The
global market for sterile medical packaging is led by companies such
as Amcor Limited, Placon, Dupont, Steripack, Wipak Group, 3M Medical
Packaging, Nelipak Healthcare Packaging, Oracle Packaging, Sonoco
Plastics Europe, Billerkornas AB, and Ampac Group. Transparency
Market Research has observed that a number of leading packaging
companies have been adopting the outsourcing model in order to expand
their footprint in the sterile medical packaging market and thus
generate a high ROI.
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“Contracting
with local companies helps manufacturers lower the operational cost,”
the author of the study states. “Furthermore, packaging companies
can benefit from better pricing by outsourcing sterile packaging.”
Some
of the key strategies employed by players in the sterile medical
packaging market are mergers and acquisitions, strengthening the
distribution network, product expansion, and expanding into other
geographical segments.
The
opportunity in the global sterile medical packaging market is
estimated to be worth US$26.5 bn by the end of 2016 and is projected
to reach US$38.3 bn by 2024.
North
America to Continue its Lead in Global Sterile Medical Packaging
Market
The
vials and ampoules segment is estimated to account for the leading
share in the sterile
medical packaging market in terms of value by 2016-end.
“However, this product segment is expected to register a marginal
decrease in market share by the end of the forecast period, with the
pouches and bags segment likely to emerge as the dominant segment by
2024,” the lead analyst predicts. Nevertheless, the vials and
ampoules segment will be one of the most attractive markets during
the course of the forecast period.
Plastics
are expected to be the preferred material choice for vendors in the
sterile medical packaging market. By application, the pharmaceuticals
and biologics segment is estimated to account for 64% of the market
by 2016-end. This is attributed to the growing demand for biologics
across various therapeutic applications. Geographically, North
America is expected to continue leading the sterile medical packaging
market through 2024, accounting for over 36% by 2016-end. Latin
America is projected to register a 6.7% CAGR from 2016 to 2024,
emerging as one of the most lucrative markets for sterile medical
packaging.
Surging
Incidence of Chronic Diseases Driving Demand for Sterile Medical
Packaging
Biologics
has gained popularity in the recent past and has become the preferred
choice for the treatment of chronic disorders such as diabetes and
arthritis. However, the lead analyst at TMR finds that the
manufacturing process is rather complex and requires a high degree of
stability. “An increased level of expertise is needed to maintain
and preserve biologics and this has led to the rising demand for
innovative product packaging solutions among biologics
manufacturers.”
The
growing incidence of chronic diseases worldwide has emerged as a
major concern among the global population. This rise is, in turn,
driving the demand for medical drugs and devices, which creates a
favorable environment for sterile medical packaging.
Although
the transportation of drugs and devices packed in bags and pouches
requires extreme care and specific requirements, this restraint has
driven manufacturers to develop flexible and sustainable packaging to
overcome the shortcomings of sterile medical packaging solutions.
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