According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Rising Prevalence of Unhealthy Lifestyle Diseases Worldwide – The population has shifted towards inactivity and unhealthy lifestyle. This has resulted in a number of diseases such as diabetes, hypertension, obesity and high blood among the population. This trend is increasing the pressure in healthcare sector, which is further expected to bring lucrative opportunities in the sterile medical packaging market in the assessment period. The prevalence of diabetes was accounted to be almost 10% i.e. 460 million people in the year 2019, and continue to increase steadily in the future and reach 11% i.e. 700 million people by 2030.
Increasing Incidence of Heart Diseases Cases – Obesity and overweight is rising in alarming rate among the population. This has led to increase in number of heart disease patients across the world. This has brought the need of deploying of sterile medical packaging across the healthcare sector. Heart attack and strokes accounted the major portion of heart diseases in the recent years. Around 85% of the cardiovascular diseases deaths were responsible due to heart attack and strokes in 2019.
Global Rise of Patient Visits – The latest reports revealed that in 2020, around 770 million outpatient visits took place in the hospitals of the United States.
Expansion of Healthcare Sector - The revenue generated by the global healthcare sector in 2022, stood up at USD 60 billion.
Escalation in Health Expenditure – The World Bank released the health expenditure of the world in the year 2019, which accounted to be 9.83% of the total GDP. This is a rise from 2017, where global health expenditure was 9.77% of total GDP.
The sterile medical packaging market is segmented and analyzed for demand and supply by application into medical disposable supplies and medical equipment. Further, the medical equipment is segmented into cardiovascular, neurovascular, endoscopic, and others. Out of these, cardiovascular segment is expected to garner the highest market share by 2033, owing to rising cases of heart diseases. As per Centers for Disease Control and Prevention, one person dies every 34 seconds in the United States from cardiovascular disease. Further, around 697,000 people in the United States died from heart disease in 2020.
Regionally, the global sterile medical packaging market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2033. The market in the region is primarily driven by the high expenditure on healthcare. Centers for Medicare & Medicaid Services, stated that the national health expenditure 9.7% to USD 4.1 trillion in 2020, or USD 12,530 per person. This accounted for 19.7% of Gross Domestic Product (GDP). Further, the burden of chronic diseases and the deaths occurred by it is an another factor for the expansion of life care solution services. The recent study of 2022, stated that 6 in 10 adults in the U.S. have a chronic disease and chronic disease is the leading driver of the nation’s 4.1 trillion dollars.
The global sterile medical packaging market is further classified on the basis of region as follows:
Our in-depth analysis of the global sterile medical packaging market includes the following segments:
DuPont de Nemours, Inc.
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.
Ans: The rising cases of chronic diseases along with large pool of patients and prevalence of unhealthy lifestyle is expected to drive the market growth in the forecast period.
Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2033.
Ans: The extra needed medical packaging integrity along with the rising number of stringent regulations and low awareness about sterile medical packaging are expected to hamper the market growth.
Ans: The market in North America is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.
Ans: The major players in the market are DuPont de Nemours, Inc., Amcor Group GmbH, 3M, West Pharmaceutical Services, Inc., Sonoco Products Company, Placon Corporation, Nelipak Corporation, Wipak Group, Tekni-Plex, Inc., BillerudKorsnäs AB, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, 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 market is segmented by type, material, application, and by region.
Ans: The cardiovascular segment under medical equipment segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.