Rising adoption of pre-validated sterile packaging to drive market growth. Pre-validated packaging refers to packaging stock or containers that have been designed. sourced. and validated to medical industry standards beforehand by package manufacturers. The use of pre-validated packages can substantially reduce time-to-market and package development and production costs of medical drug/device manufacturers. Demand for pre-validated sterile packaging has gained momentum in recent years amid the influx of new medical technology and pharmaceutical startups. The latter has limited funding and aspire to introduce their products to the market in quick time. analysts have predicted that the sterile medical packaging market in US will register a CAGR of over 5% by 2023.
Legislative and regulatory changes supporting pharma growth
Stringent regulations governing the medical and pharmaceutical industry are major hurdles to the entry of new players and the introduction of new drugs into the market. However, there are some regulations which have been supporting the growth of the medical industry in the US. The US government has enforced some mandatory medical and healthcare insurance schemes, which ensure some degree of basic healthcare coverage and support in paying for personal medical expenses. This is enhancing expenditure on the treatment of diseases and physical disorders, thereby driving the demand for drugs, and consequently, for sterile medical packaging.
Availability of counterfeit drugs in the market
A major challenge for the sterile medical packaging market in the US is the availability of counterfeit drugs and packaging. Contrary to general perception, counterfeit products are not limited to developing countries. The US too, which is well-developed and has several regulations in place to prevent the manufacture, distribution, and sales of counterfeit medical products, continues to witness the penetration of fake and substandard drugs in the market. Counterfeiting is a major challenge for vendors of genuine drugs and sterile medical packaging.
For the detailed list of factors that will drive and challenge the growth of the sterile medical packaging market in US during the 2019-2023, view our report.
The market appears to be fragmented and with the presence of several companies including Cardinal Health and DowDuPont the competitive environment is quite intense. Factors such as the rising adoption of pre-validated sterile packaging and the legislative and regulatory changes supporting pharma growth, will provide considerable growth opportunities to sterile medical packaging manufactures. Amcor, Baxter, Bemis Company, Cardinal Health, and DowDuPont are some of the major companies covered in this report.
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