Packaging which is an essential step in the delivering a medical product to its customer requires a heavy amount of sterility to make sure that the product is not contaminated by any source. Demand for sterile medical packaging is rising riding on the back of incessant rise in demand from the healthcare sector. Rising awareness among consumers regarding the importance of sterile medical packaging is helping the market to grow stupendously. Cost effective factor of sterile medical packaging bodes well with the growth of the market.
The market is anticipated to expand at steady CAGR of 4.7% during the forecast period 2018 – 2026. The market at this pace is likely to touch a whooping worth of US$ 8771.4 mn in 2018. Various factors aiding the growth of the market are
Rising Population and Preference for Healthy Lifestyle Fuels Growth of Market
Incessant rise of population rate all across the world has stoked the sales of rate of the market product owing to rise in prevalence of various disorders. Researchers are discovering new types of disorders which is ultimately leading to extensive research and development for producing suitable medicines, thus helping both the pharmaceutical as well as sterile medical packaging market to expand stupendously.
Various Government Policies Helping Healthcare Sector, Promotes Growth of Market
Various initiatives taken by government to control infection by helping healthcare sector is expected to drive the global market. Emerging economic countries such as India, China, Malaysia, and Thailand are witnessing various initiatives undertaken by government to prevent spread of various infections by providing free medicines in remote areas, and funding behind the research and development teams. These factors are anticipated to help the growth of market. Launch of various healthcare policies by private as well governmental bodies is expected to promote the growth of the market in years to come.
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Requirement of High Degree of Stability Propels Manufacturer to Opt For Sterile Medical Packaging
Manufacturing process of various medicines is quite complex. Once produced, these high level medicines requires high degree of stability till it reaches its end – users. This has resulted in surge in demand for an innovative product packaging solution to preserve biologics among the manufacturers. This has burgeoned the demand in market. Various players are working relentlessly to meet the growing demand. For instance, Amcor Limited, which is a global player in packaging industries, is expected to invest US$25 mn in its own plant which is at 4101 Line Road. This is likely to expand the building by 50%. The new setup is expected will increase the plant size by 90000 sq. ft. This is likely to tune up the production rate of the company. The project is estimated to complete by 2019.
Advancement in Healthcare Sector Stokes Demand in Market
Rapid technological advancements along with improving medical and healthcare facilities is aiding the sterile medical packaging market to grow. Another factor supporting the growth of market is the ongoing trend of on the go products which are aimed at creating convenience to the end users. These packaging also consists of various labels and color code to help doctors and nurses to identify surgical kits.
Environmental Concerns to Hamper Market Growth
Need for packaging materials that lowers the carbon footprints and is considered environmental friendly is rising. This is expected to deter the growth of the market. Volatile prices of the resin which is required to manufacture sterile medical packaging is anticipated to create a roadblock in the market growth.