Clinical Trials Packaging Market Size and Share Outlook 2023-2028: Industry Growth Analysis, Sales revenue, CAGR Status, Future Demand and Developments
Clinical Trials Packaging Market Size, Share, Growth, Trends and Forecasts 2023 - 2028
The new report by Expert Market Research titled, ‘Global Clinical Trials Packaging Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global clinical trials packaging market, assessing the market based on its segments like source, product, industry, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 7%
The global clinical trial packaging market has witnessed rapid growth over the last decade due to the increased global trade of pharmaceutical packaging products. Increasing revenue for pharmaceutical companies is heavily reliant on the effective admission and performance of their drugs. As a result, R&D investments in developing novel drugs are growing, and FDA approvals have skyrocketed. Packaging manufacturers are focused on bringing innovation, and technologies such as blister packaging, attract opportunities in the clinical trial packaging market at a rapid pace. The increase in the number of clinical trials, the increase in R&D activities of pharmaceutical and biotech enterprises for novel drug discovery, and the increasing trend of sourcing drugs for drug development are the key factors driving the growth of the market for global clinical trial packaging.
Clinical Trials Packaging Industry Definition and Major Segments
Clinical trials are scientific investigations conducted to discover more reliable ways to prevent, screen for, diagnose, or treat illness. Clinical trials aim to find answers to scientific questions. As a result, these studies adhere to stringent scientific norms that protect patients and aid in producing credible clinical trial results. Therefore, Clinical Packaging is used for studies, are of the utmost importance. It entails both primary and secondary packaging. Additionally, the main packaging consists of bottling with solid dose bottling and multi-dose blistering capabilities. On the other hand, secondary packaging provides translational services, labeling, label printing, artwork design, randomization, and patient kit assembly. Packaging is also critical to successfully prepare a drug for a clinical trial.
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Based on material, the market is divided into:
• Corrugated Fibre
By type, the industry is categorised into:
• Polyvinyl Chloride (PVC)
• Polyethylene (PE)
o High Density Polyethylene (HDPE)
o Low Density Polyethylene (LDPE)
• Polypropylene (PP)
By product, the industry is divided into:
• Vials and Ampoules
• Bags and Pouches
• Kits or Packs
By end-use, the industry is categorised into:
• Research Laboratories
• Drug Manufacturing Companies
• Clinical Research Organisations
By region, the industry is categorised into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
Clinical Trials Packaging Market Trends
The industry is expected to gain traction in the coming years due to the rise in multi-source investment and the pharmaceutical industry’s increasing growth. Lack of modern infrastructure in underdeveloped and developing countries and a shortage of skilled workers are some of the factors that could slow the growth of the clinical trial packaging market. Players in the current clinical trial packaging market are increasingly concentrating on designing packaging solutions that can resist filling, handling, transportation, and other factors. During the forecast period, the introduction of new pharmaceutical packaging ideas such as blow fill seal vials, two-in-one pre-filled vial designs, pre-filled syringes, snap-off ampoules, and child-resistant packs is expected to fuel the global clinical trial packaging market. Another trend that will likely propel the clinical trial packaging market during the forecast period is the emergence of contract manufacturing within the pharmaceutical industry.
North America is expected to dominate and hold the global clinical trial packaging market’s largest share during the forecast period. Factors such as the presence of big players, an increase in R&D activities, and a large number of clinical trials being performed in this area all contribute greatly to the market’s growth. Europe is in second place and is expected to contribute a sizable share of the market. This is due to a rise in rare diseases and an increase in the growth of biosimilars. During the forecast period, the increase in the number of clinical trials worldwide, especially in developing regions such as India, China, Thailand, and other ASEAN countries, is expected to impact the clinical trial packaging market positively.
Furthermore, as a result of the COVID-19 pandemic, consumers are expected to place a higher value on safety and hygiene, players in the current clinical trial packaging market are expected to use safe and sustainable materials. The high prevalence of diseases and steady government efforts to increase affordable treatments are expected to drive Central and South America’s demand over the forecast period. Furthermore, foreign market players’ efforts to develop their companies in the Middle East are expected to influence the development of the market in the region significantly.
Key Market Players
The major players in the market are Bilcare Limited, Caligor Coghlan, Piramal Enterprises Ltd, Corden Pharma GmbH, WestRock Company, among Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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