The global sterile medical packaging market size is expected to reach USD 47.89 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period.
Sterile Medical Packaging Market Driver:
Growing Hygiene and Sterility in Medical Equipment to Stimulate Growth
The increasing prevalence of infectious and communicable diseases and viruses such as COVID-19, flu, tuberculosis, and SARS has led to improved hygiene in medical devices intending to prevent any contamination or spread of disease in patients. The focus towards robust packaging in medical devices such as syringes, needles, bandages, face masks, gloves, applicators, suction catheters, testing kits, and surgical sponges, will positively influence the market growth.
The packaging used in these devices necessitates effectual maintenance for sterility. Thus, the need for effective packaging solutions will propel the market during the forecast period. In addition, the rising demand for single-use medical equipment owing to ethical and hygiene aspects for protection against the risks of disease transmission will foster healthy growth of the market in the forthcoming years.
Market Restraint:
Implementation of Stringent laws to Diminish Market Development
The implementation of stringent regulatory standards in manufacturing to maintain the sterility of packed contents will consequently dampen the growth of the 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. EN ISO 11607 (part 1 and part 2) is the global standard that specifies the validation requirements of medical packaging systems used for sterilized medical devices or instruments. These validation requirements are used in various steps of packaging products such as material selection, design qualification, design testing & control, and process validation. The complexity of these standard rules will impede emerging players to invest in the market during the forecast period.
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The Report Lists the Key Companies in the Sterile Medical Packaging Market:
- 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 (UK)
- Oliver Healthcare Packaging (U.S.)
- GS Medical Packaging (Canada)
- Orchid (U.S.)
- Techinipaq Inc. (U.S.)
- Others
Key Development:
June 2019: Kohlberg & Company, L.L.C., announced that it has acquired the Bemis Healthcare Packaging Europe from Amcor. Bemis Healthcare Packaging Europe will merge with Nelipak Corporation, Inc. This acquisition will help the company to expand its global presence and footprint in the industry.
Regional Analysis:
Well-Established Pharmaceutical Industry to Encourage Growth in North America
The market in North America stood at USD 11.30 Billion in 2018 and is expected to hold the largest share during the forecast period owing to the well-established pharmaceutical industry. The growing healthcare spending and surge in the patient population will contribute significantly to the market in the region. The outbreak of coronavirus will further enhance the development of the market in North America. Europe is predicted to grow rapidly in the forthcoming years owing to the rising use of medical equipment such as thermoform trays, sterile bottles & containers, vials & ampoules, and pre-fillable syringes, in various medical applications.
