Sterile Medical Packaging Market Overview
Sterile Medical Packaging Market size is estimated to reach $28.30bn by 2025 and is poised to grow at a CAGR of 5.28% during the forecast period 2020-2025. Packaging is an essential and the intrinsic part of the process of product manufacturing. It ensures products safety and effortless transportation of products. Various sterilization packaging types, such as pouches, wraps, and container systems, are available in market in different sizes and specifications for the purpose of sterilizing and packaging medical devices and other instruments. Factors such as application, performance, and selection of proper sterilization packaging systems are very important for the execution of sterilization of the packaged content, maintaining sterility of the packaged contents. The growing incidence of the chronic diseases worldwide has emerged as a major concern among the global population.
Geographically, the North America area is poised to see extraordinary development owing to the well-established pharmaceutical industries in the region and is set to continue during forecast period 2020-2025.
The global demand for Sterile Medical Packaging is owing to the increase preference for the contamination free medical products, as uneven and unhygienic packaging may lead to fatal consequences.
Strict regulations from the authorities regarding the specifications and materials used by the manufacturers in packaging is estimated to restrain the market growth during the forecast period 2020-2025.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Sterile Medical Packaging Market report.
Sterile Medical Packaging Market Segment Analysis – By Material
The global Sterile Medical Packaging market based on Mode of Material, can be further segmented into Plastics, Metal, Paper & Paperboard, Glass, and others. Plastics registers for the highest revenue in 2019, and is estimated to grow at highest CAGR over the forecast period 2020-2025. This is owing to the versatility, low-cast, and log shelf-life of plastic. This segment includes flexible and hard plastic packaging. It is the most popular choice for sterile medical packaging as it meets aesthetic demands and offers a wide degree of machinability and barrier protection.
Sterile Medical Packaging Market Segment Analysis – By Product
The global Sterile Medical Packaging market based on Mode of Product, can be further segmented into Thermoform Trays, Sterile Bottles & Containers, Vials & Ampoules, Pre-Fillable Inhalers, Sterile Closures, Pre-Filled Syringes, Blister & Clamshells, Bags & Pouches, Wraps, and other Sterile Medical Packaging. The Sterile Bottles & Containers segment registers for highest revenue in 2019 and projected to grow at the highest CAGR during the forecast period 2020-2025 owing to its demand in packaging of liquid drugs, capsules, and tablets. The use of brown sterile bottles prevents the decomposition of certain chemical substances by UV light, which is driving the growth of this segment.
Sterile Medical Packaging Market Segment Analysis – By Geography
The global Sterile Medical Packaging market based on Geography, can be further segmented into North America, Asia-Pacific, Europe, and Rest of World. North America registers for the highest revenue in 2019 and is set to grow at highest CAGR over the forecast period 2020-2025 owing to the various regulations imposed by the FDA, which in turn is fostering the demand for sustainable and quality products in the region. However, Europe is estimated to outpace all the regions by clocking the highest CAGR during the forecast period 2020-2025 owing to the increased spending capacity along with growing healthcare awareness.
Sterile Medical Packaging Market Drivers
Rise in Demand
The global Sterile Medical Packaging market is growing with an increase preference for the contamination free medical products, as uneven and unhygienic packaging lead to fatal consequences. Sterile medical packaging provides better protection against microorganisms and thus, fulfil consumers demand for safe and sterilized packaging for the medical products and supplies. Also, growing regulatory compliances for packaging of sterilized medical devices and ageing population are some of the key factors for the growth of the Sterile Medical Packaging market.
Sterile Medical Packaging Market Challenges
Implementation of stringent laws
The implementation of stringent regulatory standards in manufacturing to maintain sterility of packed contents is poised to dampen the growth of the Sterile Medical Packaging market. These stringent norms ensure that the packed devices or instruments do not experience any adverse reaction or damage such as wear and tear from any external force during transportation. The complexity of the standard rules is set to impede emerging players to invest in the market, which is acting as a challenge during the forecast period 2020-2025.
Sterile Medical Packaging Market Industry Outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Sterile Medical Packaging Market. Key companies of this market Orchid Chemicals & Pharmaceuticals Ltd, West Pharmaceutical Services Inc, SteriPack Ltd, Wipak Walsrode GmbH & Co. KG, Riverside Medical Packaging Company Ltd, Selenium Medical, Placon Corporation, DuPont De Nemours and Company, Oracle Packaging Inc, Oliver Healthcare Packaging, and Amcor Limited.
In February 2020, Oliver Healthcare Packaging, a global leader in medical packaging, is proud to announce an expanded presence in Southeast Asia. This will continue to invest in Southeast Asia to best support the needs of our customers
In November 2019, West Pharmaceutical Services, Inc and Schott today announced a partnership to combine the SCHOTT iQ platform with West’s Ready Pack system. This will initially launch by combining West components and SCHOTT’s adaptiQ high-quality RTU glass vials.