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The global sterile medical packaging market size is projected to reach USD 68.49 billion by 2028. The rising demand for single-use medical devices or equipment, such as surgical sponges, testing kits, suction catheters, applicators, gloves, face masks, bandages, needles, and syringes. Fortune Business Insights™ presented this information in a report, titled, “Sterile Medical Packaging Market Size, Share & COVID-19 Impact Analysis, By Material (Plastics, Glass, Metal, Paper & Paperboard), By Type (Thermoform, Trays, Sterile Bottles & Containers, Sterile Closures, Pre-Fillable Inhalers, Pre-Fillable Syringes, Vials & Ampoules, Blister & Clamshells, Bags & Pouches, Wraps), By Sterilization Method (Chemical Sterilization, Radiation Sterilization, and High Temperature/Pressure Sterilization), By Application and Regional Forecast, 2021-2028.” As per the report, the market size was USD 35.74 billion in 2020. It is set to exhibit a CAGR of 8.1% during the forecast period between 2021-2028.
West Pharma Unveils AccelTRA® Component Line Extensions in Partnership with SCHOTT
In February 2020, West Pharma launched component line extensions called AccelTRA®. It can be used with the 5mL Daikyo Crystal Zenith® vial and is a Flip-Off® certified seal. It provides the adaptiQ® platform of SCHOTT as a result of the company’s partnership. Additionally, West Pharma is planning to share its insights into combination products and biologics. As per one of the company officials, “Today, biologics and combination products are the two vital areas in delivery and pharmaceutical packaging. This new launch would help us enhance our position in the market.”
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Need to Keep Pharmaceutical and Medical Products Sterile will Favor Growth
The healthcare industry worldwide is considered to be an extensive user of sterile medical packaging as they are capable of keeping medical and pharmaceutical products sterile until they are opened for usage. It also enables the withdrawal of packaged content without damage or infection. At the same time, the ongoing COVID-19 pandemic has also surged the demand for medical ventilators, diagnostic tests, and personal protective equipment (PPE) across the globe. It would propel the sterile medical packaging market growth in the upcoming years. However, the production of packaging materials is not very easy. They have to meet certain standards set up by regulatory bodies. This factor may hinder their demand.
Reputed Players Aim to Engage in Capacity Expansions to Generate More Sales
The market is majorly dominated by only 15 firms. They are persistently striving to invest hefty amounts in research and development activities to introduce state-of-the-art products and advanced technologies. A few of them are focusing on enhancing their product portfolios, supported by robust operational efficiency to strengthen its positions. Besides, a handful of organizations are also adopting expansion strategies, such as collaborations, mergers & acquisitions, and joint ventures to broaden their geographic footprint.
A Notable Industry Development-
Some of the Renowned Sterile Medical Packaging Providers in the Global Market:
Further Report Findings:
The Market is Segmented as:
Value (USD Billion)
Material; Type; Sterilization Method; Application; and Geography
By Sterilization Method