Published Date : Dec 09, 2016
Sterilization is the process of removing or eliminating harmful biological agents which primarily includes bacteria and viruses. Healthcare products, either pharmaceuticals or medicals devices, packaged with an aim to prevent any sort of contamination, are referred as sterile medical packaging. Although sterile medical packaging is now an entirely new term in healthcare and medical packaging, the concept of sterile medical packaging has gained a defined structure over the past two decades, with the key milestones such as ISO 11607 enacted across pharmaceutical and medical devices industry.
A recent report by Transparency Market Research (TMR) estimates the global market for sterile medical packaging value US$38.3 bn by the end of 2024, rising at a healthy CAGR of 4.7% during the forecast period of 2016–2024. The report also observes that industry stakeholders are continuously focused on development, which is shaping new dynamics of this industry. Here are a few factors that are influencing the global sterile medical packaging market.
Impressive Growth of Biologics
In the recent past, biologics has gained wide popularity, becoming the preferred choice for treatment of chronic disorders such as diabetes and arthritis. However, since the manufacturing process is quite complex and requires stability, a high level of expertise is required to maintain and preserve biologics. This as a result has led to high demand for innovative product packaging among biologics manufacturers.
Shifting Preference toward Combination Drug and Device Products
Over the last few years, there has been a notable increase in cases pertaining to pathogenic mycobacterial disease cause by contaminated medical devices. This has led to an increased demand for the sterilized medical devices in order to prevent any infections among patients.
Regulatory for Standardization of Medical Packaging Products
In order to improve safety standards, various regulatory bodies such as EU and FDA have implemented various standards for pharmaceuticals companies engaged in manufacture of sterile medical devices. For instance, ISO 11607 is now an internationally accepted standard for sterile medical packaging.
Flourishing Healthcare Sector
In the past couple decades, healthcare sector has become one of the most robust sector worldwide, both in terms of revenue and employment. Moreover, the investment in this sector is anticipated to increase in near future which, as a result, will further propel the demand for sterile medical packaging.