Sterile Medical Packaging Market Projected to Garner Significant Revenues By 2031
June 23, 2022
Sterile Medical Packaging Market
Sterile Medical Packaging Market is expected to expand at a CAGR of 4.7% With and projected to reach US$ 15.9 Bn by 2031.
WILMINGTON, DELAWARE , USA, June 23, 2022 /EINPresswire.com/ -- Transparency Market Research offers key market insights into the global sterile medical packaging market in its newly published report, which includes global industry survey, share, growth, size, trends, along with forecast for 2021-2031. In terms of global revenue, the sterile medical packaging market is anticipated to register growth at a CAGR of 4.7% during the forecast period.
The process of eliminating or deactivating harmful biological agents such as bacteria, fungi or viruses from the products associated with the health and pharmaceutical sector that is of utmost importance, and preventing products from any such contamination is referred to as sterilization.
Sterile medical packaging helps protect medical devices or drugs from direct contact with any contamination. Sterile medical packaging is not a fresh term in medical and healthcare packaging; however, the idea of sterile medical packaging gained a defined structure over the past two decades, with the recent key milestones such as ISO 11607-1:2019 enacted across medical devices and the pharmaceutical industry. Sterile medical packaging includes various types of packaging such as thermoformed trays, clamshell, pouches, sterile wraps, baker cards, guided wire hoops, and many others that are used for the specific type of packaging.
Increasing Per Capita Healthcare Expenditure Globally to Augment Demand for Sterile Medical Packaging
The expansion of the pharmaceutical industry is co-related with investment in healthcare. The growth of the economy of a country, in turn, attracts major investments from pharmaceutical manufacturers on new drug development and innovations in different dosage forms. Developed as well as developing economies are claiming an increasing share of global healthcare consumption, including medical devices, disposable supplies, and associated procedures. This can be attributed to rising medical awareness, economic prosperity, and increasing ageing population.
The growth of the healthcare industry in any region fuels the demand for sterile medical packaging solutions such as pouches, clamshells, and thermoform trays, among others, for various applications in pharmaceutical as well as medical devices sectors. Furthermore, private health insurance (PHI) companies are also playing important role in shaping the healthcare infrastructure. The overall impact of rising health insurance and per capita healthcare expenditure is expected to support the growth of the sterile medical packaging market.
Growing Importance of Sterilized Packaging in Preventing Infections to Drive Sterile Medical Packaging Market
According to World Healthcare Organization (WHO), infections have the most frequent adverse occurrence in the delivery of healthcare and pharmaceutical services globally, affecting hundreds of millions of patients annually. Ensuring the sterility of medical devices, equipment, supplies, and other related products is an essential strategy in the overall effort to reduce the rate of infections in the healthcare sector. The growing importance of sterilized packaging in preventing infections is one of the factors expected to propel the global sterile medical packaging market during the forecast period. Effective packaging and associated materials are important to help preserve device sterility in the healthcare industry. In order to maintain the integrity of the product from adverse conditions encountered during storage, transportation, and handling, proper packaging is necessary. As a result, rigorous testing of packaging systems associated with medical devices and healthcare-related products is mandatory in various major jurisdictions around the globe.
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Shifting Preference of End-use Industries from Glass to Plastic-based Sterile Medical Packaging
Traditionally, glass has been a preferred choice for packaging products that are at the risk of contamination. Glass can be easily sterilized and reused for a longer period. However, there has been a shift in demand for plastic-based medical packaging solutions over glass-based from the healthcare industry. This can be mainly attributed to the lower production cost and wide availability of plastics across the globe. Furthermore, plastics are more convenient, durable, and flexible as compared to glass. Moreover, manufacturers and consumers are concerned about the safe handling, storage, and transportation of sterile glass packaging solutions. As a result, there has been a shift in the preference of consumers as well as manufacturers from glass packaging of sterile solutions to plastic-based packaging.
Sterile Medical Packaging Market: Competition Landscape
Key players in the sterile medical packaging market are focusing on strategic expansions and acquisitions to maintain their supremacy across regions and lucrative growth offered by emerging markets.
In October 2021, Amcor plc launched a dual-chamber pouch for the packaging combination of the sterile device with a therapeutic drug agent in Europe
In August 2021, Amcor plc announced the launch of the proprietary healthcare lidding technology that will be utilized for combination products, including those consisting of two or more regulated components (device, drug or biologic). The lidding system is said to ensure machinability, integrity after sterilization, as well as a convenient peel opening for patients.
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The tier structure is formed based on segmental revenues earned by the sales of sterile medical packaging by companies. According to the tier structure, DuPont de Nemours, Inc., Bemis Company, Inc., BillerudKorsnas AB, and Amcor plc are the major manufacturers included in Tier 1. In addition, Placon Corporation Inc., Sonoco Products Company, Oliver Healthcare Packaging, LLC, and Ampac Holdings LLC are included in Tier 2. Moreover, Wipak Group, Deufol Group, SteriPack Contract Packaging, and other manufacturers are included in Tier 3.
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