With growth projected at a strong CAGR of over 5% during 2020 - 2030, the sterile and antiviral packaging market is heading towards a new era of packaging with the adoption of advanced manufacturing processes. Various OEM’s adaptability for sterile and antiviral packaging is driven by demand for minimizing the exposure risk of the medical products that can hamper the quality of products giving rise to health concerns. Furthermore, sterile and antiviral packaging increases the shelf life of products.
The sterile and antiviral packaging market is anticipated to grow owing to rise in chronic illnesses as well as improvement and availability of healthcare facilities across the globe. This is likely to boost the demand for medical products such as trays, clamshells, bags, and pouches.
Potential Impact of COVID-19 on Market Performance
Amidst the coronavirus (COVID-19) pandemic, the behavior and attitude of the customers are likely change significantly. Immediate effects would be consumers’ concern regarding the virus’ ability to survive on the surface of packages and this would fuel the demand for sterile and antiviral packaging that has antiviral and antibacterial properties. Consumers’ sentiment regarding the consumption is likely to become highly concerned for safety and contamination risks which is likely to boost the demand exponentially for sterile and antiviral packaging over the forecast period.
Key Takeaways of the Study
- Ampoules and vials continue to attract huge investments from stakeholders in sterile and antiviral packaging market. Multi-compartment packaging products such as thermoformed trays, and blister packs are reflecting potential value-creation opportunities in.
- Plastic finds a wide range of applications in sterile and antiviral packaging including, pouches, thermoformed trays, clamshell and other packaging products. Adaptability of plastic material to mold into various and high barrier properties is enabling its broader adoption in sterile and antiviral packaging.
- Brand protection and hygiene are vital elements of any business, particularly in the healthcare sector. Major players in the sterile and antiviral packaging industry are focusing on the integration of various technological enhancements for the security of their products and improving package quality, especially for surgical & medical instruments.
- Significant growth in spending on sterile and antiviral packaging contract services prevails. According to an independent research study, the expenditure has increased from US$ 10 Mn to US$ 50 Mn on outsourcing production of sterile and antiviral packaging over the last decade
- The US will outbid other nations in sterile and antiviral packaging market. Strong R&D sector of the U.S. along with presence of pharmaceutical innovators is boosting the developed regional market. East Asia is expected to outperform the US in the sterile and antiviral packaging market by the end of the forecast period.
Major players in the sterile and antiviral packaging market are inclined towards blister packs, vials and ampoules for antiviral drugs, suggesting that companies are concentrating on improved materials for sterile packages. As of 2020, companies are focusing on strengthening their supply chains to cater to those markets in need during the COVID-19 pandemic.
For More Detailed Insights on Sterile and Antiviral Packaging Market
Sterile and Antiviral Packaging Market Landscape
Sterile and antiviral packaging market is a fragmented with the majority of players operating regionally. Key market players such as Amcor, Placon Corp. are adopting inorganic strategies including, mergers & acquisitions, to maintain their competitiveness. Further, small- and medium-scale manufacturers - Deufol -are looking to increase their production capacity to sustain in sterile and antiviral packaging market.
About Sterile and Antiviral Packaging Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global sterile and antiviral packaging market, analyzing historical demand from 2015-2019 and forecast statistics for 2020-2030. The study offers growth projections on the sterile and antiviral packaging market based on packaging type (Thermoform Trays, Sterile Bottles/Containers, Vials & ampoules, Sterile closures, Pre-filled syringes, Blister & clamshells, IV Bags & pouches, Sterile Wraps and others (Sterile Lids, etc.)); material type (plastics, glass, metal, paper and paperboard); end use (pharmaceutical & biological, surgical & medical instruments, food & beverage packaging, others) across seven key regions.
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About Packaging division of FMI
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.