Dublin, Sept. 01, 2022 (GLOBE NEWSWIRE) -- The "Sterile Medical Packaging Global Market Report 2022, By Material, By Type, By Application" report has been added to ResearchAndMarkets.com's offering.
The global sterile medical packaging market is expected to grow from $38.61 billion in 2021 to $42.7 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $60.2 billion in 2026 at a compound annual growth rate (CAGR) of 9%.
Increased prevalence of infectious diseases and viruses has led to an increase in demand for sterile medical packaging to prevent any contamination, is expected to contribute to the growth of the market. Infectious diseases are caused by infectious agents and can be passed from one person or animal to another. According to the WHO, in April 2021, globally, 150 million COVID-19 confirmed cases were reported and 3.1 million deaths. The increased number of cases of infectious diseases increased the demand for the sterile medical packaging market.
Strict regulations with respect to the specifications and materials used by the firms in manufacturing sterile medical packaging are expected to restrain the market growth. The compliance with the regulations is required as the small flaw in the packaging can contaminate the product and endanger the life of a patient. For instance, Food and Drug Administration (FDA) has established several sterilization validation standards such as ISO 11137 consensus standard for radiation validation. Such standards necessitate specialized skills, resources, money and time, that limits the growth of sterile medical packaging.
Environmental friendly packaging is an emerging trend in the sterile medical packaging market. Concerned about growing waste, and plastic pollution of the oceans, medical products manufacturing companies are adopting future sustainable business practices and showing interest towards utilization of packaging materials that are renewable and recyclable. Several pharmaceutical companies are switching to environmental friendly sterile packaging to meet their sustainability goals.
For instance, in January 2021, AstraZeneca has launched a sustainability plan worth $1 billion that has several sustainable packaging initiatives underway to reduce the carbon footprint by 2030. In September 2021, Johnson & Johnson consumer health division invested $800 million through 2030 towards adoption of future sustainable packaging solutions.
Scope
Markets Covered:
1) By Material: Plastics; Glass; Metal; Paper & Paperboard; Other Materials
2) By Type: Thermoform Trays ; Sterile Bottles & Containers; Sterile Closures; Pre-Fillable Inhalers; Pre-Fillable Syringes; Vials & Ampoules; Blister & Clamshells; Bags & Pouches; Wraps; Other Types
3) By Application: Pharmaceutical & Biological; Surgical & Medical Instruments; In-Vitro Diagnostic Products; Medical Implants; Other Applications
Key Topics Covered:
1. Executive Summary
2. Sterile Medical Packaging Market Characteristics
3. Sterile Medical Packaging Market Size And Growth
4. Sterile Medical Packaging Market Segmentation