Demand for Sterile Medical Packaging Grows with Rising Need for Uncontaminated Healthcare Environment
Since healthcare organizations function in and around various harmful bacteria, ensuring an uncontaminated environment is paramount. In recent times, sterile medical packaging has revolutionized the way packaging is done in the pharmaceutical industry, thereby helping in maintaining a germ-free environment in these organizations. Due to its high performance and anti-contaminant properties, sterile medical packaging is used for several purposes, including the packaging of medical equipment, pharmaceutical and biological products, and medical supplies.
According to a report by Transparency Market Research (TMR), the global sterile medical packaging market generated a revenue of US$26.5 bn in 2016, which is estimated to rise to a valuation of US$38.3 bn by the end of 2024. This significant CAGR of 4.7% during the forecast period 2016–2024 makes it a lucrative market, although quite a few players have already established themselves. Some of the prominent players in the global sterile medical packaging are Amcor Limited, Placon, Dupont, Steripack, Wipak Group, and 3M Medical Packaging.
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Pouches and Bags Expected to Dominate Product Segment
By product, the global market for sterile medical packaging is segmented into thermoform trays and pouches and bags. Thermoform trays is further sub-segmented into vials and ampoules, clamshells and lids, IV containers, and others. Pouches and bags are also sub-segmented into gusset bags, header bags, liner tear bags, semi-ultra clean bags, and spout pouches. The sub-segment of vials and ampoules accounted for 36.4% of the market in 2016 and will sustain the demand in the near future. This is because the demand for bulk packaging of pharmaceutical products is on the rise. However, the segment of pouches and bags is projected for a better CAGR during the forecast period, due to the flexibility they offer.
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By application, the global market for sterile medical packaging can be segmented into pharmaceuticals and biologics, medical supplies, and medical equipment. In 2016, the segment of pharmaceuticals and biologics served 64.8% of the market and will continue to be the most attractive application segment during the forecast period. This segment domination is attributed to the growing demand for biologics across various therapeutic applications and for treatment of chronic diseases such as diabetes and arthritis.
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North America and Europe Remain Most Lucrative Regional Markets
Geographically, the global market for sterile medical packaging is segmented into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. In 2016, North America and Europe contributed to 75.0% of the revenue in the global market for sterile medical packaging. The widespread market in North America is due to various regulations imposed by the FDA. The factors such as presence of major pharmaceuticals companies and investments in research and development are projected to further propel the demand in the region during the forecast period. The prominent demand in Europe, on the other hand, is owing to increasing expenditure in R&D, which has led to new drug delivery systems such as prefilled syringes, multi-chambered bags, and ready-to-use mixtures. Though Asia Pacific is estimated to hold its position of the third most prominent regional market for sterile medical packaging, the lack of healthcare infrastructure in this vastly populated region curbs its potential.
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