North America Sterile medical packaging market is expected to account for more than 1/3rd of the market share in global sterile medical packaging market, by value
Global sales of sterile medical packaging was valued at US$ 8,416.2 Mn in 2017 and is projected to expand at a CAGR of 4.7% during the forecast period. One of the major factors propelling the demand for sterile medical packaging is due to growing demand of medical devices in the healthcare industry. Sterile medical packaging has various product types including thermoformed trays, clamshell, IV containers & bags, sterile lid, pouches, die-cut baker cards, guided wire hoops, sterile wraps and others (including sterilization tapes, dust covers, gusseted packaging). Among the material type, plastic segment is expected to dominate in terms of market share, and is estimated to account for more than 50% of total market share in the global sterile medical packaging market during the forecast period.
The growth of sterile medical packaging market is increasing with increase preference for contamination free medical products, as uneven and unhygienic packaging may to lead to fatal consequences. Sterile medical packaging provide better protection against microorganisms and thus, fulfil consumers’ demand for safe and sterilized packaging for the medical products and supplies.
The growing concerns about the spread of infectious diseases and the extensive demand for medical devices in the healthcare sector will serve as prominent growth factors revolving around the sterile medical packaging market across the tenure of 2018-2026.
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- The rising preference for products with less contamination rate is bringing immense demand for sterile medical packaging. Thus, this aspect may add extra stars of growth to the sterile medical packaging market.
- The advantages of sterile medical packaging such as recyclability, longevity, and low weight along with serving as a microbial barrier may prove to be a growth pillar for the sterile medical packaging market. This type of packaging also protects the products from moisture and other changes occurred due to the weather. Hence, all these aspects serve as vital growth indicators for the sterile medical packaging market.
- The booming population and their increasing need for hygienic and contamination-free products and devices related to healthcare are increasing the demand for sterile medical packaging market considerably. Sustainability may also play a crucial role in boosting the growth of the sterile medical packaging market.
- COVID-19 is highly transmissible and has the potential to infect a large number of people at a time. One can see it from the rising cases daily worldwide. To prevent such transmissions, the demand for sterile medical packaging has increased substantially. Thus, the novel coronavirus pandemic is serving as a golden opportunity for the sterile medical packaging market.
- Nowadays, players are involved in producing sterile medical packaging that requires less material and energy for manufacturing. The increasing concerns about the use of plastic and novel regulatory guidelines for the manufacturing of plastic packaging types will enable the players in the sterile medical packaging market to produce sustainable packaging products. Technological advancements may also play a major role in expanding the growth landscape of the sterile medical packaging market.
Also, growing regulatory compliances for packaging of sterilized medical devices and ageing population are some key drivers for the growth of sterile medical packaging during the forecast period.
Manufacturers of sterile medical packaging are focusing on development of sterile medical packaging with robust design as per the ISO 11607 standards. Also, sterile medical packaging also enhances the shelf life of products which is a major factor for end users and thus, the demand for sterile medical packaging is expected to increase considerably during the forecast period.
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By material type, the global sterile medical packaging market has been segmented into plastic, paper, foil, non-woven and foam sheets. The non-woven segment is projected to expand with a CAGR of 5.5% during the forecast period.
By application, sterile medical packaging market has been segmented into medical disposable supplies and medical equipment. Medical disposable supplies is further segmented into surgical preparation kit, sutures & catheters and pre-packaged medical supplies. Sutures & catheters sub segment is expected to expand at a CAGR of 5.2% by the end of forecast period. Medical equipment is further segmented into cardiovascular, neurovascular, endoscopic, orthopaedic, ophthalmology, injection system, electrosurgical accessories and others. Among them, orthopaedic segment is expected to expand at a CAGR of 3.9% by the end of forecast period.
The global sterile medical packaging market is divided into five key regions- North America, Latin America, Europe, Asia Pacific (APAC), and Middle East & Africa (MEA). North America region is expected to dominate the market share in terms of value. The Asia Pacific region is projected to register the highest CAGR of 6.5%, during the forecast period.
Key players in the global sterile medical packaging market include Amcor Limited, Bemis Company, Inc., BillerudKorsnas AB, E.I. Dupont De Nemours and Company, Placon Co. Inc., ProAmpac LLC, Wipak Group, SteriPack Contract Manufacturing, Nelipak Healthcare Packaging, Deufol Group, Oracle Packaging, Sonoco Plastics Company, Puracon GmbH, GS Medical Packaging Inc., Westfield Medical Limited, Sabre Medical, UFP Technologies Inc., Oliver Healthcare Packaging LLC, Heritage Pioneer Corporate Group, and GY Packaging