Key Companies Covered in the Global Sterile Medical Packaging Market Research Report by Research Nester are DuPont de Nemours, Inc., Amcor plc, 3M, West Pharmaceutical Services, Inc., Sonoco Products Company, Placon, Nelipak Corporation, Wipak Group, Tekni-Plex, Inc., BillerudKorsnäs AB and other key market players.
New York, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Sterile Medical Packaging Market’ for the forecast period, i.e. 2023 – 2033 which includes the following factors:
Market growth over the forecast period
Key market players and their detailed profiling
Global Sterile Medical Packaging Market Size:
The global sterile medical packaging market garnered a revenue of around USD 45 billion in 2022 and it is expected to garner a revenue of USD 65 billion at the end of 2033. market is growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2033. The market growth is primarily propelled by growing lifestyle disorder diseases. People has inclined towards life with less activity, constant work, no exercise and incessant eating of junk which causes them develop lifestyle-disorder related diseases including obesity, arteriosclerosis, high blood pressure, diabetes, cancer and others. According to the World Health Organization, nearly 40 million children of the age 5 or under are living with obesity in 2020. Moreover, Nearly 10% of the population, or 460 million individuals, were estimated to have diabetes in 2019, and that number is expected to rise steadily to 11%, or 700 million people, by 2030. Market growth is also driven by augmentation of healthcare sector. With the rising number of patients all over the world has prompted the expansion of healthcare sector and this expansion was further influenced by onset of COVID-19. The pandemic has drawn more focus in the healthcare sector. The user penetration in healthcare sector was around 14% in 2022 and it is expected to rise to approximately 18% by the end of 2025.
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Global Sterile Medical Packaging Market: Key Takeaways
North America region gains the largest portion of the revenue
Medical equipment segment to dominate the revenue graph
Plastic sub-segment remains prominent in the material segment
Growing Prevalence of Cardiovascular Issues and Healthcare Spending is to Elevate the Market Growth
The global sterile medical packaging market growth is ascribed to higher prevalence of cardiovascular problems. Consumption of foods, high in saturated fats, salt, cholesterol followed by not getting enough physical activity deeply affects cardiovascular system. According to the World Health Organization, every year nearly 18% people are succumbed to death by cardiovascular disease and it is also known as a primary reason for most of the deaths worldwide. Furthermore, market is expected to grow on the account of higher investment in health infrastructure. In 2019, global health spending amounted to 9.83% of GDP, according to data given by the World Bank. This represents an increase from 2017, when global health spending made up 9.77% of the entire GDP.
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Global Sterile Medical Packaging Market: Regional Overview
The global sterile medical packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Healthcare Spending and Burden of Chronic Disease is to Boost the Market Growth
The market growth in the North America is to garner the highest revenue by the end of 2033. The region’s market growth is attributed to growing expenditure on the healthcare sector in the North America. According to the Centers for Medicare & Medicaid Services, national health spending has increased by 9.7% to USD 4.1 trillion (or USD 12,530 per person) in 2020. This represented 19.7% of the national gross domestic product (GDP). The market growth in North America is also influenced by growing burden of chronic disease on the region. In the United States, every 6 in 10 adult had a chronic disease and it is responsible for about 4.1 trillion-dollar expenditure in the region.
Asia Pacific’s Market is Expected to Elevate by Rise in Health Expenditure and Cases of Chronic Disease
The market growth in the Asia Pacific region is expected to be propelled by rise in expenditure in the health sector. For instance, by 2030, the health expenditure is to increase by five fold since 2015 which was nearly USD 20 trillion. In Singapore, the elderly healthcare expenditure is anticipated to rise 10 times and to be valued at USD 49 billion in 2030. Moreover, according to the World Bank statistics, the East Asia & Pacific’s total health expenditure holds the 6.67% of the total GDP of the region. Apart from this, the rise in number patients living with chronic disease is expected to boost the market growth in the Asia-Pacific region. It is estimated, around 9 million deaths in the region is attributed to chronic disease in Asia.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Sterile Medical Packaging Market, Segmentation by Type
Global Sterile Medical Packaging Market, Segmentation by Material
By material, the plastic segment is to garner the highest revenue by the end of 2033. Plastic makes an ideal material to sterile the equipment and restrict contamination. Plastic packaging in medical sector are used in medical dispensers, intravenous bags, serum vials, prescription bottles and other. Most of the single-use medical supplies used in hospitals and clinics are packages in plastics. About 20% of the weight of all pharmaceutical packaging is made up of plastic.
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Global Sterile Medical Packaging Market, Segmentation by Application
On the basis of application, the medical equipment segment is to generate the highest market revenue by growing at a significant CAGR over the forecast period. The medical equipment segment is ascribed to grow by rising demand of medical equipment for various medical issues which in turn is prompted by rise in number of patient suffering with neurovascular, orthopaedic, cardiovascular issues and others. In 2019, there were around 178 million new fracture cases and 455 million cases of long-term fracture symptoms. Moreover, according to the World Health Organization, nearly 32% of deaths worldwide are caused by cardiovascular diseases. About 85% of these fatalities were attributable to heart attacks and strokes. Additionally, in 2022, there were about 25,000 brand-new cases of brain and nervous system cancer.
Few of the well-known market leaders in the global sterile medical packaging market that are profiled by Research Nester are DuPont de Nemours, Inc., Amcor plc, 3M, West Pharmaceutical Services, Inc., Sonoco Products Company, Placon, Nelipak Corporation, Wipak Group, Tekni-Plex, Inc., BillerudKorsnäs AB and others.
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Recent Developments in the Global Sterile Medical Packaging Market
September 2021, DuPont de Nemours, Inc. announced the partnership with Technipaq Partners and recycling partner Freepoint Eco-Systems. This partnership aims to accelerate the recycling and sustainable efforts of the company. All three companies merge to design a waste free healthcare packaging manufacturing environment.
June 2021, Amcor Group GmbH announced the launch of ACT2100, it’s a heat seal coating healthcare packaging for medical grade DuPont Tyvek 2 and paper packaging application. This advanced coating technology has designed to amplify the performance characteristics for healthcare applications. The product is to be delivered in different location across the world, in order to provide facilitation to the customer to access the products from their nearest location for the manufacturing and packaging of their devices.
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