Albany, NY -- (SBWIRE) -- 11/20/2017 -- 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.

The wide availability of new products in the field of biologics and biopharmaceuticals, coupled with specific requirements of patients for better compliance, is driving the market for sterile medical packaging worldwide. Likewise, the mounting demand for sterilization in reference to healthcare and personal care products has driven the need for sterile medical packaging.

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Rising Application of Sterile Medical Packaging in Pharmaceuticals and Biologics

The global sterile medical packaging market is segmented on the basis of product type, material type, and application.

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.

Based on end use, the pharmaceutical and biologics packaging segment stands out among all other segments owing to the rising demand for packaged medical products. While the medical supplies segment is forecast to lose market share through 2024, the segment of medical equipment is expected to witness a steady growth in demand for sterile medical packaging.

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Sterile Medical Packaging to Gain Traction in Europe despite Sluggish Growth

On the basis of geography, the global sterile medical packaging market has been segmented into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. North America, though a developed market with multiple players, is expected to gain momentum in the later phase of the forecast period thanks to future investments in the manufacturing and healthcare sector. The mature market of Europe, on the other hand, is anticipated to witness sluggish growth throughout the forecast period. However, late adoption of medical packaging in several countries such as Poland, Turkey, and Romania offers significant growth prospects for the sterile medical packaging market in the region. The Latin America and MEA markets for sterile medical packaging are expected to register steady growth through the course 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.