The Sterile Medical Packaging Market size is estimated to reach $58.3 billion by 2027. Furthermore, it is poised to grow at a CAGR of 7.53% over the forecast period of 2022-2027. Sterilization has been a key aspect within the healthcare industry owing to the need and want, fulfilled by various industry specialists. Additionally, various cases of hospital-acquired infections coupled with a generic sentiment to use single-use healthcare products have allowed the market to take a strong grip. Products such as ampoules or vials have been in extreme demand owing to the COVID-19 pandemic. Similarly, the demand for sterile bottles has been actively deployed owing to the use of various prescription drugs to treat cough and various other pediatric formulations. Pre-filled syringes are now being actively deployed into the weaponry of pharmaceutical giants, as they have the vaccine content within them, and a needle has been fixed with it to allow for easy administration. However, plastic has been widely decommissioned, even within the medical packaging domain owing to various environmental impacts, hence, products such as thermoform trays are now being effectively used and deployed as a substitute. The growing geriatric population along with their tendency to suffer from a range of diseases along with the recent anomaly of a pandemic have been identified as the key factors driving the Sterile Medical Packaging Industry forward in the projected period of 2022-2027.
Sterile Medical Packaging Market Segmentation Analysis- By Material Type
The sterile medical packaging market based on material type can be further segmented into Plastic, Paper and Paperboard, Glass, and Others. Plastic held the dominant market share in the year 2021. It is owing to the various properties of plastic, which allows it to get used in various medical applications. Plastic offers easy moldability, cost-effectiveness, and various other protective properties such as high temperature-pressure range, high tolerance for humidity, extensive durability towards exposure to UV- cleanliness, and bioburden.
However, the Paper/Paperboard segment is estimated to be the fastest-growing, with a CAGR of 8.3% over the forecast period of 2022-2027. It is owing to the changing notional value towards plastics. As per a report by EPA or Environment Protection Agency, around 8.7% of the total plastic which was discarded in the US was recycled. Moreover, the plastic containers/packaging category held the most plastic tonnage at 14.5 million tons in 2018 within the USA. Lastly, consumers are growing extensively cautious, along with the multinationals who are now following sustainability patterns/practices which propel them to use paper/paperboard form of packaging.
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Sterile Medical Packaging Market Segmentation Analysis- By Application
The sterile medical packaging market based on the application can be further segmented into Pharmaceutical & Biological, Surgical and Medical Appliance, IVDs, and Others. Pharmaceutical and Biologics held a dominant market share in the year 2021. It is owing to the robust growth in the number of cases of contagious and non-contagious diseases which propels the pharmaceutical and biologics to obtain new forms of treatment lines. For example, there are a total of 869 unique active compounds in development, of which 366 are treatment-268 are antivirals and 235 are vaccines.
Moreover, Pharmaceuticals and Biologics are estimated to be the fastest-growing, with a CAGR of 8.5% over the forecast period of 2022-2027. It is owing to the new vaccines and other antibiotic-resistant processes in development, which allows the manufacturers to readily use various aspects of sterile medical packaging. For example, syringes and vaccines in the dry or liquid form need to be sterile, if not the recursion can be fatal. Around 41.5% of the Word Population is yet to receive a single dose of vaccine, which would act as a key driver, as global agencies such as WHO and others would prioritize jabs in those countries, which would propel the demand for the said segment.
Sterile Medical Packaging Market Segmentation Analysis- By Geography
The sterile packaging market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Asia-Pacific held a dominant market share of 40% as compared to the other counterparts in the year 2021. It is owing to the high output of plastics and other raw materials from the said regions. Additionally, the mandates pertaining to recyclability are not high-which allows for plastic to be extensively used in sterile medical packaging needs.
Moreover, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to a robust demand being seen in the contract manufacturing domain, which further allows the sterile packaging industries to contribute. Additionally, the CDMOs industry grew at a rate of +0.9% in 2020, while the US was following a negative pattern singularly owing to the robust demand and production by China and other Asian countries.
Sterile Medical Packaging Market Drivers
The surging demand for healthcare products post-emergence of COVID-19 has acted as a key driver for the market.
