Sterile and antiviral packaging market to hit US$30 billion in 2026
Concerns regarding packaging safety due to COVID-19 contagion will be a booster in long term: FMI
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.
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.