Sterile Medical Packaging Market Trends

Growth Drivers

• Rising Prevalence of Unhealthy Lifestyle Diseases Worldwide – The population has shifted towards inactivity and unhealthy lifestyle. This has resulted in a number of diseases such as diabetes, hypertension, obesity and high blood among the population. This trend is increasing the pressure in healthcare sector, which is further expected to bring lucrative opportunities in the sterile medical packaging market in the assessment period. The prevalence of diabetes was accounted to be almost 10% i.e. 460 million people in the year 2019, and continue to increase steadily in the future and reach 11% i.e. 700 million people by 2030.

• Increasing Incidence of Heart Diseases Cases – Obesity and overweight is rising in alarming rate among the population. This has led to increase in number of heart disease patients across the world. This has brought the need of deploying of sterile medical packaging across the healthcare sector. Heart attack and strokes accounted the major portion of heart diseases in the recent years. Around 85% of the cardiovascular diseases deaths were responsible due to heart attack and strokes in 2019.

• Global Rise of Patient Visits – The latest reports revealed that in 2020, around 770 million outpatient visits took place in the hospitals of the United States.

• Expansion of Healthcare Sector - The revenue generated by the global healthcare sector in 2022, stood up at USD 60 billion.

• Escalation in Health Expenditure – The World Bank released the health expenditure of the world in the year 2019, which accounted to be 9.83% of the total GDP. This is a rise from 2017, where global health expenditure was 9.77% of total GDP.   

 Challenges

• Extra Medical Packaging Integrity
• Rising Number of Stringent Regulations
• Low Awareness about Sterile Medical Packaging

The sterile medical packaging market is segmented and analyzed for demand and supply by application into medical disposable supplies and medical equipment. Further, the medical equipment is segmented into cardiovascular, neurovascular, endoscopic, and others. Out of these, cardiovascular segment is expected to garner the highest market share by 2033, owing to rising cases of heart diseases. As per Centers for Disease Control and Prevention, one person dies every 34 seconds in the United States from cardiovascular disease. Further, around 697,000 people in the United States died from heart disease in 2020.