MOUNTING DEMAND FOR STERILIZATION IN MEDICAL DRUGS AND DEVICES TO DRIVE DEMAND FOR STERILE MEDICAL PACKAGING
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
wide availability of new products in the field of biologics and
biopharmaceuticals, coupled with specific requirements of patients
for better compliance, is driving the market for sterile medical
packaging worldwide. Likewise, the mounting demand for sterilization
in reference to healthcare and personal care products has driven the
need for sterile medical packaging.
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Rising
Application of Sterile Medical Packaging in Pharmaceuticals and
Biologics
The
global sterile medical packaging market is segmented on the basis of
product type, material type, and application.
Vials
and ampoules emerged as the leading product segment due to their wide
application in multiple pharmaceutical industries throughout the
forecast period. This segment is anticipated to account for 37% of
the overall sterile medical packaging market by the end of 2016.
However, the segment is anticipated to witness a marginal decrease in
market share by the end of the forecast period. The pouches and bags
segment, on the other hand, will lead the sterile medical packaging
market by 2024.
The
plastics segment is estimated to account for the leading value share
of 51.6% in the sterile medical packaging market by 2016-end based on
type of material. This segment is expected to register healthy Y-o-Y
growth during the forecast period, along with the glass segment. The
non-woven segment is expected to register a healthy growth rate till
2019; however, it is expected to lose traction in the later phase of
the forecast period.
Based
on end use, the pharmaceutical and biologics packaging segment stands
out among all other segments owing to the rising demand for packaged
medical products. While the medical supplies segment is forecast to
lose market share through 2024, the segment of medical equipment is
expected to witness a steady growth in demand for sterile medical
packaging.
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Sterile
Medical Packaging to Gain Traction in Europe despite Sluggish Growth
On
the basis of geography, the global sterile medical packaging market
has been segmented into Latin America, North America, Europe, Asia
Pacific, and the Middle East and Africa. North America, though a
developed market with multiple players, is expected to gain momentum
in the later phase of the forecast period thanks to future
investments in the manufacturing and healthcare sector. The mature
market of Europe, on the other hand, is anticipated to witness
sluggish growth throughout the forecast period. However, late
adoption of medical packaging in several countries such as Poland,
Turkey, and Romania offers significant growth prospects for the
sterile medical packaging market in the region. The Latin America and
MEA markets for sterile medical packaging are expected to register
steady growth through the course of the forecast period.
The
key players operating in the global sterile medical packaging market
include Amcor Limited, Placon, Dupont, Steripack, Wipak Group, 3M
medical Packaging, Nelipak Healthcare, Oracle Packaging, Sonoco
Plastics Europe, Billerkornas AB, and Ampac Group.
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