The clinical trials packaging market is projected to grow at a CAGR of 4.41% to reach US$1.482 billion by 2025.
The increasing importance of proper packaging techniques in order to preserve the quality of the medicines for clinical trials and the presence of the stringent guidelines is leading to market players providing effective and enhanced clinical trial packing solutions and services to end-users.
As there been an increase in the number of orphan diseases or rare diseases which is affecting the population throughout the world, there has been a surge in the number of clinical trials that are being carried out worldwide. According to that statistics by U.S. National Library OF Medicine, there are about 165,436 or 49% of the clinal studies and research being conducted in Non-U.S. locations, 112,905 or 34% have been conducted in the U.S only, 17,369 or 5% have been conducted in both U.S. and Non-U.S. locations. Lastly, the data for 39,492 or 12% of clinical trials in other locations has not been reported. This is calling for medicine mand pharmaceutical manufacturers to come up with better formulations and effective compositions in order to control these diseases effectively. Consequently, it is putting a burden on the clinical trial packing companies and players to improve the state and the quality of their packing solutions as there is critical issue involved in the packaging and of sensitive drugs for the clinical trials.
In addition, there are 4 phases in clinical trials, Phase I – Phase IV. Each phase requires a stringent packaging requirement. In Phase 1 only a limited number of packs are sent so packaging, which is called the primary packaging that must be good enough as the shelf life of the testing medicine is not much. More importantly, the secondary packing includes proper labeling, which should contain the manufacturer's name, the medicine name and its components with its shelf life, warnings and content hazards and some measures need to use to prevent counterfeiting and tampering. Then the primary packaged medicine, which is done suing cold form or thermoform techniques, is out inside the secondary package such as bottles, kits or others with effective temperature control. Therefore, this has led to an increase in the demand for effective packing solutions by the market players and is a major driving factor in the market growth over the forecast period.
Product Launches by Major Market Players
The better, advanced and diverse varieties of clinical trials packaging with enhanced features that are able to effectively aid in the proper and efficient crop production. These products are being launched by existing and new players in different markets is estimated to lead to increased adoption and propel the market growth further over the forecast period.
The North American region to hold a considerable share over the forecast period due to increasing initiatives taken by the organizations, stringent regulations and increasing investments
The North American region is expected to hold a significant share over the forecast period, which is attributable to the fact that the pharmaceutical and packing industry In the US is flourishing and due to the increasing influx pf investments. In addition, there are stringent guidelines in place for the packaging of the medicine to be used for clinical trials by organizations such as FDA that must be complied with by the market players in order to minimize their losses and avoid the imposition of heavy penalties.