World Sterile Medical Packaging Market to Post 5.72% CAGR through 2020, Says M&M in Its Report Available at MarketPublishers.com
26 Apr 2016 • by Natalie Aster
LONDON – The worldwide market for sterile medical packaging is gathering speed and is anticipated to increase in value to amount to USD 35.07 billion by end-2020, registering 5.72% CAGR. The market growth is propelled by expanding application fields for sterile packaging in the pharma and biological industry sectors, a hike in the elderly population, and an increase in chronic conditions. The rising demand from the healthcare industry owing to the upsurge in health awareness also helps the market to expand in the offing, particularly in the emerging APAC and Latin American regions.
Along with the worldwide existing standards, each country may have its own particular scope of applications and environments in which the product is bound to perform. Having manifold standards may bring about confusion and trade restrictions for producers. Therefore, to prevent this and easily comprehend and fulfill packaging requirements, harmonisation between global standards and regulations is necessary.
North America held the largest share amid all the regions as of 2014. This is mainly due to growing health-related awareness and also ongoing innovation and technology advances in the pharma and medical industries alike, which is changing markedly the healthcare packaging industry later on, thereby giving a boost to the sterile medical packaging sector. The APAC market is poised for the fastest growth in the next 5 years. Although, a set of factors like prolonged timelines for the approval of medical devices in Australia, increased costs for the approval of medical devices, and red tapeism in India, among others, make the regulatory framework in the region more sophisticated.
New research report “Regulatory Environment and Impact Analysis- Sterile Packaging Market Standards & Regulations, Regional & National Regulatory Bodies - Market Analysis & Forecast to 2020” prepared by M&M includes comprehensive, granular information in regard to the key factors impacting the growth of the market like drivers & hindrances, key challenges, and promising opportunities. The report examines the sterile medical packaging regulatory framework in Europe, North America, APAC, and RoW. The regions are further reviewed based on laws prevailing in the leading countries. The study also covers key governing agencies and discusses the medical device approval process for the major nations.
More reports by our market research partner are available at M&M page.