Sterile medical is modern definition of pharmaceutical packaging. Sterile medical packaging drives from demand of pharmaceutical & biologics product, medical supplies, and medical equipment.
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The sterile medical packaging market has witnessed impressive growth over the last few years owing to the significant increase in the demand for pharmaceutical and biologics products. Sterile medical packaging finds extensive usage in the packaging of medical equipment, medical supplies, and pharmaceutical and biological products due to its high performance and anti-contaminant properties. The global sterile medical packaging market is estimated to expand at a steady CAGR of 4.7% during the forecast period, amounting to US$38.3 bn by 2024.
Vials and ampoules emerged as the leading product segment due to their wide application in multiple pharmaceutical industries throughout the forecast period. This segment is anticipated to account for 37% of the overall sterile medical packaging market by the end of 2016. However, the segment is anticipated to witness a marginal decrease in market share by the end of the forecast period. The pouches and bags segment, on the other hand, will lead the sterile medical packaging market by 2024.
The plastics segment is estimated to account for the leading value share of 51.6% in the sterile medical packaging market by 2016-end based on type of material. This segment is expected to register healthy Y-o-Y growth during the forecast period, along with the glass segment. The non-woven segment is expected to register a healthy growth rate till 2019; however, it is expected to lose traction in the later phase of the forecast period.
The key players operating in the global sterile medical packaging market include Amcor Limited, Placon, Dupont, Steripack, Wipak Group, 3M medical Packaging, Nelipak Healthcare, Oracle Packaging, Sonoco Plastics Europe, Billerkornas AB, and Ampac Group.