CHICAGO, Nov. 6, 2020 /PRNewswire/ -- According to the new market research report "Sterile Medical Packaging Market by Material (Plastics, Metal, Glass, Others), Type (Thermoform Trays, Bottles, Vials & Ampoules, Blister & Clamshells, Others), Application (Surgical Instruments, Pharmaceutical, Others) - Forecast To 2025", published by MarketsandMarkets™, the Sterile Medical Packaging Market size is estimated to be USD 36.9 billion in 2020 and projected to reach USD 57.7 billion by 2025, at a CAGR of 9.4% from 2020 to 2025.
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Increasing investment, coupled with growth in the healthcare industry across the globe, is expected to drive the growth of the sterile medical packaging market. The recent outbreak of Covid-19 is expected to have a positive impact on the sterile medical packaging market.
By applications, the pharmaceutical & biological segment is projected to lead the sterile medical packaging market during the forecast period
Based on application, the pharmaceutical & biological application is projected to lead the sterile medical packaging market. The growth of this segment can be attributed to the growing healthcare industry and the advent of new healthcare medicines. Technological advancements have optimized and integrated the sterile packaging process of pharmaceutical products and made it more capital-intensive. This process reduces the risk of contamination. The processing and packaging of pharmaceutical & biological products go through various inspections, quality checks, and ensures that they adhere to regulatory compliances about the drug contents and the material used in packaging.
The thermoform trays segment is projected to be the major consumer of sterile medical packaging during the forecast period
Based on type, the thermoform trays segment is projected to record the highest CAGR. These are versatile and easy to transport because of their low weight. Thermoformed trays are manufactured from plastics, come in a wide variety of shapes and sizes, and are equipped for internal use. Plastic trays have a highly versatile style of packaging design as the plastics used for trays can be molded to form different shapes by the thermoforming process. This versatility makes them advantageous for everything. Semi-rigid and flexible are two types of thermoform trays used in the healthcare industry.
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The Asia Pacific is projected to be the largest consumer of sterile medical packaging during the forecast period
Based on the region, the sterile medical packaging market is segregated into Asia Pacific, North America, Europe, and the Rest of the World. Among these, North America accounted for the largest share and is expected to witness the highest growth during the forecast period. This growth can be attributed to 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.
Key players in the sterile medical packaging market, namely, Amcor Limited (Australia), Dupont De Nemours, Inc. (US), 3M Company (US), West Pharmaceutical Services, Inc. (US), and Sonoco Products Company (US), are considered for the study.
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