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According to the latest industry survey, rising demand for packaging products having sterile barriers has resulted in the expansion of the global sterile packaging market. Over the forecast period, the global sales of sterile packaging are anticipated to grow 2.4X between 2022 and 2032.
The sterile packaging market is estimated to reach US$ 38.1 Bn in 2022 and is projected to reach US$ 92.1 Bn by 2032, at a CAGR of 9.2% during the forecast period of 2022 to 2032. Future Market Insights predicts ampoules and vials are the most preferred products among sterile packaging industry manufacturers. One of the key factors propelling the growth in sterile packaging market is growing demand for multi-compartment packaging products such as thermoformed trays, and blister packs.
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Besides convenience and ease of handling, ampoules, vials, pre-filled syringes and cartridges also ensure safety as well as drug overfill reduction. Consequently, pharma manufacturers are likely to prefer these drug administration forms.
Moreover, emerging trend of pharmaceutical manufacturers to opt for plastics over glass for parenteral packaging is proving to be an economical and value-based approach for manufacturers. Plastic finds a wide range of applications in sterile packaging. Pouches, thermoformed trays, clamshells and other packaging products are manufactured with plastic.
The adaptability of plastic as the most preferred material for moulding into various shapes and high barrier products makes it suitable for a wide range of sterile packaging products. Regionally, North America is expected to dominate the global market on the back of expansion of the U.S. pharmaceutical industry.
Becton, Dickinson and Company, Berry Global Inc., Amcor Plc, BillerudKorsnas AB, Placon Corporation Inc, Wipak Group, ProAmpac LLC, Sonoco Products Company, and West Pharmaceutical Services, Inc. are some of the top players operating in the sterile packaging. Furthermore, SteriPack Group, Nelipak Corporation, Puracon GmbH, Oliver Healthcare Packaging, LLC, Westfield Medical Ltd, GS Medical Packaging Inc. are also noticeable players in the market. Tier-1 players will hold 15-20% of the overall sterile packaging market.
Key Takeaways from Sterile Packaging Market
“Burgeoning demand for hygienic and antimicrobial packaging across pharmaceutical industry will propel the global sales of sterile & anti-viral packaging solutions,” says an FMI analyst.
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Prevalence of Chronic Diseases and Improved Healthcare Infrastructure to Boost Sterile Packaging Market
The sterile packaging industry is anticipated to grow due to prevalence of chronic illnesses and advancement of healthcare facilities across the glove. This is likely to propel the demand for all types of medicinal products such as trays, clamshells, bags, pouches and many more.
The sterile packaging market is projected to gain traction backed by the adoption of technologically advanced manufacturing practices. Sterile packaging increases the shelf life of products, this results in a longer lifespan of a product. Thus, the rise in the number of people having a chronic illness and improved healthcare facilities fuels the sales of sterile packaging.
Sterile Packaging Market by Category
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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The post Sterile Packaging Market Size is forecasted to reach US$ 92.1 Bn by the year 2032 | CAGR of 9.2% appeared first on Future Market Insights.
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