Global Clinical Trial Packaging Market: Snapshot
The global clinical trial packaging market has witnessed impressive growth in the past decade, due to growing pharmaceutical packaging products trade across the globe. The demand of clinical trial packaging has witnessed an upstick in the recent past. Clinical trial packaging manufacturers are investing in research and development process that can create sustainable solution for the industry.
Clinical trial packaging market manufacturers are mainly emphasizing on expanding their geographical footprint through mergers and acquisitions. Growing importance of booklet labels is one of the trend of clinical trial packaging. Clinical trial manufacturers are setting up operations in markets with strategic advantage. Packaging manufacturers serving the clinical trials are investing in setting up and expanding their operations in markets that have geographic and economic strategic advantage. North America and Europe, manufacturers of clinical trial packaging are considering investing in regions such as Eastern Europe that have strategic advantage due to its geographic location.
According to the report, the revenue generated from sales of clinical trial packaging has been estimated to be around US$919.92 mn in 2016 and is projected to increase at a CAGR of 6.9% during forecast period 2017-2025.
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The global clinical trial packaging market by packaging type, has been majorly segmented into syringes, vials & ampoules, blisters, tubes, bottles, bags & pouches, sachets, kits or pack and others. The segment of blisters is further sub-segmented into cold-forming and thermoforming. Among packaging type, the segment of bottles dominated the market accounted for 65.1% of the global market in 2017. The segment of blisters is expected to expand at an impressive CAGR of 7.4% during the forecast period.
The global clinical trial packaging market has been segmented on the basis of end use into research laboratories, clinical research organization, and drug manufacturing facilities. Of these, the segment of research laboratories is anticipated to dominate the market over the report’s forecast period, exhibiting a CAGR of 7.4%.
North America and Europe to Present Lucrative Growth Opportunities
Geographically, the market for clinical trial packaging has been covered for five regional markets, namely North America, Europe, Latin America, Asia Pacific, and Middle East and Africa. The market in North America accounts for nearly 53% of the global market and is expected to register a CAGR of 7.7%, during the forecast period. The well-established pharmaceutical industry in the region and the highly conducive regulatory environment for research and development activities are the key factors responsible for the strong growth prospects of the clinical trial packaging market. Europe is also considered to be a lucrative regional market owing to the presence of several leading pharmaceutical companies. The regional market is projected to exhibit a 7.1% CAGR over the forecast period.
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With a thriving contract manufacturing industry, the Asia Pacific market for clinical trial packaging is also likely to witness promising growth opportunities. The region is projected to register a CAGR of 3.6% over the forecast period. India and China markets are anticipated to lead the APAC clinical trial packaging market, thanks to their increasing manufacturing capabilities with leading pharmaceuticals companies looking to achieve economies of scale.
Some of the leading companies in the global clinical trial packaging market are Bilcare Limited, Westrock Company, Fisher Clinical Services, Almac Group Limited, Sharp Clinical Services, Inc, PAREXEL International Corporation, The Coghlan Group, Piramal Enterprises Ltd, Corden Pharma GmbH, Xerimis Inc, WuXi AppTec, Pharmaterials Ltd, PCI Pharma Services, Mawdsley-Brooks & Co. Ltd, NextPharma Technologies, Sentry BioPharma Services, Körber Medipak Systems AG, DMB Consultancy.