Our in-depth analysis of the global sterile and antiviral packaging market includes the following segments:
By Packaging Type
By Sterilization Method
On the basis of regional analysis, the global sterile and antiviral packaging market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for sterile and antiviral packaging in North America is anticipated to hold the largest share in the market on account of presence of leading market players in the region which manufacture and market sterile and antiviral packaging. Moreover, the advancement in healthcare infrastructure and facilities along with the increasing emphasis on sterile as well as disinfect packaging of medical equipment by hospitals and diagnostic centers owing to the rise in viral infections and other stringent regulations in this region further increases the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of increasing demand for quality and hygienic medical treatments. The emerging economies in China and India along with better availability of packaging raw materials further raise the demand for sterile and antiviral packaging.
The global sterile and antiviral packaging market is further classified on the basis of region as follows:
As the healthcare sector is growing at a rapid rate, there is a growing demand for using reliable, sterile and safe medical packaging which is cost-effective and which provides better microbial protection. Further, owing to the increasing demand for contamination free products deprived of germs and bacteria, the global sterile and antiviral packaging market is anticipated to record a significant CAGR over the forecast period, i.e., 2021-2029. The market is segmented by packaging type into plastic, glass, metallic and others. Based on this, the segment for plastic is anticipated to hold the leading share in the market on account of the convenience in availability of material in abundance as well as adaptability of plastic material to mold into various and superior microbial barrier properties make it suitable for sterile and antiviral packaging. Further, plastic finds immense application in pouches, thermoformed trays, and clamshell for their tear resistance, durability, breathability and to keep medical equipment and pharmaceuticals sterile throughout the lifecycle.
Rising Cases of Viral Infections and Contamination to Boost the Market Growth
Since the usage of non-sterile instruments as well as uneven and unhygienic medical packaging are leading to serious consequences, there is a significant rise in demand for sterile and antiviral packaging of all types of instruments and medical supplies. The Centers for Disease Control and Prevention (CDC) has given ‘The Guideline for Disinfection and Sterilization in Healthcare Facilities, 2008’ which states that the patient-care medical devices should be thoroughly cleaned, disinfected and sterilized by the preferred methods. Furthermore, sterile medical packaging process improves shelf life and provide better protection against germs and bacteria. Moreover, medical packaging manufacturers are focusing on production of innovated sterile and antiviral packaging which will take utmost care of hygiene, protection and safety. This is anticipated to significantly expand the growth of the global sterile and antiviral packaging market. CLICK TO DOWNLOAD SAMPLE REPORT
Growing Consumer Inclination Towards Hygiene and Safety to Drive the Market Growth
With the rise in awareness about pathogenic infections spread by non-sterile medical instruments and other supplies, there has been a growing consumer preference for contamination free medical products. Industries such as medical and surgical devices manufacturing, food and beverage, and pharmaceuticals, are now opting for sterile and antiviral packaging method. Moreover, there has been a robust growth in demand for sterilized syringes and testing and diagnostic kits on account of the ongoing Covid-19 pandemic. Additionally, there are some legal compliances and regulatory standards for packaging of sterilized medical instruments in the healthcare industry which further propel the market growth. On the back of such factors, the global sterile and antiviral packaging market is predicted to grow over the forecast period.
Huge Consumer Expenses on Healthcare Facilities
Despite the improving medical technology, the increasing global healthcare cost is not affordable to several consumers and thus they are demanding cheaper products. Additionally, increasing plastic waste generation is estimated to hinder the growth of sterile and antiviral packaging market in the future.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Sadaf Naaz, Mohd Shadab
Ans: Growing cases of viral infections and contamination is one of the major factors driving the market growth.
Ans: The market is anticipated to attain a significant CAGR of ~6.45%, over the forecast period, i.e., 2021-2029.
Ans: The major players in the market are DuPont de Nemours, Inc., BillerudKorsnas, Amcor plc, Placon, Sonoco Products Company, Oliver, ProAmpac Intermediate, Inc., Wihuri group, Baxter Healthcare Corporation and SteriPack Medical Poland Sp. z o.o.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The sterile and antiviral packaging market is majorly segmented by product, packaging type, sterilization method, application and by region.
Ans: The plastic segment, which is a sub-segment of the packaging type segment is anticipated to hold the largest market share during the forecast period.
Ans: Concerns for increasing healthcare cost is one of the major factors estimated to act as barriers to the growth of the market.