NEWARK, Del, Aug. 02, 2023 (GLOBE NEWSWIRE) -- The Global Sterile Packaging Market is expected to rise at a CAGR of 5.8% in the evaluation period from 2023 to 2033. It is likely to surpass a valuation of US$ 29.5 billion by 2033 from US$ 16.8 billion crossed in 2023.
Ampoules and vials are choices opted by sterile packaging manufacturers. It is noticed that multi-compartment packaging products such as thermoformed trays and blister packs have positive potential in the sterile packaging industry.
Apart from convenience and ease of handling, ampoules, vials, pre-filled syringes, and cartridges also ensure safety & drug overfill reduction. Consequently, pharma manufacturers might prefer these drug administration forms.
The emerging trend of pharmaceutical manufacturers to opt for plastics over glass for parenteral packaging is proving to be an economical and value-based approach for manufacturers. Plastic finds a wide range of applications in sterile packaging.
Pouches, thermoformed trays, clamshells, and other packaging products are manufactured with plastic. The adaptability of plastic as the most preferred material for molding into various shapes and high-barrier products might make it suitable for a wide range of sterile packaging products.
Anticipated transformation in the United States pharmaceutical sector across all segments is likely to reshape the entire North America pharmaceutical and associated sectors. Shrinking profit margins among large and small pharmaceutical producers would force them to explore new avenues.
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The pharmaceutical sector is highly fragmented due to numerous small-scale companies in Asia Pacific, especially in India and China. This is hence expected to create remunerative growth opportunities in the region.
Key Takeaways from Sterile Packaging Market Study:
- The global sterile packaging industry witnessed a sizable growth of 6.6% CAGR over the historical period from 2015 to 2022.
- The United States is estimated to account for 18.8% of the sterile packaging industry share by the end of 2033.
- Total sterile packaging sales in India are expected to grow by 7.2% CAGR between 2023 and 2033.
- By product, the vials & ampoules segment is projected to register a CAGR of 6.4% in the assessment period.
- The surgical & medical instruments segment by end use is projected to create a total incremental opportunity of US$ 6.7 billion through 2033.
“In order to ensure that goods reach consumers in the best condition possible during transit, sterile packaging offers a dependable option. Secure packaging is increasingly important as businesses expand their global operations. Demand for sterile packaging supplies is probably going to increase in the forecast period with high awareness of hygiene.” – Says a lead analyst at Future Market Insights (FMI).
Competitive Landscape and Their Market Share Analysis:
Manufacturers of sterile packaging are implementing a number of measures to meet the rising demand for their goods and maintain their position as market leaders. They are improving their supply chains to suit the growing need for sterile packaging.
To efficiently deliver goods to customers, it entails optimizing production procedures, guaranteeing a stable supply of raw materials, and improving distribution networks. Manufacturers can fulfill deadlines and react quickly to client requests when their supply chains are optimized.
Leading producers of sterile packaging are expanding their product lines and looking into new market opportunities to serve a variety of sectors. To access untapped markets and niches, they are expanding into them. Diversification might create growth opportunities while reducing hazards brought on by reliance on specific sectors.
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For instance,
- Berry Global Inc. announced the opening a brand-new cutting-edge healthcare center in India in April 2023.
- Becton, Dickinson, and Company introduced a new pre-fillable vaccine syringe with improved technology in September 2022.
Sterile Packaging Market Segmentation:
By Product:
- Thermoform Trays
- Bottles/Containers
- Vials & Ampoules
- Caps & Closures
- Pre-filled Syringes
- Blister & Clamshells
- IV Bags & Pouches
- Wraps
- Others (Lids)
By Material:
- Plastic
- Glass
- Metal
- Paper & Paperboard
By End Use:
- Pharmaceutical & Biological
- Surgical & Medical Instruments
- Food & Beverage
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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Explore Research-Related Reports of Packaging:
Sterile Barrier Packaging Market Size: The global sterile barrier packaging market is projected to be valued at US$ 26 billion in 2023 and is anticipated to expand at a CAGR of 5.1%. Owing to the advancements in packaging the market is likely to surpass a valuation of US$ 42.7 billion by 2033.
Sterile and Antiviral Packaging Market Share: The Global Sterile and Antiviral Packaging Market is estimated at US$ 25 Bn in 2022 and is projected to reach US$ 37.9 Bn by 2030, at a CAGR of 5.3% from 2022 to 2030.
Sterile Medical Packaging Market Trends: The global sterile medical packaging market is anticipated to accumulate a market value of US$ 47.63 billion in 2023 and is expected to record a market valuation of US$ 98.25 billion by exhibiting a CAGR of 7.5 % in the forecast period 2023 to 2033.
FMCG Packaging Market Analysis: The FMCG packaging market is expected to expand its roots at an average CAGR of 5.8% during the forecast period. The market is likely to hold a revenue of US$ 443.1 billion in 2023 while it is anticipated to cross a value of US$ 778.7 billion by 2033.
Beverage Packaging Market Outlook: The global beverage packaging market is expected to secure US$ 156.7 Billion in 2032 while expanding at a CAGR of 4.1%. The market is likely to hold a value of US$ 104.8 Billion in 2022.
Flexible Packaging Paper Market Demand: The flexible packaging paper market is on track to grow at an estimated CAGR of 4% during 2022-2032.
Biodegradable Packaging Market Overview: According to Future Market Insights research, during the projected period, the global biodegradable packaging market is set to enjoy a valuation of US$ 448.2 Bn in 2022, and further expand at a CAGR of 6.1% during 2022-2032.
Temperature Controlled Packaging Solutions Market Demand: The global temperature-controlled packaging solutions market is all set to witness a staggering CAGR of 8.1% between 2022 and 2030. It is estimated to reach US$ 23.2 Bn by the year 2030.
Protective Packaging Market Forecast: The global protective packaging market is set to gain a valuation of US$ 28.3 billion in 2023. Between 2023 and 2033, it is likely to extend at a steady CAGR of 5.0% and register a valuation of US$ 46.1 billion in 2033.
Dairy Products Packaging Market Growth: The global dairy products packaging market is likely to progress at a CAGR of 4.5% between 2022 and 2030, reaching US$ 43.6 Bn by the year 2030.
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