Technavio estimates the global clinical trial supplies market to grow by USD 743.90 million, progressing at a CAGR of over 8% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
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Technavio has announced its latest market research report titled Global Clinical Trial Supplies Market 2020-2024 (Graphic: Business Wire)
The market is driven by the growth of the biopharmaceutical industry. However, the high cost of clinical trials might challenge growth.
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Clinical Trial Supplies Market: End-user Landscape
Based on the end-user, the market saw maximum growth in the pharmaceutical segment in 2019. The segment is driven by the increased outsourcing of clinical trials to CROs and the growing need for new and innovative drugs with higher efficacy. The market growth in the segment will be significant over the forecast period.
Clinical Trial Supplies Market: Geography Landscape
36% of the market's growth originated from North America in 2019. Factors such as the rising prevalence of chronic diseases, the growing number of clinical trials, and the increasing number of life science research activities in the US and Canada. are driving the growth of the market in North America.
The US is the critical market for clinical trial supplies in North America. Market growth in this region will be faster than the growth of the market in other regions.
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Major Three Clinical Trial Supplies Market Vendors:
Almac Group Ltd.
Almac Group Ltd. operates its business through segments such as API Services Chemical Development, Pharmaceutical Development, Analytical Solid State Services, Clinical Services, and Commercial Services. WebEZ, TempEZ, and Almac Pod are the key products offered by the company.
Catalent Inc.
Catalent Inc. operates its business through segments such as Softgel Technologies, Biologics and Specialty Drug Delivery, Oral Drug Delivery, and Clinical Supply Services. The company offers comprehensive clinical supply services and a worldwide distribution network to support local, regional, and global studies.
CEVA Logistics AG
CEVA Logistics AG operates its business through segments such as Freight Management and Contract Logistics. The company offers specialized innovative solutions such as supply chain solutions, global transportation services, conditioned and cold chain solutions, freight management, quality inspections, web-based tracking and reporting of events and milestones, and distribution services and reverse logistics to support healthcare customers.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio's in-depth research has direct and indirect COVID-19 impacted market research reports.
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