Sterile Medical Packaging Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/16/2018 -- 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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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.
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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.
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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."