Sales in Clinical Trial Packaging Industry to Rise at CAGR of 6.9%, Prospering Contract Manufacturing Industry to Spur Growth
• Blister packaging to attract opportunities at substantial pace in the clinical trial packaging market, packaging companies in the market are relentlessly focused on bringing innovation
• Thriving pharmaceutical industry in Europe and North America makes these regions cynosure of attention for vendors, North America held more than half of the market share
Strides made in pharmaceutical outsourcing are propelling opportunity generation for packaging companies in the clinical trial packaging market. A growing body of research in clinical trials are focused on testing the drug toxicity for pharmaceuticals aimed at managing or treating chronic diseases.
The clinical trial packaging market has seen new avenues on the back of the relentless urge to innovate in different packaging types to meet the demand for a rapidly emerging contract manufacturing sector in developing and developed nations.
Of the various packaging types, bottles and blisters are markedly lucrative segments. The former held the major market share in 2017 while the latter segment is projected to clock CAGR of 7.4% from 2017 to 2025.
Research analysts forecast steady revenue generation from research laboratories. Globally, the opportunity in the clinical trial packaging market is anticipated to clock CAGR of 6.9% during 2017 – 2025, and reach valuation of US$1.66 bn by 2025-end.
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Key Findings of Clinical Trial Packaging Market
• Of the various packaging types in the global clinical trial packaging market, the bottles segment held market share of ~65.1% in 2017
• Geographically, North America anticipated to hold the sway throughout the forecast period
• North America held ~53% share in the global market in 2017
• North America market is projected to clock CAGR of 7.7% during 2017 – 2025
• Europe is another lucrative market, and is expected to expand at 7.1% CAGR during the assessment period
• Opportunity in the Asia Pacific is expected to expand at an impressive growth rate during 207 – 2025
• The global market competitive landscape witnesses a high degree of fragmentation
• In 2017, the top five players held share that is lower than 15%
Clinical Trial Packaging Market: Key Driving Factors and Promising
• Rise in outsourcing of research of pharmaceutical companies is a key trend bolstering the demand for clinical trial packaging. Diseases at the forefront notably include different types of cancer, HIV, and epilepsy.
• The healthcare and life sciences industries in several nations are leaning on starting new drug development initiatives for chronic diseases, increasingly supported by grants by the respective research. This is a key trend boosting the growth of the clinical trial packaging market.
• Need for determining toxicity level of drugs in early stages has added momentum to drug development activities.
• Favorable norms and regulations for outsourcing of drug development services are key factors boosting the avenue in the clinical trial packaging market.
• Adoption of 3D packaging design by pharmaceutical packaging companies is a key trend expanding the avenue in the clinical trial packaging market. They are also continuously bringing advancement in plastic packaging technologies, such as in extrusion blow molding.
• Currently, the use of plastics is popular in the clinical trial packaging. However, in coming years, due to mounting concerns adverse effects of plastic disposal on the ecology will nudge players to test new packaging materials. This may change the course of the expansion of the clinical trial packaging market in near future. For instance, in recent years, companies have trying to harness bio-based plastics.
• Growing number of new drug discoveries in developed and developing nations is adding momentum to the expansion of the clinical trial packaging market.
Analyze global clinical trial packaging market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Clinical Trial Packaging Market: Regional Growth Dynamics
• An established pharmaceutical sector in North America makes the region increasingly lucrative in the global clinical trial packaging market.
• Past few years have seen rapidly rising drug development in countries such as the U.S.
• Europe is highly lucrative market, where the growth is propelled by investment by large pharmaceutical companies.
• Asia Pacific has been lately emerging as a potentially lucrative region. The regional market is expected to clock CAGR of 3.6% during 2017 – 2025.
• A thriving contract manufacturing industry in China and India is expected to see new revenue potential, fueling opportunity in the overall clinical trial packaging market.
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Clinical Trial Packaging Market: Competitive Dynamics
The global clinical trial packaging market features high degree of competition as well as fragmentation. Vendors are focused toward meeting the demands for pharmaceuticals researching for novel drugs.
Some of the top players operating in the clinical trial packaging market are PCI Pharma Services, WuXiAppTec, Corden Pharma GmbH, The Coghlan Group, PAREXEL International Corporation, Almac Group Limited, Fisher Clinical Services, Westrock Company, and Bilcare Limited.
