Increasing Demand for Sterile Medical Packaging across Biologics and Pharmaceuticals Industries to Fuel Growth Prospects
Biologics are increasingly preferred in the treatment of chronic diseases such as arthritis and diabetes. Moreover, the increasing incidence of chronic disorders has propelled the demand for biologics and other medical drugs and devices. An increased level of expertise is required in maintaining and preserving biologics. This has boosted the demand for innovative product packaging solutions, thereby creating conducive growth opportunities for the global sterile packaging market.
Furthermore, the mounting demand for sterilization and other specific requirements of patients in reference to healthcare and personal care products is anticipated to drive the market. However, extreme care required with the transportation of devices and drugs packed in bags and pouches is likely to impede the growth of the market. In response to this restraint, manufacturers are developing flexible and sustainable packaging solutions.
Geographically, North America was the leading segment in 2015 and is anticipated to retain its dominance until 2024 owing to developments in the healthcare sector. Latin America is expected to exhibit the most promising CAGR of 6.7% from 2016 to 2024. On the other hand, the mature market of Europe is anticipated to witness a sluggish growth during the same period. However, in countries such as Turkey, Poland, and Romania, late adoption of medical packaging are likely to fuel the growth of the sterile medical packaging market in the region.