“In terms of value, the sterile medical packaging market is projected to grow at a CAGR of 9.4% between 2020 and 2025.”
In terms of value, the sterile medical packaging market size is estimated to be USD 36.9 billion in 2020 and projected to reach USD 57.7 billion by 2025, at a CAGR of 9.4% from 2020 to 2025. Increasing investment, coupled with growth in healthcare industry across the globe is expected to drive the growth of sterile medical packaging market. The recent outbreak of Covid-19 is expected to have a positive impact on the sterile medical packaging market.
“The pharmaceutical & biological segment is the projected to lead the sterile medical packaging market during the forecast period.”
Based on application, the pharmaceutical & biological application is projected to lead the sterile medical packaging market. The growth of this segment can be attributed to the growing healthcare industry and the advent of new healthcare medicines. The processing and packaging of pharmaceutical & biological products goes through various inspections, quality checks, and ensures that they adhere to regulatory compliances about the drug contents and the material used in packaging.
“Thermoform trays is the dominant type which is expected to drive the market.”
Based on type, the thermoform trays segment is projected to record the highest CAGR. These are versatile and easy to transport, because of their low weight. Thermoformed trays are manufactured from plastics, come in a wide variety of shapes and sizes, and are equipped for internal use. Plastic trays have a highly versatile style of packaging design as the plastics used for trays can be molded to form different shapes by thermoforming process. This versatility makes them advantageous for everything. Semi-rigid and flexible are two types of thermoform trays used in the healthcare industry.
“The plastic segment is expected to lead sterile medical packaging market.”
Based on material, the plastic sterile medical packaging segment is expected to lead the sterile medical packaging market. this growth can be attributed to its high consumption and increasing demand from end users. Plastic polymers, such as HDPE, polyester, and polypropylene are used extensively in the manufacturing of bottles, vials & ampoules, and pre-filled syringes in the sterile medical packaging market.
“North America is estimated to account for a major share of the market in 2020 and is projected to grow at the highest CAGR during the forecast period.”
Based on region, the sterile medical packaging market is segregated into Asia Pacific, North America, Europe, and Rest of World. Among these, North America accounted for the largest share and is expected to witness the highest growth during the forecast period. This growth can be attributed to multiple regulations that are imposed by the FDA, which, in turn, is driving the demand for sustainable and high-quality products in this region. Moreover, owing to the presence of many major players and stringent FDA regulations, the market has become very competitive in the region.
Breakdown of primary interviews for the report on the sterile medical packaging market
- By Company Type – Tier 1 – 55%, Tier 2 –30%, and Tier 3 – 15%
- By Designation – C-Level – 10%, Director Level – 55% and Others – 35%
- By Region – Asia Pacific– 34%, Europe- 29%, North America – 23%, and Rest of World – 14%
The leading sterile medical packaging manufacturers profiled in this report are Amcor Limited (Australia), Dupont De Nemours, Inc. (US), 3M Company (US), West Pharmaceutical Services, Inc. (US), and Sonoco Products Company (US).
Research Coverage:
The report covers the sterile medical packaging market based on application, type, material, and region. This report aims at estimating the size and future growth potential of the sterile medical packaging market across various segmentations. The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the sterile medical packaging market, high-growth regions, and drivers, restraints, opportunities, and challenges in the market.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on various applications in the sterile medical packaging market.
- Product Development/Innovation: A detailed insight into upcoming technologies for the manufacture of sterile medical packaging, R&D activities, and new applications in various end-use industries in the market.
- Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for sterile medical packaging across different regions.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the sterile medical packaging market.
- Competitive Assessment: In-depth assessment of strategies, products, and manufacturing capabilities of leading players in the sterile medical packaging market.
