Press release
Global Sterile Medical Packaging Market to get Significant Boost with Impressive Growth of Biologics
The global market for sterile medical packaging is led by companies such as Amcor Limited, Placon, Dupont, Steripack, Wipak Group, 3M Medical Packaging, Nelipak Healthcare Packaging, Oracle Packaging, Sonoco Plastics Europe, Billerkornas AB, and Ampac Group. Transparency Market Research has observed that a number of leading packaging companies have been adopting the outsourcing model in order to expand their footprint in the sterile medical packaging market and thus generate a high ROI.“Contracting with local companies helps manufacturers lower the operational cost,” the author of the study states. “Furthermore, packaging companies can benefit from better pricing by outsourcing sterile packaging.”
Some of the key strategies employed by players in the sterile medical packaging market are mergers and acquisitions, strengthening the distribution network, product expansion, and expanding into other geographical segments.
The opportunity in the global sterile medical packaging market is estimated to be worth US$26.5 bn by the end of 2016 and is projected to reach US$38.3 bn by 2024.
North America to Continue its Lead in Global Sterile Medical Packaging Market
The vials and ampoules segment is estimated to account for the leading share in the sterile medical packaging market in terms of value by 2016-end. “However, this product segment is expected to register a marginal decrease in market share by the end of the forecast period, with the pouches and bags segment likely to emerge as the dominant segment by 2024,” the lead analyst predicts. Nevertheless, the vials and ampoules segment will be one of the most attractive markets during the course of the forecast period.
Plastics are expected to be the preferred material choice for vendors in the sterile medical packaging market. By application, the pharmaceuticals and biologics segment is estimated to account for 64% of the market by 2016-end. This is attributed to the growing demand for biologics across various therapeutic applications. Geographically, North America is expected to continue leading the sterile medical packaging market through 2024, accounting for over 36% by 2016-end. Latin America is projected to register a 6.7% CAGR from 2016 to 2024, emerging as one of the most lucrative markets for sterile medical packaging.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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