Sales in Clinical Trial Packaging Market to Improve by 7.3% CAGR as Demand in Pharmaceutical Industry Grows - TMR
October 13, 2021
Clinical Trial Packaging Market is driven by rising clinical trial activities coupled with rapid adoption of contract manufacturing in the pharma sector.
ALBANY , NY, US, October 13, 2021 /EINPresswire.com/ -- The clinical trial packaging solutions are used in various end-use industries for packaging, storing, protecting, and transporting clinical trial products. Clinical trial packaging solutions consist of syringes, vials & ampoules, blisters, tubes, bottles, etc. are predominantly used in research laboratories, clinical research organizations, and drug manufacturing facilities. The TMR team segmented the analysis of clinical trial packaging market based on packaging type, material, and end use. As per TMR analysis, research laboratories in the global clinical trial packaging market is expected to account for a lion’s share of the market, and expected to lead the overall clinical trial packaging market during the forecast period. The global clinical trial packaging market is anticipated expand by ~1.7x times to current market value with a CAGR of 7.3% during forecast period .
Emergence of Plastic Products in Clinical Trial Packaging Fuels Market Growth
Glass has been traditionally used in the manufacturing of pharmaceutical and clinical trials packaging solutions, including bottles, ampoules, and vials. However, with the gradual adoption of plastic as an alternative material solution and with the introduction of blow fill seal (BFS) technology in global market, major pharmaceutical packaging manufacturers are supplying plastic packaging solutions to clients operating in the clinical trial packaging market. Plastic packaging solutions help to overcome several drawbacks and challenges of glass packaging. The fragile and heavyweight characteristics of the glass pose a challenge in the transportation and shipping of products in long and complex supply chain prevalent in the pharmaceutical industry. Hence, glass pharmaceutical packaging products are increasingly being substituted by packaging products made of polyethylene terephthalate (PET), polyethylene (PE), polyvinyl chloride (PVC), and polypropylene (PP). Furthermore, these packaging solutions made of plastics used in clinical trials are cheaper to procure, robust, and convenient in transporting. Thus, these factors plastic products in clinical trial packaging has experienced significant demand over the past few years and projected to remain same during the forecast period.
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Market Players Invest in Sustainable Processes to Address Environmental Concerns
Clinical trial packaging manufacturers are consistently emphasizing on research and innovation processes to create sustainable yet recyclable clinical trial packaging solutions. Sustainable packaging solutions made of metal, glass, paper, and recyclable plastic, which lower the environmental impact, are frequently being used in clinical trials market. Manufacturers operating in the clinical trial packaging market are investing considerably in recycling facilities in order to strengthen the growing eco system of recyclable materials and recycled packaging solutions. These packaging manufacturers are also concentrating on research and development activities that can report vital recycling challenges associated with recycling of multi-layer flexible packaging that comprise base material plastic. Shifting inclination toward such recyclable yet sustainable packaging solutions in clinical trials market couple with rising R&D activities in clinical trial packaging market is likely to supplement the sales in the upcoming years.
Lack of Centralized or Harmonized Procedure for Drug Registration Limits Market Growth
Packaging manufacturers and pharmaceutical companies operating in the clinical trial packaging market are facing challenges arising from lack of centralized or harmonized procedure for drug registration. Such challenges restrict the growth of clinical trial packaging market. Clinical trial packaging manufacturers further face the challenges of addressing the clinical trial packaging market dynamics in various countries. Moreover, unpredictability in regulations of the clinical trials industry hampers long-term business relationships and restricts the scope of revenue growth and opportunities arising from these business relationships. All these factors are estimated to restrict the clinical trial packaging market growth to a certain extent.
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Clinical Trial Packaging Market: Competition Landscape
The global clinical trial packaging market is projected to witness strong competition among key players. This market includes few well established market participants. Along with this, several other local and small-scale manufacturers are also entering into clinical trial packaging market attributing to significant revenue creation with the rising demand for clinical trial packaging. Some of the key players operating in the global clinical trial packaging market are Bilcare Limited, Westrock Company, Fisher Clinical Services, Almac Group Limited, PAREXEL International Corporation, The Coghlan Group, Piramal Enterprises Ltd, WuXi AppTec, PCI Pharma Services, and Pharmaterials Ltd, among others.
The tier structure is formulated on the basis of segmental revenue and market share of a company. As per tier structure, Bilcare Limited, Fisher Clinical Services, and The Coghlan Group are Tier 1 players in the clinical trial packaging market. These leading companies are adopting key strategies such as business expansions, acquisitions, and products launch to strengthen their position in the clinical trial packaging market. Moreover, Tier 2 players are Almac Group Limited, Piramal Enterprises Ltd, Westrock Company, and PCI Pharma Services.
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Clinical Trial Packaging Market: Key Findings
Based on material, the plastic segment is projected to lead the overall clinical trial packaging market with capturing more than half of the market share in 2020. The same segment is projected to offer total incremental opportunity of US$ ~470 Mn with expansion of 1.7x times by its value during the next seven years.
In terms of end use, research laboratories segment is expected to be the most lucrative segment of the clinical trial packaging market. The same segment is generating consistent demand for clinical trial packaging solutions and anticipated to hold more than 60% portion of total market share by the end of 2027.
In terms of market share and revenue generation, North America region is anticipated to outpace the global clinical trial packaging market. Rapid penetration coupled with increase in R&D activities in the pharmaceutical industry in North America is fueling market growth during the forecast period.
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