The global clinical trial packaging market has the potential to grow by USD 667.92 million during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by end-user (pharmaceutical companies and other organizations) and geography (Asia, Europe, North America, and ROW). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Bilcare Ltd., Caligor Coghlan Pharma Services, Corden Pharma International GmbH, Mawdsley-Brooks & Co. Ltd., PCI Pharma Services, Piramal Enterprises Ltd., Sentry BioPharma Services, Sharp, The WestRock group, and Thermo Fisher Scientific Inc.
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The clinical trial packaging market is moderately fragmented, and the degree of fragmentation will increase during the forecast period. To expand market reach and to cater to consumer demand, established vendors are adopting R&D activities. Sentry BioPharma Services, Sharp, The WestRock group, and Thermo Fisher Scientific Inc. are a few of the major market participants. Although the increasing approval of novel drugs will offer immense business growth opportunities, the increased chances of drug failure will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this clinical trial packaging market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this clinical trial packaging market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading clinical trial packaging companies, including:
Caligor Coghlan Pharma Services
Corden Pharma International GmbH
Mawdsley-Brooks & Co. Ltd.
PCI Pharma Services
Piramal Enterprises Ltd.
Sentry BioPharma Services
The WestRock group
Thermo Fisher Scientific Inc.
Clinical Trial Packaging Market: Segmentation by Region
North America was the largest market for clinical trial packaging in 2019, and the region will continue to offer the maximum growth opportunities to market vendors during the forecast period. The increased investments in R&D by large pharmaceutical companies and the presence of a proper regulatory framework for the approval of new drugs are some of the significant factors that will contribute to the clinical trial packaging market growth.
Almost 33% of the market’s growth will originate from North America during the forecast period. The US, Canada, and Mexico are the key markets for clinical trial packaging in North America. Market growth in this region will be faster than the growth of the market in Asia and ROW.
Clinical Trial Packaging Market: Segmentation by End-user
The rapid increase in the growth of the pharmaceutical industry, especially in countries such as the US, Japan, Canada, and India, are contributing to the growth of the clinical trial packaging market size. The increase in the industry is significantly attributed to high pharmaceutical R&D spending.
Moreover, market growth by the pharmaceutical companies segment will be faster than the growth of the market by the other organizations segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the clinical trial packaging market share.
Clinical Trial Packaging Market: Key Drivers and Trends
The revenue generation for drug manufacturers and developers largely relies on the successful entry and performance of their drug products. As a result, investments in R&D to formulate novel drugs are increasing. Therefore, the approval of drugs has increased dramatically. For instance, according to the US FDA, the CDER approved a total of 59 drugs in 2018, and about 71% of these drugs included new molecular entities. Consequently, registered clinical studies have increased, fueling the demand for pharmacovigilance and drug safety software. This, in turn, has created a demand for clinical trial packaging solutions, driving the clinical trial packaging market growth.
The rising adoption of AI in the pharmaceutical industry is facilitating the entry of AI-integrated pharmacovigilance and drug safety software in the market.
AI is highly preferred by the medical sector as it includes advanced predictive analytics in clinical trial research, machine learning-based drug discovery, and prediction of success rate.
This, in turn, will reduce the cost of maintenance. The outsourcing of low-cost services in the competitive market is one of the key clinical trial packaging market growth factors.
During 2020-2024, the market will grow at a CAGR of over 4%.