December 16, 2021 08:24 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Dec. 16, 2021 (GLOBE NEWSWIRE) -- The global sterile medical packaging market size is set to gain momentum from the increasing prevalence of various contagious diseases, such as SARS, tuberculosis, flu, cold, and COVID-19. In June 2020, for instance, Placon broadened its production capacity of thermoforming in Indiana to meet the high demand for this type of medical packaging amid the COVID-19 pandemic. the market size was USD 35.74 billion in 2020 and is projected to reach USD 68.49 billion by 2028, exhibiting a CAGR of 8.1% during the forecast period.
List of the Leading Companies Profiled in the Global Sterile Medical Packaging Market are:
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Pharmaceutical & Biological Segment to Dominate Stoked by Rising Cases of Contagious Diseases
Based on the material, the market is divided into plastics, glass, metal, paper & paperboard, and others. By type, it is segregated into thermoform trays, sterile bottles & containers, vials & ampoules, pre-fillable inhalers, sterile closures, refillable syringes, blister & clamshells, bags & pouches, wraps, and others.
Based on the sterilization method, it is segmented into chemical sterilization, radiation sterilization, and high temperature/pressure sterilization. Lastly, by the application, it is categorized into pharmaceutical & biological, surgical & medical instruments, in-vitro diagnostic products, medical implants, and others. Out of these, the in-vitro diagnostic products segment earned 11.9% in terms of the sterile medical packaging market share in 2020. The pharmaceutical & biological segment is set to dominate in the near future because of the rising cases of non-contagious and contagious diseases among people.
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Ability to Act as a Superior Microbial Barrier to Bolster Growth
The rising incidence of contagious diseases, increasing usage of new rules and regulations by government bodies, and surging population are the major factors set to drive the sterile medical packaging market growth in the upcoming years. Also, these products possess various beneficial properties, such as durability and superior microbial barrier. However, the production of sterile medical packaging revolves around certain stringent regulatory standards, such as EN ISO 11607 (part 1 and part 2). It may hinder market growth.
Rising Healthcare Infrastructure to Help North America Dominate: Fortune Business Insights™
Geographically, North America generated USD 12.79 billion in terms of revenue in 2020 and is expected to remain at the forefront in the near future. The U.S. is the major growth contributor because of the presence of a well-established pharmaceutical industry and the rising healthcare expenditure.
On the other hand, Europe is anticipated to remain in the second position backed by the increasing usage of medical equipment, namely, pre-fillable syringes, thermoform trays, vials & ampoules, and sterile bottles & containers. In Asia Pacific, the surging consumer awareness and rising population, especially in India, Japan, and China would bolster the demand for sterile medical packaging.
Key Players Focus on Acquisitions and Capacity Expansions to Intensify Competition
The market is semi-consolidated with only 15 companies in the leading position. They are majorly focusing on mergers and acquisitions to gain a competitive edge. A few of them are striving to keep up with the high demand for their products owing to the COVID-19 pandemic. Hence, they are broadening their production capacities.
Below are the two latest industry developments:
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