Global Sterile Medical Packaging Market
Global sterile medical packaging market report provide a comprehensive outlook on sterile medical packaging worldwide with specific focus on key region such as North America, Europe, Asia Pacific, Latin America and MEA. The report on global sterile medical packaging market gives historical, current and future market size (US$ Mn) on the basis of material, type, application, sterilization method, and geography. This study analyses the global sterile medical packaging market dynamics in a detailed manner to identify current trends and drivers, growth opportunities and potential challenges to the key stakeholders in the operating market. In addition, PBI has analyzed the global market to better equip customers with possible investment opportunities across region and consumer unmet needs.
Global Sterile Medical Packaging Market:
The global sterile medical packaging market is expected to rise from US$ 22.5 billion in 2019 to hit US$ 30.9 billion by 2026 at a CAGR of 5.43%. The rising demand for medical devices in the healthcare industry is one of the major factors driving the demand for sterile medical packaging. With an increased preference for contamination-free medical products, the growth of the sterile medical packaging market is increasing, as uneven and unhygienic packaging can lead to fatal consequences. Rising regulatory enforcement for sterilized medical device packaging and the ageing population are also some of the main drivers for sterile medical packaging growth during the forecast period. However, introduction of strict regulatory requirements in the manufacturing sector in order to preserve the sterility of packaged content would dampen market growth.
Growing hygiene and sterility in medical equipment to stimulate growth:
The growing prevalence of infectious and transmissible diseases and viruses such as COVID-19, influenza, tuberculosis and SARS has resulted in improved hygiene in medical devices designed to prevent patients from being infected or transmitting diseases. Market growth would be positively affected by the emphasis on durable packaging in medical devices such as syringes, needles, bandages, face masks, gloves, applicators, suction catheters, test kits and surgical sponges. For sterility, the packaging used in these devices needs effective maintenance. Thus, during the forecast era, the need for successful packaging solutions will propel the market. Furthermore, due to the ethical and hygiene aspects of protecting against the risks of disease transmission, the growing demand for single-use medical equipment will promote healthy market growth in the coming years.
North America dominates the share in sterile medical packaging market:
It is expected that North America will be one of the largest markets for sterile medical packaging, largely due to the numerous regulations implemented by the FDA, which, in turn, are driving demand in this area for sustainable and high-quality products. Moreover, the market has become very competitive in the area due to the presence of several major players and strict FDA regulations. Companies in the region are growing in order to obtain a competitive advantage over competitors. The availability of counterfeit drugs and packaging is a major challenge for the industry in this area. The United States, which has many laws in place to prevent these counterfeit prescription items from being produced and sold, is seeing the consumer penetration of fake and substandard medications.
Key players profile in the global sterile packaging market include-
- Amcor Limited
- 3M Company
- Bemis Company
- West Pharmaceutical Services Inc.
- SteriPack Ltd.
- Wipak Group
- Placon Corporation
- Oracle Packaging Inc.
- Riverside Medical Packaging Company Inc.
- In December 2019, Dordan Manufacturing Inc. initiated its cleanroom project to enhance its existing expertise in medical packaging.
- In November 2019, ULMA Packaging launched a new, easy-to-open flow pack package for the medical sector.
Key findings of report:
- Global sterile medical packaging market expanding at significant CAGR over 2019 to 2025 owing to rising demand for medical devices in the healthcare industry, an increased preference for contamination-free medical products.
- North America accounted for larger share of market revenue based on the region and projected a gain in market revenue over a forecast period.
- Players focusing on innovation of technologies and collaboration strategies to retain market position in global market.
Key features of the report:
- The report provides granular level information about market size, regional market share, historic market (2015-2019) and forecast (2020-2026).
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market.
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market.
- The report provides plethora of information about market entry strategies.
- Paper & Paperboard
- Thermoform trays
- Sterile bottles & containers
- Vials & ampoules
- Pre-fillable inhalers
- Sterile closures
- Pre-filled syringes
- Blister & clamshells
- Bags & pouches
- Pharmaceutical & biological
- Surgical & medical instruments
- In vitro diagnostic products
- Medical implants
- Chemical sterilization
- Radiation sterilization
- High temperature/Pressure sterilization
- Rest of Europe
- Southeast Asia
- Rest of APAC
- Rest of SA
- Saudi Arabia
- South Africa
- Rest of MEA