Sterile Medical Packaging Market Worth USD 35.07 Billion by 2020

Jan 11, 2016, 06:30 ET from MarketsandMarkets

PUNE, India, January 11, 2016 /PRNewswire/ --

The report "Sterile Medical Packaging Market by Material (Plastics, Glass, Others), Type (Thermoform trays, Bottles, Vials & Ampoules, Others), Sterilization Methods (Chemical, Radiation, Others), Application (Surgical instruments, Pharmaceutical, Others) - Forecast to 2020", is projected to grow from USD 26.55 Billion in 2015 to USD 35.07 Billion by 2020, at an estimated CAGR of 5.72%.

Browse 215 market Tables and 71 Figures spread through 235 Pages and in-depth TOC on "Sterile Medical Packaging Market"

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The Sterile Medical Packaging Market is growing due to increasing application of sterile packaging in the pharmaceutical & biological sector, aging population, and rising chronic diseases. Growing demand from the healthcare industry also provides an opportunity to the market to further grow, especially in the emerging Asia-Pacific and Latin American regions. However, maintaining medical packaging integrity can act as a challenge to the growth of the Sterile Medical Packaging Market.

Chemical sterilization to gain maximum share during the forecast period 

Chemical methods used for sterilization include ethylene oxide, hydrogen peroxide, and others such as chlorine dioxide. Chemical sterilization is a low temperature sterilization method used for heat- and moisture-sensitive medical devices. Ethylene oxide (EtO) is most widely used in the chemical sterilization method. EtO is a cost-effective sterilization method used for large loads. Ease of handling, versatility, and affordability make it a widely accepted method of sterilization; it is projected to grow at the second-highest CAGR during the forecast period. Hydrogen peroxide is replacing the EtO method of sterilization as it has reduced the cycle time and requires no aeriation.

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Asia-Pacific to play a key role in the market for sterile medical packaging 

On the basis of key regions, the Sterile Medical Packaging Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). The North American region held the largest share among all the regions in 2014. Rising healthcare awareness and continuous innovation & technological developments in both pharmaceutical and medical industries are transforming the healthcare packaging industry, thereby driving the growth of the Sterile Medical Packaging Market.

The scope of the report covers detailed information regarding the major factors influencing the growth of the Sterile Medical Packaging Market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been conducted to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, joint ventures, and recent developments associated with the Sterile Medical Packaging Market.

The global market for sterile medical packaging is dominated by several large players of the packaging industry, such as Amcor Limited (Australia), 3M Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Bemis Company, Inc. (U.S.), and West Pharmaceutical Services, Inc. (U.S.). Other players include SteriPack Ltd. (Ireland), Wipak Group (Germany), Placon Corporation (U.S.), Riverside Medical Packaging Company Ltd. (U.K.), and Oracle Packaging, Inc. (U.S.).

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