Clinical Trial Supplies Market - Emerging Trends to Boost the Global Revenue

Posted March 1, 2021 by mmvaidya

This study involved four major activities in estimating the current size of the clinical trial supplies market.
Report Objectives:

# To define, describe, and forecast the market on the basis of service, phase, drug type, therapeutic area, and region.

# To provide detailed information regarding the major factors influencing the growth of the market.

# To strategically analyze micromarkets with respect to their individual growth trends, future prospects, and contributions to the overall market.

# To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.

# To forecast the size of the market segments with respect to four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World.

# To profile key market players and comprehensively analyze their product portfolios, market positions, and core competencies.

# To track and analyze competitive developments such as acquisitions, new product launches, expansions, agreements, partnerships, collaborations, and R&D activities in the clinical trial supplies market.

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Expected Growth in Revenue:

The clinical trial supplies market is projected to reach USD 2.5 billion by 2025 from USD 1.7 billion in 2020, at a CAGR of 7.8%.

Major Revenue Growth:

The increasing R&D expenditure in pharmaceutical and biopharmaceutical companies and the globalization of clinical trials & harmonization of regulations are the key factors driving the growth of this market.

Recent Developments:

# In December 2019, Catalent launched the New CTSuccess Service to guide sponsors toward smarter clinical trial supply planning.

# In May 2019, Catalent completed the USD 1.2-billion acquisition of Paragon Bioservices, Inc., a leading viral vector development and manufacturing partner for gene therapies.

# In September 2019, Catalent announced that it would invest USD 9 million in a new clinical supply facility in San Diego, due to open in the summer of 2020.

Logistics services segment to dominate the clinical trial supplies market in 2020

Based on service, the clinical trial supplies market is segmented into logistics; distribution, storage, and retention; packaging, labeling, and blinding; manufacturing; comparator sourcing; and solutions. The logistics services segment is expected to account for the largest share of this market in 2020, primarily due to the globalization of clinical trials and the increasing number of trials involving temperature-sensitive products.

Key Questions Addressed by the Report:

# Where will all these developments take the industry in the mid-to-long term?
# What are the recent trends affecting the market?
# Who are the key players in the market, and how intense is the competition?
# Which region is a lucrative market for clinical trial supplies?

Geographical Growth Expectations:

North America is the largest regional market for clinical trial supplies

The global clinical trial supplies market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. North America is the largest regional market for clinical trial supplies, followed by Europe. The large share of the North American market can primarily be attributed to the presence of well-established CROs and the high and growing R&D expenditure by pharmaceutical and biopharmaceutical companies in the region.

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Global Leaders:

The clinical trial supplies market is consolidated in nature. The prominent players operating in this market include Alamc Group (UK), Catalent, Inc. (US), PCI Services (US), Parexel International Corporation (US), Sharp Packaging Services (US), Biocair (UK), O&M Movianto (US), KLIFO A/S (Denmark), and Thermo Fisher Scientific, Inc. (US).

Catalent, Inc. (US) is the leading player in the global clinical trial supplies market. The company has an extensive network that provides comprehensive services to various pharmaceutical companies for phase I–IV clinical trials. Catalent’s offerings in the clinical trial supplies market include forecasting and planning services, packaging services, comparator sourcing, and distribution and logistics services. In 2018, Catalent generated ~51% of its total revenue from the US. Also, the company is focusing on increasing its customer base and expanding its reach in untapped APAC markets.

Almac Group (UK) is another major player in the global clinical trial supplies market. The company offers a wide range of services, from research through pharmaceutical and clinical development to the commercialization of products.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags clinical trial supplies , clinical trial supplies market
Last Updated March 1, 2021