Clinical Trial Packaging Market Trends

Growth Drivers

• Skyrocketing Development of Medical Drugs - It was observed that in 2021, the total spending on drugs in the USA was estimated to be approximately USD 2 billion while the number of drugs under the R&D pipeline was anticipated to be about 20,000.
• Medical drug is another term used in the place of medicine which is developed in laboratories with different sorts of chemicals and compounds. The research on medical drugs never stops and in modern times, governments of multiple countries are more inclined to invest in drug development to flourish the healthcare infrastructure and provide cures for many untreatable diseases such as, cancer, dementia, neurological, and Alzheimer’s diseases. After the successful clinical trial, medicines are exported across countries boosting the demand for high-quality packaging.
• Growing Utilization and Production of Corrugated Board - As of 2020, approximately 150 million tons of corrugated board were produced across the globe.
• Rising Export and Import of Syringes - In 2021, the total volume generated by the syringe export in the United Kingdom was estimated to be nearly 90,000 U.S. dollars.
• Booming Demand for Vaccination Worldwide - The percentage of fully vaccinated people in 2022 by country was estimated to be in UAE (100%), Maldives (100%), Cambodia (90%), Qatar (100%), Bhutan (85%), and others.

Challenges

• Lack of Requisite Materials and Workforce
• Requirement for Higher Initial Investment
• Disrupted Supply-Chain due to COVOD-19