According to the new market research report “Clinical Trial Supplies Market by Products & Services (Manufacturing, Packaging, Logistics, Distribution, Storage), Phases ( l, ll, lll, lV), Drug Type (Small Molecule, Biologics),Therapeutic Areas (Oncology, Blood Disorders) – Global Forecast to 2025″, published by MarketsandMarkets™, 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%.
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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.
Logistics services segment to dominate the Clinical Trial Supplies Market in 2020
Based on service, the 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.
Browse in-depth TOC on “Clinical Trial Supplies Market“
132 – Tables
37 – Figures
158 – Pages
Phase III segment to register the highest growth in the market, by phase
Based on phase, the market is segmented into phase I, phase II, phase III, phase IV, and BA/BE studies. The phase III segment is expected to account for the largest share of the market in 2020. This segment is also estimated to grow at the highest CAGR during the forecast period. The large share and high growth of this segment can be attributed to the fact that phase III trials are the most expensive, time-consuming, and difficult to design and run.
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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.
The prominent players operating in the global Clinical Trial Supplies 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).