An increase in investment in healthcare infrastructure due to the ongoing efforts by consumers, producers, and governments to improve infection control, and expansion of favorable healthcare policies are the primary drivers driving the market.
Jersey City, N.J., July 12, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Sterile Medical Packaging Market" By Type (Thermoform Trays, Sterile bottles & Containers, Vials & Ampoules, Pre-fillable Inhalers), By Application (Pharmaceutical & Biological, Surgical, In-Vitro Diagnostic Products, Medical Implants), By Material (Plastics, Metals, Glass, Paper & paperboard), and By Geography. According to Verified Market Research, the Global Sterile Medical Packaging Market USD 35.79 Billion in 2020 and is projected to reach USD 72.32 Billion by 2028, growing at a CAGR of 9.20% from 2021 to 2028.
The healthcare and pharmaceutical industries generate a significant amount of sterile medical packaging. The healthcare business is increasing its demand for sterile medical packaging. According to a report published by the Centers for Medicare and Medicaid Services, healthcare expenditures in the United States are growing at an average annual rate of 5.8%, 1.3 % faster than the Gross Domestic Product (GDP), and are expected to account for approximately 20.1% of GDP by 2025.
With the rising health awareness and increased concerns about infection control, the sterile medical packaging industry is expected to grow in the coming years. It is easy to handle sterile medical packaging products, which drives their popularity. Consumer preference will shift toward increasing spending on healthcare services as income levels rise, which will encourage the growth of sterilized medical packaging products and development towards healthcare infrastructure.
Key Developments inSterile Medical Packaging Market
2020, In June 2019, Amcor acquired Bemis. With a broad worldwide footprint, scalability in every region, and industry-leading R&D capabilities, this strategic combination establishes Amcor as the global leader in consumer packaging.
In October 2019, 3M announced the global acquisition of Acelity, Inc. and its KCI subsidiaries. Acelity is a multinational medical technology firm that focuses on improved wound care and specialty surgical applications under the KCI brand. This acquisition propelled 3M to the forefront of advanced wound care, an important and developing industry niche.
The major players in the market are Amcor Limited (Australia), Dupont De Nemours, Inc. (US), West Pharmaceutical Services, Inc. (US), Sonoco Products Company (US), 3M Company (US), Ampac Group(Australia), DuPont(US) and Oracle Packaging(US).
Verified Market Research has segmented the Global Sterile Medical Packaging Market On the basis of Application, Technology Type, Material, and Geography.
Sterile Medical Packaging Market by Application
Pharmaceutical & biological
Surgical & medical instruments
In vitro diagnostic products
Sterile Medical Packaging Market by Technology Type
Sterile bottles & containers
Vials & ampoules
Blister & clamshells
Sterile Medical Packaging Market by Material
Paper & paperboard
Sterile Medical Packaging Market by Geography
Rest of Europe
Rest of Asia Pacific
Middle East & Africa
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