NEW YORK, April 28, 2016 /PRNewswire/ -- "Growing demand from the healthcare industry to drive the market for sterile medical packaging"
The global market for sterile medical packaging is projected to grow from USD 26.55 billion in 2015 to reach USD 35.07 billion by 2020, at an estimated CAGR of 5.72%. The market for sterile medical packaging is driven by the growing demand from the healthcare industry due to increase in health awareness.
"Need for harmonization between the global standards and regulations in the sterile medical packaging market"
In line with the global applicable standards, each country may have its own specific set of applications and environments in which the product needs to perform. Having multiple standards may create confusion and trade barriers for manufacturers. Hence, in order to avoid this as well as to easily understand and implement packaging requirements, harmonization between the standards is necessary.
"Asia-Pacific projected to grow during the forecast period"
Asia-Pacific is projected to be the fastest-growing region in the sterile medical packaging market in the next five years. However, factors such as longer timelines for approving the medical devices in Australia, red tapism in India, and higher cost for the approval of medical devices make the regulatory framework in the region more complex.
Breakdown of Primaries:
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of sterile medical packaging. Estimates reached after analyzing secondary sources were validated through these interviews. Primary sources include professionals such as sterile packaging manufacturers, distributors, and academic professionals. Distribution of primary interviews is as follows:
By Company Type: Tier 1 – 38%, Tier 2 – 38%, and Tier 3 – 24%
By Designation: C-level – 38%, Manager Level – 34%, and Others* – 28%
By Region: North America – 32%, Europe – 28%, Asia-Pacific – 25%, and RoW – 15%
The tier of the companies is defined on the basis of their total revenue, as of 2014: Tier 1: Revenue >USD 500 million, Tier 2: Revenue USD 100 to USD 500 million, and Tier 3: Revenue
*Others include sales managers, marketing managers, and product managers.
Reasons to buy the report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the market for sterile medical packaging comprehensively and provides the closest approximations of the revenue numbers for the overall market across different regions.
2. The report helps stakeholders to understand the market and related regulations further providing them information on key market drivers, restraints, challenges, and opportunities.
3. The report helps to understand the regulatory aspects of the sterile medical packaging industry for the top key countries and regions.
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