Clinical Trial Packaging Market revenue generated from sales of clinical trial packaging has been estimated to be around US$919.92 mn in 2016 which is projected to increase at a CAGR of 6.9% during forecast period 2017-2025
Albany, NY -- (SBWIRE) -- 06/14/2018 -- The vendor landscape of the global clinical trial packaging market is largely fragmented and intensely competitive, with the leading five companies collectively accounting for even less than 15% of the overall market in 2017, observes Transparency Market Research in a recent report. Owing to the harsh scenario, packaging serving the clinical trials industry are focusing more on expanding their presence in regions that have economical and geographic advantage. Regions such as North America and Western Europe, wherein the pharmaceutical industry is well-developed and companies are investing heavily in research and development of new drugs, top the list of potential locations that companies in the clinical trial packaging market are targeting.
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Some of the leading companies in the market are Bilcare Limited, Westrock Company, Fisher Clinical Services, Almac Group Limited, Sharp Clinical Services, Inc, and PAREXEL International Corporation.
The report states that the global clinical trial packaging market had a valuation of nearly US$919.92 mn. The market is projected to increase at a CAGR of 6.9% during forecast period and rise to a valuation of US$1.66 bn by the end of 2025.
Of the key packaging types examined in the report, the segment of bottles dominated the market in 2017, holding nearly 65.1% of the global market. The segment is also likely to retain its dominant spot during the forecast period. Geographically, the market in North America is anticipated to lead the global clinical trial packaging market during the forecast period, registering the highest CAGR of 7.7% in terms of value.
Rise in Number of Clinical Trials Globally Spell Growth for Market
The global clinical trial packaging market has witnessed robust growth during the past few decades, owing to increase in the number of clinical trials across the globe, the outcome of which is the growth of the clinical trial packaging market. Due to high amount of new drug discoveries in research laboratories in different nations there has been a boost in the clinical trial packaging market.
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The market has also significantly benefitted from the introduction of plastic products as an attractive, more flexible, and economical alternative to the traditionally choice of glass products. A variety of plastics have been introduced in the market in the recent years and have led to rapid advancements in technology including extrusion blowmoulding, injection blowmoulding, and 3-D designing software tools for the improvement of product designs. While plastic continues to account for a large share in the global clinical trial packaging market, the negative environmental impact of the rising piles non-biodegradable and non-recyclable plastics is compelling companies to focus on the development of sustainable products such as bio-based plastics.
Lack of Centralized Trial Registration Processes across Countries to Create Challenges
A serious lack of harmonized or centralized drug registration procedure for drug registration across different countries and regions continues to be a big challenge for companies operating in the global clinical trials packaging market. Lack of centralization leads to the generation of a gap between the industry and regulating authorities. Unpredictability in regulation of the clinical trials industry across different countries in the global market also hamper the prospect of long-term collaborations, thus restricting the scope of expansion for companies. Different regulations and guidelines associated with the packaging of pharmaceutical products negatively impact decisions pertaining to investments in packaging and labelling solutions.
Nevertheless, companies in the market can achieve promising growth opportunities from the thriving contract manufacturing industry in Asia Pacific. Manufacturers are being able to lower their operational costs by contracting with local packaging companies. Increased focus on expansion of supply chain and distribution networks is also likely to create new growth opportunities for companies in the market.