The Global Sterile Medical Packaging Market is estimated to be valued at US$ 52.26 Billion in 2022, according to Global Sterile Medical Packaging Market Report, by Product Type (Thermoform Trays, Sterile Bottles and Containers, Pouches and Bags, Blister Packs, Vials and Ampoules, Pre-filled Syringes, Wraps, By Material type (Plastics-PP, Polyester, PS, PVC, HDPE, etc), By Application type (Paper and Paperboard, Glass, Other Types), By Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) published by Coherent Market Insights.
The demand for sterile medical packaging is growing because of the increase in infectious diseases. Infections can be spread from one person to another or between humans and animals. As of April 2021, there were an estimated 150 million confirmed COVID-19 cases and 3.1 million deaths worldwide, according to the World Health Organization. In addition, sterile packaging devices are essential for pharmaceuticals, vaccines, and other medical supplies.
Market Statistics:
The global sterile medical packaging market is estimated to account for US$ 52.26 Bn in terms of value by the end of 2022.
Global Sterile Medical Packaging Market: Drivers
Increase research & development in sterile medical packaging
Growing research and development in sterile medical packaging is fueling growth of the global market. Innovation in packaging solutions will allow companies to accelerate product development and unlock new revenue streams. Moreover, increasing investments in healthcare in developing nations will support market growth. Many small and medium-scale manufacturers are also establishing themselves in the global market by expanding distribution channels.
Global Sterile Medical Packaging Market: Opportunities
As the world’s population ages, health issues become more prevalent. Diseases such as diabetes and high blood pressure have become commonplace. The medical industry is helping to address these problems by developing new technologies. Sterile medical packaging is one such innovation. It prevents the contamination of medical products and ensures the protection of consumers' health. The development of new technologies in the healthcare industry is projected to provide major growth opportunities for key players. Some of the advancements in plastic materials are nanotechnology, plastic solar cells, self-healing polymers, recyclable polymers, etc.
Global Sterile Medical Packaging Market: Restraints
Strict regulations regarding sterile medical packaging are restraining market growth over the forecast period.
Global Sterile Medical Packaging Market - Impact of Coronavirus (Covid-19) Pandemic:
The ongoing COVID-19 pandemic has had a significant impact on the market’s growth. Healthcare systems across the world are being put under unprecedented strain by the devastating impact of COVID-19. Hospital sterilization centers are experiencing increased pressure to ensure the safety of both patients and frontline healthcare workers. Various companies are extending their help to support pharmaceutical manufacturers during a pandemic. For instance, in July 2020, Gerresheimer Group's plants in Europe, America, and Asia, where they manufacture high-quality standards vials in the pharmaceutical industry, received initial orders for vials for drugs and vaccines against COVID-19.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/sterile-medical-packaging-market-5327
Key Takeaways:
The global sterile medical packaging market was valued at US$ 52.26 Bn in 2022 and is forecast to reach a value of US$ 109.28 Bn by 2030 at a CAGR of 9.7% between 2023 and 2030.
Plastics-PP segment held a dominant position in the global sterile medical packaging market in 2021, accounting for 74.00% share in terms of value. Increasing approval and the launch of new products are expected to propel growth of the segment during the forecast period.
Global Sterile Medical Packaging Market Trends:
With the growing demand for high-quality sterilization products, along with the growth in disposable income and increased healthcare expenditure, consumer preferences are expected to shift towards healthcare services. All these factors are expected to act as trends in the global market.
The market is witnessing various acquisitions to expand the business lines to various regions. This trend is expected to continue in the near future as well. For instance, in January 2020, Sonoco, a packaging company, completed the US$187 million cash purchase of Thermoform Engineered Quality and Plastique Holdings from ESCO Technologies is a global provider of highly-engineered products and solutions to diverse and growing end-markets that include the aerospace, defense, space, healthcare, wireless, consumer electronics, electric utility, and renewable energy industries. . TEQ employs around 500 employees in Europe and makes recyclable molded-pulp-fiber packaging and thermoformed plastic packaging for various end-user markets. TEQ is a thermoformed packaging manufacturer that serves the healthcare, medical device, and consumer markets.
Global Sterile Medical Packaging Market: Competitive Landscape
Amcor PLC, Dupont De Nemours Inc., Steripack Ltd, Wipak Group, Placon Corporation, Riverside Medical Packaging Company Ltd, Tekni-Plex Inc., BillerudKorsnäs AB, Sonoco Products Company, DWK Life Sciences GmbH, Technipaq Inc., 3M Co. (3M Packaging), and Nelipak Healthcare
Global Sterile Medical Packaging Market: Recent Developments
- In December 2020, Technipaq Inc. specialty niche is fulfilling orders for R&D prototypes, validation samples and limited product runs for medical devices, diagnostic, announced its investment in an air-knife coating machine that allows the company to apply proprietary coatings to DuPont Tyvek for healthcare product offerings in-house. The new line was designed to expand and enhance the company’s rollstock, lidstock, and header bag product offerings and boost levels of customization.
- In September 2021, Technipaq Inc. and Tyvek Authorized Converter announced a new partnership with DuPont Tyvek and recycling partner Freepoint Eco-Systems to build upon the company’s ongoing sustainability and recycling efforts. With the partnership, the company could be able to divert its mixed-material plastic waste stream, containing Tyvek and other plastic waste, generated during healthcare packaging manufacturing away from landfills and to Freepoint, where it could be recycled for use in the production of new ‘virgin-quality’ plastics and fuels.
- In September 2021, Nelipak Laboratory Services performed package integrity testing to ensure the sterility and integrity of products. Package integrity is a major concern for all manufacturers, particularly in the medical device industry, where the sterility and integrity of products could have a major impact on patients’ health. This is expected to provide further growth opportunities for the company.
