Sterile and Medical Packaging Markets to See Record Growth in 2024

In recent years, the medical and sterile pharmaceutical packaging markets have seen tremendous growth due to the increase in demand for high-quality, reliable packaging solutions.

Cutbacks on operating costs and stringent regulations have led to a need for packaging that can ensure no microbial contamination, provide maximum protection in terms of transport and handling issues, and offer provisions for tamper-evident applications.

High-performance standards are paramount, as is helping operational efficiency to lower overall costs associated with product life cycles. Sterile and medical packaging vendors strive to meet these challenges by providing hygienic materials, better tamper-proofing procedures, improved product safety rules, and effective seal-sealing methods – all combining to create a highly diverse market ready to serve an ever-changing variety of needs.

Predicted Growth in 2024

The demand for sterile and medical packaging solutions is set to increase exponentially due to a variety of factors. The global population is growing, yet it’s simultaneously aging, and life expectancy has increased across most countries- pushing healthcare costs up across the board. Factors such as these are driving forces that contribute to an elevated demand for medical and sterile packaging, which provides an effective solution for medical practitioners attempting to reduce contamination risks.

Medical standards have also been adapted over time, leading to greater scrutiny over containment measures and storage capacities. This has generated a need for advanced packaging solutions that possess specific characteristics to meet patient safety expectations.

Furthermore, the introduction of new medications or treatments often necessitates the need for further advancements in packaging solutions, creating additional requirements and higher consumption rates. All these elements combined point towards a heightened long-term requirement for medical packaging solutions that are sure to continue into the foreseeable future.

A new report predicts that the medical packaging sector is set for an unprecedented period of growth, leading up to 2024. 2016 is expected to be a record year for the global medical implants and sterile packaging materials market, with an estimated value of over $1.4 billion. As healthcare innovations continue pushing boundaries, this exciting sector looks set to remain in high demand going forward. Furthermore, an expected increase to an extremely high $2.4 million by the end of 2024 is achievable, and this equates to a CAGR value of 6% during the period.

What is Spurring the Growth in Demand?

With the ever-increasing senior population, it is predicted that orthopaedic implants will drive a large portion of the growth. This includes spinal replacements and joint reconstruction braces/supports to cope with age-related symptoms seen among those born in or after the 1950s.

With the medical sector booming, so is the demand for specialised packaging that can be utilised in a variety of settings and industries. Hygiene-focused containers present an increasingly popular solution designed to meet this expanding need.

As healthcare evolves and advances, so does the technology behind medical implants. With increasingly specialised packaging solutions on their way, sterile wrapping for medical devices and other items is paving a new path of innovation in this sector.

As modern medical advances increase, more people are experiencing life-changing procedures such as implant surgeries. In addition, degenerative conditions have a dramatic impact on individuals and their families worldwide.

Sterile Packaging Materials - The Global Outlook

The global market for sterile packaging can roughly be divided into four key groups based on product type, material, application, and location.
Looking at product types for medical implants we see the sterile packaging market separated into flexible pouches, bags, blisters, tubes, clamshells, and vials.

For materials we see the market divided between plastic, high-barrier foil, paper, and others.

For application, we see categories such as spinal implants, braces, supports, reconstructive joint implants, cardiovascular implants, and dental implants

On the bases of location, we see five different regions making up the global sterile packaging market. North America, South America, Europe, Asia Pacific, and the Middles East & Africa.

It is predicted that medical pouch packaging will emerge as the most popular format in the coming years as they have a huge number of applications and uses within the pharmaceutical industries. The pouches and bags segment is forecast to create a dominant market share in the region of 53.1% as of 2006 growing at 6.9% year on year through to 2024.

Clamshell packaging is also predicted to see significant growth year on year with numbers ranging from 5.8% to 7.2% between 2016 and 2024. The foil packaging section is also set to increase significantly with an average growth rate of 7.3% year on year during this period. Paper will be lower due to the limited number of applications at a rate ranging from 5.6% to 5.7%.

Dental implants are set to see a 13.7% market share by the end of 2016 with stagnation occurring at 13.8% through to 2024. Cardiovascular implants will grow at an annual growth rate of 7% by overall value from 2016 to 2024.

Looking at location and region it is forecasted that the Asia Pacific market will witness the most overall growth. The rise in demand for medical implants will lead to a growing demand for sterile packaging materials along with increased consumer spending power.

Europe and North America are set to see sporadic growth as these markets are already relatively mature whilst Latin America and the Middle East will see poor performance. Europe is set to see the highest growth from these four regions with year-on-year rates at 5.9% increasing to 6.2% between 2016 & 2024.

The future for sterile and medical packaging looks healthy and the development of each new concept of pharmaceutical packaging and healthcare products will increase the number of customers willing to buy manufactured goods to enhance their medical practices and businesses as they search for the next solution to their ever-growing requirements.