24 March 2020
Visiongain has launched a new packaging report Clinical Trial Packaging and Labelling Market Forecast 2020-2030: Revenue Prospects by Type (Primary Packaging (Blisters, Bottles, Pouches, Tubes, Others), Secondary Packaging (Labelling for Parenteral and Injectable, Just in Time Labelling, Tyvek Blistering for Parenteral, Cartons, Others)), End Users (Drug Manufacturing Companies, Research Labs and CROs), Profiles of Leading Companies and Regional and Leading National Market Analysis.
The global market for Clinical Trial Packaging and labelling is anticipated to reach US$657.0 million in 2020 and is further projected to surpass US$900 million in 2030 while growing at a CAGR of 3.5% over the forecast period from 2020 to 2030.
It takes more time than ever to bring a possible new treatment through the clinical trials phase. Protocols are becoming more and more complex. However, several trials have difficulty enrolling enough participants, and those who do enrol may have trouble following and falling out of the protocol. Further complicating matters, many medicines being produced are costly biological agents, leaving no room for error in the plan for the clinical trials.
Delays in having an approved treatment mean less time to achieve market success and recover investments until there are generic forms available. Most notably, it prevents patients from accessing potentially life-saving medications. As a result, the sponsorship companies are looking for ways to trim development timelines. Establishing an efficient packaging & labelling strategy for a clinical trial can significantly cut clinical trials timelines and increase the likelihood of a successful trials.
The Visiongain analyst commented "The global clinical research industry is in a transition phase as major giants are turning to emerging economies across the Asia Pacific to conduct clinical research which is projected to offer lucrative revenue generation avenues for the Clinical Trial Packaging & labelling competitors. Visiongain understands this market to be dynamic, with numerous competitors present. Given the critical role played by Clinical Trial Packaging and labelling in the clinical trials industry, the outlook for this market is positive."
North America holds the majority of the market share owing to the presence of leading pharmaceutical and research firms. Market dominance is attributed to growing R&D expenditure and growing demand for drug development. Visiongain anticipates that the Asia Pacific will witness the highest CAGR of over 5% over the forecast period and the majority of the market will be held by China and India. The Asia Pacific region enjoys maximum revenue generation avenues due to the shift of the clinical research industry to India and China due to low labor cost and ease in regulatory scenarios.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations and launching new products to strengthen their position in the global Clinical Trial Packaging and labelling market. Companies are also expanding their distribution and management facilities to expand their business and to hold a competitive edge in the Clinical Trial Packaging and labelling market.
Leading companies featured in the report who are offering clinical trials labelling and packaging solutions and services include PCI Pharma Services, Körber Medipak Systems GmbH, WestRock Company, CordenPharma, Sentry BioPharma Services, Inc., NextPharma Technologies, Sharp, and Fisher Clinical Services, Inc. among other prominent players.
This report will evaluate the market factors that act to drive and restrain the Clinical Trial Packaging and labelling market, providing forecasts for the global market, regional markets, and associated submarkets. With the analysis of key market trends, this report will provide a comprehensive overview of the market.
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