COVID-19 Impact: Rise in Clinical Trials Supplements Sales

Evolving Regulatory Framework, Consumer Demand to Drive Global Market

Over the past decade, sustainability remained one of the most popular themes across the packaging value chain, due to evolving regulatory guidelines and increasing consumer demand for sustainable packaging alternatives. A number of factors continue to influence consumer behavior and purchase decisions, particularly in the retail sector and, to some extent, across the pharmaceutical space. The increasing consumer affinity toward sustainable packaging is expected to remain one of the key factors that is likely to impact the growth of the global clinical trial packaging market during the forecast period, as a number of market players are leaning toward the adoption of sustainable packaging materials.

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The onset of contract manufacturing within the pharmaceutical sector is another trend that is likely to propel the clinical trial packaging market during the assessment period. The rise in the number of clinical trials around the world, particularly in developing regions, including India, China, Thailand, and other ASEAN countries is anticipated to have a positive impact on the clinical trial packaging market during the assessment period. Moreover, as consumer continues to place more value in safety and hygiene due to the COVID-19 pandemic, players involved in the current clinical trial packaging market are anticipated to utilize safe and sustainable materials.

Innovative Concepts, Discovery of New Drugs to Fuel Market Growth

Research and development activities within the pharmaceutical sector have shifted gears in recent years, due to the increasing demand for new drugs and therapies– a factor that is expected to bolster the global clinical trial packaging market. The demand for glass bottles is on the rise owing to mounting concerns pertaining to the use of plastic. The consistent surge in the number of chronic diseases cases, including cancer, HIV, and epilepsy is expected to have a strong impact on the development of the global clinical trial packaging market during the assessment period. The rise in the number of research & development, along with the increasing support from governments for the development of new drugs, is anticipated to accelerate the growth of the global clinical trial packaging market during the assessment period.

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Some of the factors that could hinder the growth of the clinical trial packaging market include lack of modern infrastructure in underdeveloped and developing regions and scarcity of trained personnel. Market players involved in the current clinical trial packaging market are increasingly focusing on developing their packaging solutions that can withstand filling, handling, transportation, etc. The advent of innovative pharmaceutical packaging concepts, including blow fill seal vials, two-in-one prefilled vial deigns, prefilled syringes, snap off ampoules, and child-resistant packs is projected to provide an impetus to growth of the global clinical trial packaging market during the assessment period.

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Companies to Develop New Packaging Solutions to Hinder COVID-19 Spread

The advent of the COVID-19 pandemic is expected to have a strong influence on the clinical trial packaging market in 2020 and beyond. In the current scenario, market players are focusing on the development of new materials to meet packaging requirements during the COVID-19 crisis. The increasing demand for safe, sustainable, and hygienic packaging alternatives for healthcare products and eCommerce transportation is expected to augment the growth of the global clinical trial packaging market during the forecast period. The decline in the consumer demand for plastic packaging is anticipated to drive innovations across the clinical trial packaging market.

Due to the outbreak of the COVID-19 pandemic, the demand for medical device kits and certain medicines has witnessed exponential growth. This factor is expected to fuel the expansion of the global clinical trial packaging market. Furthermore, the contract packaging trend has gained considerable momentum during the COVID-19 crisis. Thus, the demand for pressure sensitive labels, folding cartons, and convenient vial filling has increased. Market players are also estimated to expand their manufacturing capacities during the ongoing pandemic to cater to the surge in the demand.

Analysts’ Viewpoint

The global clinical trial packaging market is expected to expand at a CAGR of 7.3% during the assessment period. Notable rise in the number of chronic diseases worldwide, increase in investments toward research and development, and support from governments to develop new drugs and medications are anticipated to drive the clinical trial packaging market during the forecast period. In addition, mounting concerns linked with plastic have compelled the players involved in the current market landscape to lean toward other non-plastic alternatives. Companies should focus on expanding their production capacities to cater to the increasing demand for clinical trial packaging during the COVID-19 crisis.

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This release was published on openPR.