Knowledge Sourcing Intelligence announces the publication of a new report on “Global clinical trials packaging Market – Forecasts from 2020 to 2025" to their offering.
Growing focus on packaging techniques and solutions in order to preserve the quality of medicines is driving the demand for advanced clinical trials packaging solutions. Moreover, companies are required to adhere to strict regulations and guidelines regarding the safety and quality of drugs.
According to the report, the Global clinical trials packaging market is projected to increase at a CAGR of 4.41% over the forecast period 2019-2025.
Rising incidence of rare and orphan diseases worldwide is the major driver of global clinical trials packaging market. As a result, pharmaceutical companies are in pressure to develop drugs with better formulations and effective compositions in order to treat these diseases. This, in turn, is boosting the demand for clinical trial products, thus positively impacting the demand for clinical trials packaging solutions globally. Market players are also launching new packaging solutions so as to diversify their product portfolio while meeting the ever-increasing demand for clinical trial packaging solutions, thereby fuelling the market growth of clinical trials packaging.
Geographically, the market has been segmented into North America, South America, Europe, Middle East and Africa, and Asia Pacific. North America accounted for the significant market share in 2019 owing to the high investments in clinical trials and R&D across pharmaceutical industry coupled with the strict FDA (the US Food and Drug Administration) guidelines regarding the packaging solutions and safety of drugs. The United States witnesses the major proportion of the clinical trials being conducted globally, with approximately 30.99% of the global participants residing in the United States in 2015-16 (source: Food and Drug Administration). Moreover, the growing focus on the development of new and improved treatment mechanism is leading to increasing research and development budget being allocated for drug development. Supportive government policies and programs in order to attract a diverse set of biopharma SMEs with robust early stage pipelines and productive discovery platforms is also contributing to the growth of this regional market. For example, in September 2019, Eligo Health Research has partnered with Jack Nathan Health with an aim to provide clinical research as a care option for patients in Walmart clinics in Canada while expanding its research capabilities without investing in a dedicated environment. APAC will witness a substantial CAGR during the forecast period owing to the increasing investments in R&D across the pharmaceutical sector.
The major players covered as part of the report are Piramal Pharma Solutions, Almac Group, Fisher Clinical Services, Inc., CLINICAL SUPPLIES MANAGEMENT HOLDINGS, INC., Xerimis, PCI Services, Quay Pharma, and Bilcare Ltd among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/global-clinical-trials-packaging-market
This report has segmented the global clinical trials packaging marketon the basis following terms:
By Product Type
- Bags and Pouches
By Material Type
- Middle East and Africa
- North America