A new report predicts that the sterile packaging materials and medical packaging markets are in for record growth up to 2024. Primarily driven by the Asia Pacific region.
Sourced through Scoop.it from: express-press-release.net
A new report out on Medical & the Sterile packaging Market predicts global growth between 2016 & 2024!
The global medical implants & sterile packaging materials market is set to be valued at an impressive $1,427.8 million by the close of 2016. Furthermore this is expected to increase to a phenomenal $2,436.4 million by the end of 2024. This equates to a CAGR value of 6.% during the this period.
Making up the growth it is predicted that orthopedic implants including spinal implants, joint replacement and reconstructive braces/supports will account for a significant market share. This is on account of the aging population, those born after the 1950’s being vulnerable to such ailments.
There is also an ever growing demand for medical packaging and more specifically hygiene packaging that has multiple uses across different sectors.
As far as medical implants go sterile packaging designed specifically for this is one of the growth areas that will lead to more tailored packaging solutions.
Key drivers here are the growing number of implant surgeries being performed, advanced medical equipment, degenerative conditions that ultimately change the lives of people.
The Global outlook for sterile packaging materials!
The global market for sterile packaging can roughly be divided in four key groups based on product type, material, application and location.
Looking at product type for medical implants we see the sterile packaging market separated into flexible pouches and bags. As well there are blister, tubes, clamshell and vials that make up this portion.
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 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 206 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 is set to seen a 13.7% market share by the end of 2016 with stagnation occurring at 13.8% through to 2024.
Cardiovascular implants will grow at a annual growth rate of 7% by overall value from 2016 to 2024.
Looking at location and region it is forecast 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.