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Sterile Medical Packaging Market Size, Share & Industry Analysis, By Material (Plastics, Glass, Metal, Paper & Paperboard), By Type (Thermoform, Trays, Sterile Bottles & Containers, Sterile Closures, Pre-Fillable Inhalers, Pre-Fillable Syringes, Vials & Ampoules, Blister & Clamshells, Bags & Pouches, Wraps), By Sterilization Method (Chemical Sterilization, Radiation Sterilization, and High Temperature/Pressure Sterilization), By Application and Regional Forecast, 2019-2027
The globalsterile medical packaging marketsize is expected to reach USD 47.89 billion by 2027, exhibiting a CAGR of 5.5% during the forecast period,the market size stood 31.38 Billion in 2019. The escalating requirements for sterile medical packaging in numerous applications, involving in-vitro diagnostic products and surgical and medical instruments will have a positive impact on the market in the forthcoming years.
Sterile Medical Packaging Market Driver:
Growing Hygiene and Sterility in Medical Equipment to Stimulate Growth
The increasing prevalence of infectious and communicable diseases and viruses such as COVID-19, flu, tuberculosis, and SARS has led to improved hygiene in medical devices intending to prevent any contamination or spread of disease in patients. The focus towards robust packaging in medical devices such as syringes, needles, bandages, face masks, gloves, applicators, suction catheters, testing kits, and surgical sponges, will positively influence the market growth.
The packaging used in these devices necessitates effectual maintenance for sterility. Thus, the need for effective packaging solutions will propel the market during the forecast period. In addition, the rising demand for single-use medical equipment owing to ethical and hygiene aspects for protection against the risks of disease transmission will foster healthy growth of the market in the forthcoming years.
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The growing cognizance about the advantageous properties of sterile medical packaging such as tear resistance, durability, breathability, and the superior microbial barrier will promote the growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Sterile Medical Packaging Market Size, Share and Industry Analysis, By Material (Plastics, Glass, Metal, Paper and Paperboard), By Type (Thermoform, Trays, Sterile Bottles and Containers, Sterile Closures, Pre-Fillable Inhalers, Pre-Fillable Syringes, Vials and Ampoules, Blister and Clamshells, Bags and Pouches, Wraps), By Sterilization Method (Chemical Sterilization, Radiation Sterilization, and High Temperature/Pressure Sterilization), By Application and Regional Forecast, 2019-2027”
Implementation of Stringent laws to Diminish Market Development
The implementation of stringent regulatory standards in manufacturing to maintain the sterility of packed contents will consequently dampen the growth of the market. These stringent norms ensure that the packed devices or instruments do not experience any adverse reaction or damage such as wear and tear from any external force during transportation. EN ISO 11607 (part 1 and part 2) is the global standard that specifies the validation requirements of medical packaging systems used for sterilized medical devices or instruments. These validation requirements are used in various steps of packaging products such as material selection, design qualification, design testing and control, and process validation. The complexity of these standard rules will impede emerging players to invest in the market during the forecast period.
GlobalCOVID-19 Impact Analysis:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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The Report Lists the Key Companies in the Sterile Medical Packaging Market:
June 2019: Kohlberg and Company, L.L.C., announced that it has acquired the Bemis Healthcare Packaging Europe from Amcor. Bemis Healthcare Packaging Europe will merge with Nelipak Corporation, Inc. This acquisition will help the company to expand its global presence and footprint in the industry.
Well-EstablishedPharmaceutical Industry to Encourage Growth in North America
The market in North America stood at USD 11.30 Billion in 2018 and is expected to hold the largest share during the forecast period owing to the well-established pharmaceutical industry. The growing healthcare spending and surge in the patient population will contribute significantly to the market in the region. The outbreak of coronavirus will further enhance the development of the market in North America. Europe is predicted to grow rapidly in the forthcoming years owing to the rising use of medical equipment such as thermoform trays, sterile bottles and containers, vials and ampoules, and pre-fillable syringes, in various medical applications.
Quick Buy Packaging Sterile Medical Packaging Market Research Report:
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To view the original version on The Express Wire visit Sterile Medical Packaging Market Demand Analysis in 2020, Global Revenue, Top Companies Growth Forecast to 2026