Increasing application of sterile packaging in the pharmaceutical & biological sector, aging population, etc are driving the market, says a MarketsandMarkets report
January 6, 2016 – (BS B2B Bureau | Pune ) Sterile medical packaging market is projected to grow from $ 26.55 billion in 2015 to $ 35.07 billion by 2020, at an estimated CAGR of 5.72 percent, as per the new report of MarketsandMarkets, a market research firm.
Increasing application of sterile packaging in the pharmaceutical & biological sector, aging population and rising chronic diseases are driving the growth of the sterile medical packaging market. Growing demand from the healthcare industry also provides an opportunity to the market to further grow, especially in the emerging Asia-Pacific and Latin American regions. However, maintaining medical packaging integrity can act as a challenge to the growth of the sterile medical packaging market.
Chemical methods used for sterilisation include ethylene oxide, hydrogen peroxide, and others such as chlorine dioxide. Chemical sterilization is a low temperature sterilisation method used for heat- and moisture-sensitive medical devices. Ethylene oxide (EtO), which is most widely used in the chemical sterilisation method, is a cost-effective sterilisation method used for large loads. Ease of handling, versatility, and affordability make it a widely accepted method of sterilisation; it is projected to grow at the second-highest CAGR during the forecast period. Hydrogen peroxide is replacing the EtO method of sterilisation as it has reduced the cycle time and requires no aeriation, added the report.
The North American region held the largest share in the global sterile medical packaging market among all the regions in 2014. Rising healthcare awareness and continuous innovation & technological developments in both pharmaceutical and medical industries are transforming the healthcare packaging industry, thereby driving the growth of the sterile medical packaging market. In future, Asia-Pacific is expected to play a key role in the market for sterile medical packaging.
Intense competition in the market has led to new product launches, mergers & acquisitions, and partnerships & expansions by market players to retain their market share. Mergers & acquisitions accounted for the largest share of all developments by key players in this market between 2011 and 2015. The global market for sterile medical packaging has been dominated by several large players of the packaging industry, such as Amcor Limited, 3M Company, DuPont, Bemis Company Inc, and West Pharmaceutical Services. Companies are aiming to serve the market efficiently by investing in manufacturing facilities and acquiring distribution centres in the fast-growing regions.