for the second-quarter 2023 and updated full-year 2023 financial guidance. Second-Quarter 2023 Summary (comparisons to prior-year period) Were: Net sales of $753.8 million declined 2.3%; organic net sales declined 2.5%; Reported-diluted EPS of $2.06, compared to $2.48 in the same period last year; Adjusted-diluted EPS of $2.11, compared to $2.47 in the same period last year; The Company is raising full-year 2023 net sales guidance to a new range of $2.970 billion to $2.995 billion, compared to a prior range of $2.965 billion to $2.990 billion; and The Company is raising full-year 2023 adjusted-diluted EPS guidance to a new range of $7.65 to $7.80, compared to a prior range of $7.50 to $7.65.

"We had a solid first-half of 2023, and with the momentum of our high-value product capacity expansion projects, we are well positioned for an even better second-half of the year," said Eric M. Green, President, Chief Executive Officer and Chair of the Board. "While COVID-19 related sales continued to decline as expected, our base Proprietary Products business again organically grew double digits. We see continued stability in both near- and long-term demand trends for our HVP components, devices and systems, and our team members remain focused on creating value-added solutions for our customers."

BD (Becton, Dickinson and Company) (NYSE: BDX), a leading global medical technology company, recently announced it has been ranked in the top 10 for overall transparency and awarded Best Code of Conduct among S&P 250 companies in the fifth annual U.S. Transparency Awards by Labrador, a global communications firm specializing in corporate disclosures.

"Particularly now, when stakeholders are evaluating the moral and ethical behaviors of companies, the code of conduct is the roadmap that provides insight into a company's values -- it guides and influences the behavior of its Board and employees," said Broc Romanek, industry-renowned expert and chair of the independent Transparency Scientific Committee, which will oversee the awards starting next year. "Among the many ways BD stood out among its peers, it provides a user-friendly interface, offers direct links to policies to ensure accessibility and includes an easy-to-understand graphic about the reporting process so that there can be no confusion."

Pfizer Inc. (NYSE: PFE) recently announced that the European Commission (EC) has granted marketing authorization for LITFULO™ (ritlecitinib) to treat adults and adolescents 12 years of age and older with severe alopecia areata. LITFULO, a once-daily oral capsule, is the first medicine authorized by the EC to treat individuals as young as 12 years of age with severe alopecia areata. LITFULO is also the first and only treatment to selectively inhibit Janus kinase 3 (JAK3) and the tyrosine kinase expressed in hepatocellular carcinoma (TEC) family of kinases.

"Today's approval of LITFULO in Europe is an important milestone for patients as young as 12 years of age with substantial hair loss from alopecia areata, as they now have an opportunity to achieve significant hair regrowth," said Angela Hwang, Chief Commercial Officer, President, Global Biopharmaceuticals Business, Pfizer. "Previously, there were no treatment options approved by the EC for adolescents with severe alopecia areata, and Pfizer is proud to be bringing forward this new innovative medicine for patients living with the challenges brought by this autoimmune disease."

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