Stratview Research published a new report on the Sterile Packaging Market that offers detailed segmentation of the market based on Material (Plastics, Metal, Glass, Others), Type (Thermoform Trays, Sterile Bottles & Containers, Vials & Ampoules, Pre-Fillable Inhalers, Sterile Closures, Pre-Filled Syringes), Application (Surgical Instruments, Pharmaceuticals, Other), and Region.
According to the report, The Sterile Packaging Market is projected to grow from USD 40.57 billion in 2021 to USD 74.16 billion by 2028 at a CAGR of around 8.95% during the forecast period of 2022-2028. The growth of the sterile packaging market is primarily driven by expanding growth of the pharmaceutical industry worldwide. The increasing prevalence of chronic disease coupled with the rising geriatric populace has resulted in increased spending on pharmaceuticals, which is expected to bolster the growth of the sterile packaging market. In addition to this, the growing emphasis on the development of sustainable packaging solutions on account of increasing regulations about the packaging is likely to create lucrative opportunities for the players operating in the global sterile packaging market in the coming years.
The present report can be of high utility for the key decision-makers and growth strategists in terms of precise market insights, forthcoming growth opportunities, and key success factors. Especially, the report also analyses and mentions the possible impact of COVID-19 on the market dynamics. This will not only help in mitigating the uncertain business environment, but also help in rearranging the strategies and future- decisions in a fruitful manner.
By application, the sterile packaging market has been bifurcated into surgical instruments, pharmaceuticals, and others. The pharmaceuticals segment accounted for the largest market share in 2020 and is projected to register significant growth during the review period. The segment can be attributed to expanding growth of the pharmaceuticals industry across the world.
By region, the North American market accounted for the largest market share in 2020 and is projected to grow at a robust CAGR during the review period. This can be attributed to increasing spending on R&D activities to develop new drugs coupled with the presence of key market players such as Placon Corporation (US) and DuPont de Nemours, Inc. (US). The market growth in Asia-Pacific is expected to be driven by increasing spending on healthcare coupled with rising health consciousness and rising per capita disposable income of the consumers.
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