According to the latest market report published by Transparency Market Research titled "Sterile Medical Packaging Market: Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026."
Thermoformed Trays segment by product type is anticipated to be the highest contributing segment to the global sterile medical packaging market, during the forecast period, 2018-2026. Globally, the revenue generated from sales of sterile medical packaging products is estimated to be nearly US$ 8,771.4 Mn in 2018, and is projected to expand at a CAGR of 4.7% during forecast period 2018-2026.
Medical institutions and hospitals are depend on pharmaceuticals and medical devices to maintain health, and to continue this tendency, all these products must have extremely sterile packaging. In case of medical and pharmaceutical sector, sterile packaging is specifically important. Products such as medical devices, equipment, disposable supplies, and other containers are to be processed in facilities that are free of harmful particles and viruses to create products that meet all the packaging validations and produce sterilize barrier system. Sterile medical packaging market is growing on the backdrop of rising packaging validations for medical packaging devices. Packaging manufacturers are developing various product designs for medical products that must stick to strict sterility. Generally, thermoformed trays, clamshells and are the most common packaging types.
The global sterile medical packaging market has witnessed significant growth over the past few decades, due to increase in demand of safe packaging for medical products. The global sterile medical packaging market has been segmented into product type, material type, application and region. By material type, plastic segment is projected to register a CAGR of 4.3%, in terms of value, during the forecast period. However, by application, medical disposable supplies segment is expected to expand by a CAGR of 4.6% by the end of 2026.
Among geographic market segments, North America market for sterile medical packaging is anticipated to lead the global sterile medical packaging market. APAC sterile medical packaging market is projected to register the CAGR of 6.5%, during the forecast period.