According to Precedence Research, the global clinical trial packaging market size is projected to hit around USD 7.51 billion by 2030 and growing at a CAGR of 11.19% over the forecast period 2022 to 2030.
Ottawa, Aug. 26, 2022 (GLOBE NEWSWIRE) -- The global clinical trial packaging market size was valued at USD 2.89 billion in 2021. Solutions for clinical trial packaging can frequently use for the storage, packing, shipping, and protection of clinical study products. As a result, a growth in product demand from a number of end users, like clinical research firms, drug production facilities, and research laboratories, is propelling the global market for clinical trial packaging.
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Previously, ampoules, vials, and bottles made of different pharmaceutical and clinical trial paper packaging, including glass, were among the main materials utilized more and more. However, companies involved in the clinical trial packaging market are increasing their demand for plastic as a replacement for glass material due to a variety of benefits they offer, including the ability of plastic packaging solutions to help in attempting to address a number of difficulties and disadvantages of glass packaging. Due to the fragility and weight of glass materials, the use of glass-based paper packaging might cause damage to some pharmaceutical products during shipping and transit. To replace glass in pharmaceutical packaging, plastic packaging materials including polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), and polyvinyl chloride (PVC) are increasingly being employed.
The Asia Pacific clinical trial packaging market is predicted to see profitable growth throughout the course of the forecast period as a result of the presence of numerous emerging economies, including China and India, who are expanding investments in the healthcare infrastructure. The existence of the study pharmaceutical industry and the development in clinical research activities are also anticipated to assist the regional market's progress.
By packaging type, the bags & pouches segment accounted market share of around 35% in 2021.
In 2021, the plastic material segment accounted 37% market share in 2021.
In 2021, the research laboratories end user segment accounted 44% market share in 2021.
North America region accounted highest revenue share 51% in 2021.
The North American market had around 51% of the global market share in 2021, and this dominance is anticipated to continue throughout the whole forecast period. Europe is another region that has the potential to be highly lucrative due to investments made by significant pharmaceutical companies. It is anticipated that throughout the forecast period, it would expand at a CAGR of 7.14%. The study predicts that the Asia Pacific region would grow at a CAGR of 3.46%. The low manufacturing and packaging costs in the area will benefit packaging manufacturers and encourage expansion.
The report claims that the region's growth will be fuelled by high potential countries like China and India, which are already the top producers and exporters of pharmaceutical goods globally and whose governments and corporate sectors are investing an increasing amount of money in pharmaceutical R&D. According to the study, by taking advantage of the amazing development of the R&D and drug manufacturing industries in these countries, multinational producers of clinical trial packaging may be able to profit from the region's growing clinical trial activities.
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Bilcare, Fisher Clinical Services, WuXi AppTec, PCI Pharma Services, Almac Group, PharMaterials, PAREXEL, Schreiner MediPharm, Corden Pharma, DMB Consultancy, Körber Medipak Systems, Sentry BioPharma, NextPharma, and Mawdsleys
As consumers everywhere become more concerned about the environment, this group is gravitating toward utilizing products that come in ecologically friendly packaging. This factor is causing companies participating in the worldwide clinical trial packaging industry to use more eco-friendly packaging, which is accelerating the market's growth.
In 2021, the clinical trial packaging market is expected to be dominated by plastic, which will hold more than half of total of the market share.
The research laboratories sector is projected to rule worldwide clinical trial packaging market on the basis of end use.
In terms of market share and revenue generation, the North American region is anticipated to do better than the global market for clinical trial packaging. Rapid penetration and increased R&D activity in the North American pharmaceutical industry are driving market expansion throughout the projected period.
Government organizations from several nations are supporting research and development projects aimed at producing potent medicines for a range of medical conditions. The clinical trial packaging market has the potential to become profitable because to this characteristic.
Research and development activities within the pharmaceutical sector have recently changed focus due to the increased need for innovative drugs and treatments. It is projected that this trend would help the global clinical trial packaging industry. The demand for glass bottles is rising as people become more concerned about the use of plastic. It is projected that the constant increase in the prevalence of chronic diseases, such as cancer, HIV, and epilepsy, will have a substantial impact on the growth of the global clinical trial packaging market throughout the assessment period. Because of the rise in R&D activities and government funding for the discovery of new medications, the growth of the global clinical trial packaging market is anticipated to accelerate over the course of the assessment period.
The lack of a centralized or uniform procedure for medication registration causes issues for pharmaceutical companies and packagers working in the clinical trial packaging industry. The development of the clinical trial packaging market is constrained by these challenges. Clinical trial packaging producers must also deal with the shifting clinical trial packaging markets across different countries. Long-term business relationships are further hampered by the erratic constraints placed on the clinical trials sector, which therefore restricts any possibility for revenue growth and commercial opportunities. It is anticipated that each of these factors will to some extent restrain the market's growth for clinical trial packaging.
The COVID-19 pandemic is predicted to have a substantial effect on the market for clinical trial packaging in 2020 and beyond. In light of the COVID-19 problem, market actors are actively focusing on the development of innovative materials to meet packaging demands. The growing need for hygienic, secure, and safe packaging options for healthcare products and eCommerce shipping is expected to drive growth in the global market for clinical trial packaging during the course of the projected period. Due to the decline in consumer demand for plastic packaging, it is predicted that the clinical trial packaging business will see innovation.
The COVID-19 pandemic is predicted to have a substantial influence on the market for clinical trial packaging starting in 2020 and extending into the future. The COVID-19 scenario has drawn attention to packaging requirements; therefore industry players are now focusing on the creation of new materials to meet those needs. The need for secure, sustainable, and hygienic packaging options for healthcare products and eCommerce shipping is predicted to rise throughout the forecast period. The decline in consumer demand for plastic packaging is projected to lead to innovation in clinical trial packaging.
Several issues, including as a skilled labor shortage and the state of the infrastructure in rising and developing nations, might impede the growth of the clinical trial packaging sector. An increased amount of work is being put into creating clinical trial packaging that can resist filling, shipping, and other circumstances. During the course of the assessment period, market growth is anticipated to be fueled by the development of novel pharmaceutical packaging ideas, such as blow fill seal vials, snap off ampoules, two-in-one prefilled vial designs, and child-resistant packs.
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In October 2020, The Ardagh Group launched an investment program for business development in beverage packaging made of glass and metal totaling US$ 1.8 billion.
Government organizations from several nations are supporting research and development projects targeted at producing efficient drugs for a range of medical conditions. The clinical trial packaging market has the potential to become profitable because to this characteristic.
Middle East & Africa (MEA)
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