Clinical Trial Packaging Market - Bottles to Remain Most In-demand Product Variety

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.

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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.

High Incidence of Chronic Diseases to Propel Market

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.

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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