The global sterile medical packaging market size was valued at USD 39.79 billion in 2021. The market is projected to grow from USD 44.29 billion in 2022 to USD 73.67 billion by 2029, exhibiting a CAGR of 7.5% during the forecast period. This information is published by Fortune Business Insights, in its report, titled, “Sterile Medical Packaging Market, 2022-2029.”
COVID-19 Impacts:
Growing Demand for Healthcare Products amid COVID-19 Propelled Growth
The healthcare industry has been speedily surging owing to the COVID-19 pandemic. The anxiety and fear of being infected by the coronavirus have made people more alert regarding health and protection, which has augmented the healthcare industry to thoroughly monitor the novel government rules & guidelines concerning cleanliness.
List of Key Players Mentioned in the Report:
- Amcor Plc (Switzerland)
- Placon (U.S.)
- DuPont (U.S.)
- Steripack Ltd. (Ireland)
- Wipak Group (Finland)
- Nelipak Healthcare (U.S.)
- Tekni-Plex (U.S.)
- Sonoco (U.S.)
- BillerudKorsnäs AB (Sweden)
- ProAmpac (U.S.)
- West Pharmaceutical Services, Inc. (U.S.)
- Riverside Medical Packaging Company Ltd (U.K.)
- Oliver Healthcare Packaging (U.S.)
- GS Medical Packaging (Canada)
- Orchid (U.S.)
- Technipaq Inc. (U.S.)
Report Coverage:
We present our reports that are directed with an extensive inspection methodology, which primarily accentuates supplying definite and informative material. Our scholars have applied a data navigation technique that also helps our researchers to present reliable predictions and review the general market aspects precisely. Further, our analysts have gained admission to various international and regional sponsored records for offering upgraded information so that the shareholders and business experts capitalize only in fundamental zones.
Segments:
Based on material, the market is segmented into plastics, glass, metal, paper & paperboard, and others. Plastic is the largest and fastest-growing raw material used in the production of sterile medical packaging. It held the largest segment share in 2021.
Based on type, the market is categorized into thermoform trays, sterile bottles & containers, vials & ampoules, pre-fillable inhalers, sterile closures, pre-fillable syringes, and blister & clamshells, bags & pouches, wraps, and others.
Based on sterilization method, the market is classified into chemical sterilization, radiation sterilization, and high temperature/pressure sterilization.
Based on application, the market is classified into pharmaceutical & biological, surgical & medical instruments, in-vitro diagnostic products, medical implants, and others.
Based on region, the market is categorized into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Drivers and Restraints:
Surging Demand for Sterile Packaging Systems in Healthcare Industry to Motivate Growth
The increasing population, upsurge in the occurrence of diseases, and the implementation of novel guidelines by governments to monitor the spread of communicable diseases are a few of the prime aspects fueling the growth of the healthcare industry. The growth of sterile medical packaging in the healthcare industry can be attributable to its superior microbial barrier and sturdy assets. These packaging products maintain the sterility of the pharmaceutical and medical products till the courier is unsealed for usage.
Strict regulatory guidelines are made and deployed over their production. These rules safeguard that the packed devices or instruments do not experience an unfavorable reaction or loss from packaging products or even external dynamics.
Regional Insights:
North America to Dominate Backed by the U.S. Being Major Contributor toward Market
North America holds the largest sterile medical packaging market share. The U.S. is the most considerable contributor to this region. The growth in this region is credited to the growing pharmaceutical industry and surging consumer healthcare spending.
Europe is the second-largest contributor to the market. The growth is owing to the increasing usage of medical equipment such as sterile bottles & containers, thermoform trays, vials & ampoules, and pre-fillable syringes in numerous medical uses.
In Asia Pacific, China, Japan, and India are the dominating contributors to the sterile medical packaging market growth. The surging population and consciousness of consumers toward healthcare needs have augmented the healthcare industry in this region
Competitive Landscape:
Upgraded Product Introductions to Encourage Market Growth
The fundamental players in the market embrace numerous tactics to bolster their position as dominating corporations. One such prime strategy is procuring companies to boost the brand value among users. Another vital tactic is occasionally introducing groundbreaking products with a systematic review of the market and its target users.
Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Sterile Medical Packaging Market
- Supply Chain Analysis & Challenges
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued…
Key Industry Development:
June 2021: Amcor unveiled ACT2100, a heat seal coating medical packaging solution. This product is likely to boost performance in healthcare applications and attend to customers’ device packing requirements.
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