June 18, 2024
Sterile Medical Packaging Market

The Growing Healthcare Industry Is Driving The Sterile Medical Packaging Market Along With Increasing Surgeries And Procedures

The sterile medical packaging market comprises sterile containers, pouches, bags, blister packs, and wraps used for medical devices, surgical and dental instruments, implants, anatomical components, implants, transplants, artificial joints, medical equipment, drug delivery devices, pre-filled syringes and cartridges that need to be sterile during transportation and storage. Sterile medical packaging allows storage of medical instruments and devices by preventing contamination from microorganisms, chemicals present in the surrounding atmosphere and maintains sterility and integrity during transportation. The increasing number of surgeries such as cardiovascular surgeries, neurosurgeries, orthopedic and trauma surgeries as well as rising cases of chronic diseases have increased the demand for sterile medical devices that require effective sterile packaging solutions.

The global sterile medical packaging market is estimated to be valued at US$ 63.77 billion in 2024 and is expected to exhibit a CAGR of 8.69% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the major trends in the sterile medical packaging market is increasing adoption of eco-friendly packaging materials. Rising environmental concerns over usage of plastic in medical packaging has increased focus on developing sustainable packaging solutions made from renewable and biodegradable materials such as paper & paperboard. Materials such as recyclable paper provide excellent barrier protection and can be disposed or recycled easily. Several companies are engaged in introducing paper-based packaging with barrier properties comparable to plastics. For instance, Amcor offers sterile packaging solutions made from paper that provide high barrier protection and maintain product shelf life.

Porter’s Analysis

Threat of new entrants: The sterile medical packaging market requires substantial capital investment and R&D which creates barriers for new players. Regulatory compliance further increases entry barriers.

Bargaining power of buyers: The buyers have moderate bargaining power as there are many established players in the market providing similar products. However, stringent regulations provide buyers limited options.

Bargaining power of suppliers: The suppliers have moderate bargaining power due to availability of substitute raw materials. However, compliance to stringent quality standards increases supplier bargaining power.

Threat of new substitutes: There exists a low threat of substitutes as sterile medical packaging provides unique benefits like contamination prevention critical for healthcare.

Competitive rivalry: The sterile medical packaging market experiences high competition due to the presence of many global and regional players. Players differentiate through innovation, quality, and compliance.

Key Takeaways

The Global Sterile Medical Packaging Market Growth is expected to witness high.

Regional analysis: North America accounted for the largest share of the global sterile medical packaging market in 2020. This is attributed to the presence of advanced healthcare facilities and stringent regulations regarding medical device packaging. The Asia Pacific market is expected to grow at the fastest rate during the forecast period. This is owing to improving healthcare infrastructure, rising medical tourism, and growing medical device industry in China and India.

The key players operating in the sterile medical packaging market are Amcor plc, Dupont de Nemours Inc., 3M Company, West Pharmaceutical Services Inc., Steripack Ltd., Wipak Group, Placon Corporation and Riverside Medical Packaging Company Ltd. Amcor plc holds the leading market share owing to its diverse product portfolio and global presence. 3M Company focuses on innovative product development complying with regulations.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it