Sterile medical packaging is extensively used in packaging of medical equipment, biologics and pharmaceutical products, and medical supplies, on account of its anti-contaminant properties. The global market for sterile medical packaging has seen significant growth in the last couple of years on the back of robust demand for pharmaceutical and biologics products. Going forward, the market would likely register a steady 4.7% CAGR from 2016 to 2024 to reach a value of US$38.3 bn by 2024. At present, the competitive landscape in the market is defined by several large players.
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Various types of sterilization packaging, including pouches, wraps, and container systems, are available in various sizes and specifications in the market to suit various products. They help in sterilization of the content and in maintaining the sterility till the package is opened and the contents are removed from it.
Proliferation of Biologics and Biopharmaceuticals Drives Growth
Rapid emergence of a vast array of new biologics and biopharmaceuticals products has been at the forefront of driving the demand for sterile medical packaging. There are other factors propelling growth such as rising demand among patients for better compliance through sterilization of healthcare products. Same is demanded of personal care products too. A burgeoning aging population and higher prevalence of chronic diseases is also indirectly filliping the market. Maintaining the integrity of medical packaging by taking care of every small aspect can however pose a challenge to the growth of the market for sterile medical packaging.
Plastic Material Dominates with Almost Half the Market
The global sterile medical packaging market can be divided depending on various parameters such as product type, application, and material type. Among the various products, vials and ampoules, on account of their wide application in multiple pharmaceutical industries, have majorly contributed to growth. However, the segment would likely pare its market share slightly in the upcoming years and the pouches and bags segment will gain enough to hold a leading position in the sterile medical packaging market by 2024.
Depending upon the type of materials used, plastics holds a dominant chunk of the market – almost 50.0%. End use-wise, the pharmaceutical and biologics packaging segment leads the market with maximum demand. The medical supplies segment is predicted to lose market share in the near future while the medical equipment is expected to witness a steady gain in share.
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Investments in Manufacturing and Healthcare Likely to Fillip Developed North America Market
Due to the presence of a large number of players, North America is considered a developed market. With further investments in the manufacturing and healthcare sectors, it would most likely gain traction in the distant future. The market in Europe is mature too, but is predicted to see lackluster growth both in the near and distant future. Adoption of medical packaging in many countries, namely Poland, Romania, and Turkey, however, may push the growth of the sterile medical packaging market in the continent. The Latin America and Asia Pacific markets are slated to experience steady growth due to increasing demand from the healthcare industry.