The
global
clinical trial packaging market
is expected to see a steady growth in the forthcoming years,
according to a recent report by Transparency Market Research (TMR).
The market scenario is exhibits intense competition and fragmentation
at present. The top five enterprises collectively held less than 15%
of the total market share in 2017. Vendors in the industry are being
receptive to needs of large pharmaceuticals that are developing novel
drugs, and are targeting such enterprises. Key players in the
clinical trial packaging market are Westrock Company, PAREXEL
International Corporation, Almac Group Limited, Bilcare Limited,
Fisher Clinical Services, and Sharp Clinical Services, Inc.
TMR projects global clinical trial packaging
market to be at nearly US$919.92 mn in 2016. The market is predicted
to expand at a healthy CAGR of 6.9% during forecast period 2017 to
2025 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.
The
higher rate of occurrence of chronic diseases such as HIV, cancer,
and epilepsy is a key factor responsible for the growth of the
clinical trial market. The surge in demand in the market is leading
to increased outsourcing of drug discovery services and efforts are
being undertaken to determine the toxicity level in the early stages
of drug discovery, which may lead to the clinical trial packaging
market growth.
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Increasing emphasis on the research and
development in various countries coupled with rising government
funding for development of new drugs is predicted to help augment the
growth of the market. New entrants in the market are focusing on
launching new products and adopting new technologies, which is
further influencing the market in a positive way. Lack of
infrastructure and inadequate trained professionals are factors that
are restraining the clinical trial supplies market to some extent.
Increased Use of Plastic in Packaging to
Boost Growth
A variety of plastics have emerged in the
packaging industry 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. Currently plastic accounts for a
large share in the global clinical trial packaging market, however,
the negative environmental impact of the accumulation of
non-biodegradable and non-recyclable plastics is compelling companies
to focus on the development of sustainable products such as bio-based
plastics.
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