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Sterile Medical Packaging is used for the packaging of medical devices, pharmaceutical products, and other healthcare items. Packaging is done in preformed packages to customized forms depending on the shape of the product as well as the sensitive nature of the contents. The global Sterile Medical Packaging market report by Market Research Future (MRFR) contains a list of drivers, opportunities, threats, and restraints with a comprehensive analysis conducted by our in-house experts.
Outlook
The global Sterile Medical Packaging market is set to accumulate revenues at 6.3% CAGR from 2017 to 2023 (forecast period). Expanding healthcare expenditure of China and India, expansion of the healthcare industry, and growing market for implants are factors which can provide growth opportunities to the market. Improvement in technology of sustainable packaging and rising disposable income levels of developing countries can fuel the market growth till 2023.
Standards and regulations for maintaining product quality, packaging material, and labeling practices for depicting information clearly can bode well for the market. Focus on ensuring the product is safe from damage as well as designs of packages are likely to bolster market demand. The utilization of internet of things (IoT) can streamline the entire packaging process and track it in an organized manner.
Segmentation
The global Sterile Medical Packaging market considers the following segments for its valuation – material, type, application, and end-user.
By material, it is segmented into plastics, fabrics, films, sterilization, foam, Tyvek, adhesives, molded fiber, and others.
By type, it is segmented into vials, trays, pouches, containers, blister packets, clamshell packs, and others.
By application, it is segmented into chemicals and research, diagnostics, pharmaceuticals, medical, plastic industries, and others.
By end-user, it is segmented into forensic departments, clinics, hospitals, medical and research centers, and others.
Regional Analysis
Geography-wise, the global Sterile Medical Packaging market covers Asia Pacific (APAC), Americas, Europe, and the Middle East & Africa (MEA).
The Americas will dominate the global market due to constant developments in the healthcare sector, expansion of the pharmaceutical sector, and extension of governmental support to research institutions. Presence of chronic diseases such as diabetes, cancer, asthma, and chronic obstructive pulmonary disorder (COPD) can drive the regional market growth. Increasing patient pool combined with demand for quality packaging of drugs and devices can facilitate the regional Sterile Medical Packaging market growth.
Europe has assumed the second position in the global market with the sophisticated healthcare infrastructure and supportive government policies expected to sustain the market demand till the end of the forecast period. Cardiovascular disease (CVD) is one of the biggest maladies affecting the market. According to the European Heart Network report in 2017, CVD is accountable for 3.9 million deaths in the region. Rising patient volume with the disease can drive the demand for quality equipment and drugs.
On the other hand, the APAC region is expected to display the highest growth rate during the forecast period due to the large patient pool and vast healthcare budget. Developing economies have opened up their shores for foreign investment due to lack of medicines and need for breakthrough technologies for being the cure of chronic diseases. Packaging technologies which ensure the safe delivery of medicines or drugs in a safe manner to customers can augur well for the market.
The MEA region can hold the lowest market share due to availability of limited technologies, poor access to treatment, and low investment in the healthcare sector by major countries.
Competitive Landscape
West Pharmaceutical Services, Inc., DuPont, Mitsubishi Chemical Holdings Corporation, MeadWestvaco Corporation, Amcor Limited, Chesapeake Limited, Klöckner Pentaplast Group, The 3M Company, Bemis Company Inc., and others are some of the prominent names in the Sterile Medical Packaging market.
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