COVID-19 has been affecting lives both medically and economically. As of 4th January, around 293 million cases have been diagnosed, and moreover, 255 million have recovered successfully from the said virus. However so, COVID-19 has had a positive impact on the sterile medical packaging market owing to a robust demand seen in hospital products. Personal protective equipment, masks, respirators, syringes, and various other aspects helped the market of aseptic, as the government regulations propel them to follow certain health standards, which allows them to be made available in hospitals. For example, 3M increased its mask-making capabilities before the onset of COVID-19 and promised to make 2 billion N-95 masks by the end of the year 2020. Additionally, certain pandemic resilient CDMO reports further show that sterile packaging was extensively used in 2020. For example, injection molders and even various hospital consumables saw a rise of 4.4% in 2020 owing to a rapid increase in diagnostic procedures posed by the pandemic. Lastly, IVD sales increased exponentially-which further allowed for the use of sterile medical packaging.
The rising adoption of single-use hospital products has allowed the market to be positioned optimistically.
Single-use hospital products have had faced various challenges in the past owing to waste disposal problems. However, be the cases, certain medicine practitioners have now been actively propagating the use of single-use hospital products owing to their lower chances of spreading infections, especially in the fragile population. HAIs or Healthcare Acquired Infections are also known as nosocomial infections which the patients receive while getting treatment for some other medical condition. As per CDC data revelation, HAI account for around 1.7 million infections each year, which results in deaths of around 99,000. The staggering fatality ratio propels the practitioners to use single-use sterile hospital products. Lastly, around $10 billion worth is spent in the US as healthcare expenditure simply owing to such surgical infections.
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Sterile Medical Packaging Market Challenges
Stringent regulations pertaining to the sale and use of sterile medical products impede market growth.
Medical devices need to be packaged in accordance with certain quintessential standards such as ISO 11607. The goals of a terminally sterilized medical device packaging system were to allow sterilization, provide physical protection, maintain sterility up to the point of use and allow aseptic presentation. The packaging must come with a sterile barrier system (SBS) which is required to prevent the ingress of microorganisms (contamination) and ensure aseptic removal of the product at the point of use. Another important requirement for the SBS is the ability to enable and maintain the sterility of the product. Moreover, various aspects must be evaluated before deciding on the sterile systems, which includes temperature-pressure-humidity range-exposure to UV- cleanliness, and bioburden. The microbial barriers and other sealing processes should be inspected. Owing to such laborious processes, the overall cost of certified products goes high.
Sterile Medical Packaging Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Sterile Medical Packaging Market. Sterile Medical Packaging top 10 companies include:
GS Medical Packaging
Riverside Medical Packaging Companies
In June 2021, Amcor launched a dual-chamber pouch for drug-combination devices. The key feature of the product is the simplified packaging which allows for an easier access-desiccant chamber that securely holds the desiccant sachets and also eliminates any contamination risk. Moreover, the multi-layer foil oil laminate provides extreme resistance and barrier to gas-light-moisture and also has a 2D Barcoding which ensures full traceability.
In April 2021, the Sonoco subsidiary joined hands with Healthcare Plastics Recycling Council or HPRC. HPRC Europe members are currently engaged in multiple initiatives aimed at enabling recycling of healthcare plastics, including mapping hospital barriers to recycling clinical plastics, recruiting advisory board members from European healthcare organizations, and engaging with other plastics and recycling organizations in Europe to identify areas of synergy and collaboration.
In January 2020, Sonoco completed the acquisition of TEQ (Thermoform Engineered Quality), Illinois Based Company, and Plastique Holdings (UK) for a bulk deal at $145 million. TEQ had recorded sales of $87 million in the 3rd quarter of 2019. Additionally, the company produces recyclable-molded pulp fiber packaging and thermoformed plastic packaging. The acquirer company further went on to say that healthcare packaging is a key area of growth for the company, and they plan to become a much larger supplier of medical products.
Geographically, Asia-Pacific held a dominant market share in the year 2021. It is owing to the presence of a majority of vendors, operating throughout the region. For example, China within Asia-Pacific holds a share of 59% followed by Japan and India. It is owing to the presence of robust players and supplemented by global demand for the effective and cost-countered products to be used. Additionally, the Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the growing manufacturing capabilities of the region, supplemented by the government’s support and inflow of foreign money.
The growing geriatric population along with their tendency to suffer from a range of diseases along with the recent anomaly of a pandemic have been the key drivers for the market. However, the high cost of setting up manufacturing/processing plants to fulfill the stringent regulations has impeded the overall market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Sterile Medical Packaging Market Report.
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