ID: MRFR/PNT/0809-HCR | February 2021 | Region: Global | 115 pages
It has been noted that sterile medical packaging market value occupies USD 36.9 billion and is expected to range up to USD 57.7 BILLION during the market forecast period. The market holds a CAGR value of 10%.
Globally it was marked that the sterile medical packaging market grows rapidly. The rise in population and the transformation taking place concerning healthcare policies by the government is the major driving factor forcing up the market size. This market has also suffered due to the rise in R And D investments in the market players. The rise in awareness about the health care risk factors has induced up the requirements for the healthcare benefits and has thus resulted in the expansion of sterile medical packaging market size. An increase in the investment amount along with the development of the healthcare industry has driven up the market size.
The outbreak of COVID has had a positive effect on the sterile medical packaging market. Economic disruption was during the time of the COVID outbreak. COVID led to the rise in infections along with communicable diseases. The rise in the outbreak also led to the spread of viruses of flu, influenza, tuberculosis, and SARS which led to improving the hygienic conditions in the medical devices thus preventing any kind of contamination or outbursts of any kind of other diseases. The sterile packaging market holds a good and definite position in the market during this time. The sale of sterile devices increased and its demand also rose. During this period, the demand for syringes, medical devices, masks, and other supplies increased.
Some of the key players operating in the market are
Upsurging and setting up of more healthcare units rises the sterile medical packaging market. Using plastics and more paper and paperboard has some benefits like it is low weight, highly recyclable, and has more longevity. It protects from environmental weather conditions like heat or moisture. The market is in huge demand due to the microbial barrier so present in medical devices and pharma products. The rise in the geriatric population throughout the world leads to more of the requirement of medical assistance. Some of the aging diseases are diabetes, blood pressure, and many more. Technology has offered better living to the aging and also non-aging population thus preventing the deterioration of their health.
The rise in health awareness and the growth in awareness for controlling the infection rate provide major opportunities for rising the sterile medical packaging market size. The medical devices can be handled conveniently which helps in driving up the market demand. The increase in disposable income level of the people raises the consumer preference towards using more sterile medical devices. Most of the income level is the spending on healthcare services. This supports the growth of the industry. These healthcare products need to bear the environmental effects which will help in spurring up the opportunity for market growth.
Before sending it to the market testing of the packaging are done for determining the sterility of the products. Maintaining the integration of the packaging while storing it, handling and while distributing it is the most important challenging factor of the market. It is important to maintain the sterility of the packaging which prevents the spread of infections and diseases. The most important challenge for the suppliers is that the efficacy of the sterile packaging is being tested after exposing it to certain environmental conditions. Damage of the product is generally cost while transportation and storage thus being another challenging factor for sterile medical packaging market value.
It gives details about the growth factor that occurs during the market forecast period. It was found that the base period was considered to be the actual growth developing period during which growth took place.
Strict rules and regulations so imposed by the government concerning specifications and the materials used to hinder the expansion of sterile medical packaging market size. Compliance is much more required along with the regulations as the absence of it may cause a defect in packaging thus hampering the life of the consumer. The packaging so done for protecting the healthcare products should maintain its sterility and also safeguard its functionality. Any defects in packaging hamper the profit of the market. Moreover, the process adopted for such packaging is time-consuming and is tedious. FDA has imposed certain rules for the standardization of the products. Complying with such standardized products needs skills, more time, and money thus restraining the market growth. Bad quality products and the failure of the processes degrades the patient’s health and thus leads to a shortage of drugs.
Globally the packaging industry has been divided into type, material, regional basis, application segment, and sterilization techniques. As per the basis of type, the sterile medical packaging market has been classified into thermoform trays, some kinds of bottles, flexible pouches, and many more. Based on materials, the market has been segmented into glass, plastics, metals, and many more. Based on application, it is also divided into chemical, radiation, etc. the sterile medical packaging market extends to the region of North America, some of the European region, the APAC region, and the rest of the world.
Technology has encouraged the manufacture of new and advanced manufacturing solutions and new options. The development of other packaging solutions led to the increase in the safety and security of public health. Technology also led to the lessening up of both pressure and money. It also lessened the use of raw material and energy to develop the shelf life of the sterile medical product. Advanced technology has fulfilled the customers’ requirements and has met their regulatory demands. It has also saved some of the money and has ensured the use of certain sterile products.
The North American market dominates the market and covers a large area of market share. This region occupies a huge sterile medical packaging market value by the end of the forecast period. Moreover, it was found that the Asian Pacific region has shown high growth especially covering a huge market share. Here the sterile packaging business has been ex[anded due to the rise in the healthcare sector. This share has contributed to the growth in population and the rise in awareness concerning the healthcare risks contributes to the expansion of the market. The share of the market contributes to the growth in the rising population and growth in awareness about the health risks, especially in this Asian region. The European Region and some other regions spread throughout the world are expected to grow at a high market value from 2016 to 2021.
Amcor in November 2019, has spent USD 11 million for the manufacturing of a new innovative multilayer product, as per the technology. This product is invented to create a film of about 11 layers which increases the safety, durability and raises the cost-efficient nature of the material.
The report evaluates the primary and secondary research activities. It gives a detailed analysis about the qualitative and quantitative aspects and also about the industrial benefits and the experts that put strategies to attain a deeper insight about the industrial performance. The report signifies and gives a vivid picture of the market scenario which also includes the historical benefits. The report projects the expansion of market size in terms of value and volume. It gives a good estimation of the value and voluminous technological advancement taking place. It gives important and detailed information about macroeconomics and the so-called governing factors occurring in the market. The report also signifies the recent developments taking place in the market.
|Market Size||2030: Significant Value|
|CAGR||2030: Substantial CAGR|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Material, End-Use, Sterilization methods|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Orchid Chemicals & Pharmaceuticals Ltd., West Pharmaceutical Services, Inc., MULTIVAC Sepp Haggenmüller SE & Co. KG, SteriPack Ltd., Riverside Medical Packaging Company Ltd., Selenium Medical, Wipak Walsrode GmbH & Co. KG, Placon Corporation, DuPont De Nemours and Company, Oracle Packaging, Inc., Janco INC., Bemis Company, Inc., Oliver Tolas Healthcare Packaging, and Amcor Limited.|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Some of the other challenging factors like humidity and the presence of an aging population compromise the packaging facility of the sterile products. The manufacturers ensure that the raw materials so used should be of good quality and are appropriately chosen. The method of sterilization, storage facility and transportation facility should be chosen rightly. The investing capacity for manufacturing is another most challenging factor for the sterile medical packaging industry.
Taking some kind of initiatives in the industry along with the rise in the cost of the healthcare units increases up the market size.
As per application, the pharma and the biological segment has occupied a dominant segment. The advancement of this segment has led to growth in healthcare units and has led to the use of advanced medicines.
North America is the largest market for sterile medical packaging.
Leading players in the global sterile medical packaging market include Riverside Medical Packaging Company, Orchid Chemicals and Pharmaceuticals, and SteriPack Ltd., among others.