ALBANY, New York, September 12, 2016 /PRNewswire/ --
The sterile medical packaging market has witnessed impressive growth over the last few years owing to the significant increase in the demand for pharmaceutical and biologics products. Sterile medical packaging finds extensive usage in the packaging of medical equipment, medical supplies, and pharmaceutical and biological products due to its high performance and anti-contaminant properties. The global sterile medical packaging market is estimated to expand at a steady CAGR of 4.7% during the forecast period, amounting to US$38.3 bn by 2024.
The global sterile medical packaging market is led by companies such as Amcor Limited, Placon, Dupont, Steripack, Wipak Group, 3M Medical Packaging, Nelipak Healthcare Packaging, Oracle Packaging, Sonoco Plastics Europe, Billerkornas AB, and Ampac Group. Transparency Market Research has observed that a number of leading packaging companies have been adopting the outsourcing model in order to expand their footprint in the sterile medical packaging market and thus generate a high ROI.
"Contracting with local companies helps manufacturers lower the operational cost," the author of the study states. "Furthermore, packaging companies can benefit from better pricing by outsourcing sterile packaging."
North America to Continue its Lead in Global Sterile Medical Packaging Market
The vials and ampoules segment is estimated to account for the leading share in the sterile medical packaging market in terms of value by 2016-end. "However, this product segment is expected to register a marginal decrease in market share by the end of the forecast period, with the pouches and bags segment likely to emerge as the dominant segment by 2024," the lead analyst predicts. Nevertheless, the vials and ampoules segment will be one of the most attractive markets during the course of the forecast period.
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Plastics are expected to be the preferred material choice for vendors in the sterile medical packaging market. By application, the pharmaceuticals and biologics segment is estimated to account for 64% of the market by 2016-end. This is attributed to the growing demand for biologics across various therapeutic applications. Geographically, North America is expected to continue leading the sterile medical packaging market through 2024, accounting for over 36% by 2016-end. Latin America is projected to register a 6.7% CAGR from 2016 to 2024, emerging as one of the most lucrative markets for sterile medical packaging.
Surging Incidence of Chronic Diseases Driving Demand for Sterile Medical Packaging
Biologics has gained popularity in the recent past and has become the preferred choice for the treatment of chronic disorders such as diabetes and arthritis. However, the lead analyst at TMR finds that the manufacturing process is rather complex and requires a high degree of stability. "An increased level of expertise is needed to maintain and preserve biologics and this has led to the rising demand for innovative product packaging solutions among biologics manufacturers."
The growing incidence of chronic diseases worldwide has emerged as a major concern among the global population. This rise is, in turn, driving the demand for medical drugs and devices, which creates a favorable environment for sterile medical packaging.
Although the transportation of drugs and devices packed in bags and pouches requires extreme care and specific requirements, this restraint has driven manufacturers to develop flexible and sustainable packaging to overcome the shortcomings of sterile medical packaging solutions.
Browse Regional PR: http://www.europlat.org/sterile-medical-packaging-market.htm
This review is based on the findings of a TMR report titled "Sterile Medical Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024."
Sterile Medical Packaging Market, by Product
- Pouches & Bags
- Gusset bags
- Header bags
- Liner tear bags
- Semi-ultra-clean bags
- Spout pouches
- Thermoform trays
- Vials & ampoules
- Clamshells & lids
- IV containers
Sterile Medical Packaging Market, by Material
- Plastic Films
- Foam Sheets
Sterile Medical Packaging Market, by Application
- Medical supplies
- Syringes and needles
- Surgical tapes
Sterile Medical Packaging Market, by Geography
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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