Sterile Medical Packaging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted May 3, 2021 by manojshinde

The sterile medical packaging market is expected to register a CAGR of 5.2% during the forecast period (2021 - 2026)
The increasing competition among the manufacturers, coupled with the rising concerns about the environment, is motivating the manufacturers to develop innovative packaging products that are cost-effective, require lesser resources, and provide better protection. Therefore, this is driving the growth of the market studied.

As the packaging industry is witnessing an increase in growth, the market is also expected to grow. Multiple factors, such as the increasing elderly population, growing demand from the healthcare sector, and the usage of reliable packaged products, are driving the demand for sterile packaging products.

Additionally, vendors in the market are continuously expanding their operations to widen their product portfolio. For instance, in October 2019, Dordan Manufacturing Inc. (an ISO 9001:2015 certified company), initiated its cleanroom project to enhance its existing expertise in medical packaging. The company primarily designs, manufactures, and distributes custom thermoformed packaging for multiple industries.

Moreover, in November 2019, ULMA Packaging launched a new, easy-to-open flow pack package for the medical sector. The product is designed specifically to allow sterile products to be removed from pack without any contamination that occurs due to microorganisms and particles. The package is also sealed without leaks and uses a peelable film with already-integrated tyvek or paper panels that enable ethylene oxide (EtO) sterilisation.

Furthermore, factors, such as the performance, application, and the selection of a proper sterilization packaging system, are very important for the execution of sterilization of the packaged content. This is likely to maintain the sterility of the content within the package, until the package is opened for further use, thus, enabling withdrawal of the content without infection.

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Key Market Trends

Plastic Material is Expected to Hold a Significant Share

- Many partnerships in the industry have resulted in several innovations. The collaborative efforts between the chemical/polymer resin companies and medical device packaging converters have primarily resulted in new technologies and products.

- For example, the metallocene is a linear low-density polyethylene that offers greater seal integrity and robust performance, the new oxygen and moisture-barrier resins are autoclave sterilization compatible, and the new polymer chemistries offer improved thermoformability performance in both speed and quality.

- The key focus of the manufacturers has been the improvement of the overall performance of the sterile barrier medical device packaging. This primarily relates to elements, such as physical properties, aged package stability, sterile barrier performance, ease of opening, and materials clarity.

- Moreover, hospitals have influenced the packaging industry by demanding more recyclability from the materials used for sterile packaging. Additionally, the ongoing demand for lower costs/pricing is driving a variety of new innovations in the industry with materials and packaging designs.

North America is Expected to Witness a Significant Growth

- North America is expected to be one of the largest markets for sterile medical packaging, primarily owing to the 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. In order to gain a sustainable advantage over the competitors, companies in the region are increasingly offering better packaging solutions.

- The US government has enforced multiple medical and healthcare insurance schemes that are mandatory, which will ensure some degree of basic healthcare coverage for people and may help them in paying their medical expenses. This is increasing the expenditure on the treatment of several diseases and physical disorders, thereby, driving the demand for various types of drugs and consequently, and for sterile medical packaging.

- A major challenge for the market in this region is the availability of counterfeit drugs and packaging. United States, which has multiple regulations in place to prevent the manufacture and distribution of these counterfeit medical products, is witnessing the penetration of fake and substandard drugs in the market.

Competitive Landscape

The sterile medical packaging market is highly competitive, owing to the presence of several small and large players in the market, operating in domestic and international markets. The market appears to be moderately concentrated. The players in the market are adopting major strategies, like product innovations, mergers and acquisitions, and strategic partnerships, in order to widen their product portfolio and expand their geographical reach. Some of the players in the market are Amcor PLC, Steripack Ltd, Wipak Group, and Placon Corporation, among others.

- June 2019 - Tekni-Plex Inc., a globally-integrated company that is developing and manufacturing products for a wide variety of end markets, completed the acquisition of three manufacturing facilities from Amcor’s Flexible Packaging business unit.

- June 2019 - Amcor PLC announced the successful completion of its acquisition of Bemis Company Inc. The combined company will operate as Amcor PLC. The acquisition of Bemis will bring additional scale, capabilities, and footprint that is likely to strengthen Amcor’s value proposition.

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Issued By Statzy Market Research
Country India
Categories Miscellaneous
Tags sterile medical packaging market , sterile medical packaging market forecast , sterile medical packaging market share , sterile medical packaging market size
Last Updated May 3, 2021