Sterile Medical Packaging Market Size Analysis, Share, Growth, Trends, Segmentation, and Regional Demand Forecast by 2026
The global sterile medical packaging market size isexpected to reach USD 47.89 billion by 2026, exhibiting a CAGR of 5.5% duringthe forecast period. The growing cognizance about the advantageous propertiesof sterile medical packaging such as tear resistance, durability,breathability, and the superior microbial barrier will promote the growth ofthe market during the forecast period, states Fortune Business Insights in a report,titled “Sterile Medical Packaging Market Size, Share & IndustryAnalysis, By Material (Plastics, Glass, Metal, Paper & Paperboard), By Type(Thermoform, Trays, Sterile Bottles & Containers, Sterile Closures,Pre-Fillable Inhalers, Pre-Fillable Syringes, Vials & Ampoules, Blister& Clamshells, Bags & Pouches, Wraps), By Sterilization Method (ChemicalSterilization, Radiation Sterilization, and High Temperature/PressureSterilization), By Application and Regional Forecast, 2019-2026” the marketsize stood 31.38 Billion in 2019. The escalating requirements for sterilemedical packaging in numerous applications, involving in-vitro diagnosticproducts and surgical & medical instruments will have a positive impact onthe market in the forthcoming years.
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Market Driver:
GrowingHygiene and Sterility in Medical Equipment to Stimulate Growth
The increasingprevalence of infectious and communicable diseases and viruses such asCOVID-19, flu, tuberculosis, and SARS has led to improved hygienein medical devices intending to prevent any contamination or spread of diseasein patients. The focus towards robust packaging in medical devices such assyringes, needles, bandages, face masks, gloves, applicators, suctioncatheters, testing kits, and surgical sponges, will positively influence themarket growth. The packaging used in these devices necessitates effectualmaintenance for sterility. Thus, the need for effective packaging solutionswill propel the market during the forecast period. In addition, the risingdemand for single-use medical equipment owing to ethical and hygiene aspectsfor protection against the risks of disease transmission will foster healthygrowth of the market in the forthcoming years.
MarketRestraint:
Implementationof Stringent laws to Diminish Market Development
Theimplementation of stringent regulatory standards in manufacturing to maintainthe sterility of packed contents will consequently dampen the growth of themarket. These stringent norms ensure that the packed devices or instruments donot experience any adverse reaction or damage such as wear and tear from anyexternal force during transportation. EN ISO 11607 (part 1 and part 2) is theglobal standard that specifies the validation requirements of medical packagingsystems used for sterilized medical devices or instruments. These validationrequirements are used in various steps of packaging products such as materialselection, design qualification, design testing & control, and processvalidation. The complexity of these standard rules will impede emerging playersto invest in the market during the forecast period.
Regional Analysis:
Well-Established PharmaceuticalIndustry to Encourage Growth in North America
The market in North America stood at USD 11.30Billion in 2018 and is expected to hold the largest share during the forecastperiod owing to the well-established pharmaceutical industry. The growinghealthcare spending and surge in the patient population will contributesignificantly to the market in the region. The outbreak of coronavirus will further enhance the development of themarket in North America. Europe is predicted to grow rapidly in the forthcoming yearsowing to the rising use of medical equipment such as thermoformtrays, sterile bottles & containers, vials & ampoules, and pre-fillablesyringes, in various medical applications.
KeyDevelopment:
June 2019: Kohlberg& Company, L.L.C., announced that it has acquired the Bemis HealthcarePackaging Europe from Amcor. Bemis Healthcare Packaging Europe will merge withNelipak Corporation, Inc. This acquisition will help the company to expand itsglobal presence and footprint in the industry.
The ReportLists the Key Companies in the Sterile Medical Packaging Market:
· West Pharmaceutical Services, Inc. (U.S.)
· RiversideMedical Packaging Company Ltd (UK)
· Oliver Healthcare Packaging (U.S.)
· GS Medical Packaging (Canada)
· Others
