Packaging plays a crucial role in selling medical products. Sterilization packaging in particular is a booming sector as governments across the world have tightened the regulations for the sale of medical products. Moreover, sterile medical packaging is extensively used in the packaging of medical implants. The sterile medical packaging market is anticipated show an uptake during the forecast period of 2018 to 2026 due to rising awareness regarding product safety states Transparency Market Research.
Rise in the number of packaging complaints has compelled the manufacturers to up their game and take a harder look into medical packaging. Additionally, by improving packaging, suppliers are enhancing the functionality and sustainability of the product. Development of medical devices is no more confined to the devices but extends to their labeling and packaging.
Market to Rise at 4.7% CAGR due to Rising Demand for Safe Packaging
According to TMR’s study, the sterile medical packaging market is to rise at a steady CAGR of 4.7% during the forecast period due to the increase in demand for safe packaging. The market evolved tremendously over the years due to the changes in process control, risk mitigation, and supply-chain risk management.
In order to strengthen their position in the market, OEMs are relying on material suppliers to provide the right expertise on product performance. Instead of getting the suppliers involved at the end of the process, they are asking for their expertise early on to ensure the product compliant with the industry standards. Choosing the right packaging material being a crucial part of medical packaging, OEMs are developing new sustainable medical packaging materials. They are also looking for material alternatives for fluid-path medical device applications.
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North America to be Lucrative for the Market’s Growth
North America is expected to lead the global sterile medical packaging market during the forecast period. It is expected to account for 1/3 of the total market share by 2026. This is mainly because of the stringent regulatory compliance laws set by the U.S. Food and Drug Administration (FDA).
The rising transportation of medical goods from this region has also significantly contributed to the market’s expansion. The introduction of new therapies with specialized packaging needs have also propelled the industry’s growth in this region. U.S. is expected to fetch maximum revenue benefits for the market in this region.
Growth in Combination Devices to Foster Growth
There has been a rise in the number of combination devices or products that contain two or more regulated components. Some of these devices even contain biologics materials that require extremely low temperatures. Innovative medical packaging products are required to ensure product safety in such environments. This has played a key role in the sterile medical packaging market’s expansion.
Furthermore, development of new medical packaging technologies and rising investments in the medical packaging industry have amplified the sterile medical packaging market’s growth. Medical packaging for orthopedic equipment is anticipated to fetch sizeable revenue benefits for the market due to rising production of orthopedic devices. Additionally, clamshells and thermoformed trays are perceived to be extensively used for sterile medical packaging.