Clinical Trial Supplies Market is Expected to Reach USD 1,274.3 Million by 2020

Date: 2015-10-09

The clinical trial supplies market is expected to reach USD 1,274.3 million by 2020 from USD 904.3 million in 2015, at a CAGR of 7.1%. The global clinical trial supplies market is segmented based on products and services, phases, therapeutic areas, and regions. The logistics and distribution services segment is expected to register the highest growth rate in the clinical trial supplies market, by products and services, during the forecast period. The high growth in this segment is attributed to the globalization of clinical trials and increasing outsourcing services.

The major factors contributing to the growth of the clinical trial supplies market include globalization of clinical trial activities, increasing R&D investments and government support, and rising incidences of various diseases. Furthermore, increasing expansion activities by CROs is another major factor driving the growth of this market. 

For instance, in October 2014, Almac expanded its U.K. commercial packaging facility with a significant investment to meet the requirement of Japanese clients. The expansion included an extensive suite of modifications for processing humidity-sensitive drug products; the installation of a new Noack 623 blister line; a custom designed desiccant feeder; and an off-line Hapa Blister-Jet printer. Increasing patent expiry and development of generic drugs and high growth potential in emerging markets has opened an array of opportunities for the clinical trial supplies market. However, factors such as longer approval times for clinical trials are hampering the growth of the market to a certain extent.

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