LONDON--(BUSINESS WIRE)--Jul 2, 2020--
The global clinical trial supplies market is expected to grow by USD 743.90 million as per Technavio. This marks a significant market growth compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 8%.
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Technavio has announced its latest market research report titled Global Clinical Trial Supplies Market 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on "Clinical Trial Supplies Market Analysis Report by End-user (Pharmaceutical industry, Biologics industry, and Medical device industry), Geography (North America, APAC, Europe, South America, and MEA), and the Segment Forecasts, 2020-2024".
The market is driven by the growth of the biopharmaceutical industry. In addition, the growing demand of CROs is anticipated to boost the growth of the clinical trial supplies market.
The ability of modern biopharmaceutical products to address previously untreatable medical conditions has led to the introduction of innovative drugs in the market. For instance, over the past decade, biopharmaceuticals have been successful in bringing down the number of deaths caused by cancer and HIV/AIDS. The growing acceptance of biopharmaceuticals is encouraging players in the pharmaceutical industry to shift their focus toward the biopharmaceutical industry for the discovery of new drugs and biosimilars. Also, developed countries such as the US, Canada, and the UK are partnering with biopharmaceutical industry players in countries such as China and India to meet the growing demand. The growth in the biopharmaceutical industry is increasing the demand for clinical trials to ensure safety, efficacy, and minimal side effects of products. These factors are fueling the growth of the global clinical trial supplies market.
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Major Five Clinical Trial Supplies Companies:
Almac Group Ltd.
Almac Group Ltd. operates its business through segments such as Diagnostic Services, API Services & Chemical Development, Pharmaceutical Development, Analytical & Solid State Services, Clinical Services, Clinical Technologies, and Commercial Services. The company offers a wide range of clinical trial products. Some of its key offerings include WebEZ, TempEZ, and Almac Pod.
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 worldwide distribution network to support local, regional, and global studies to speed up the drug to clinic process.
CEVA Logistics AG
CEVA Logistics AG operates its business through segments such as Freight Management and Contract Logistics. The company offers developed specialized innovative solutions to support its healthcare customers that include, 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.
Deutsche Post DHL Group
Deutsche Post DHL Group operates its business through segments such as Post & Parcel Germany, Express, Global Forwarding, Freight, Supply chain, and eCommerce Parcel. DHL clinical trial services include the services for supplies management, import/export support, secondary packaging, storage, pick and pack, time-critical specialist courier services, return handling and online visibility of stock, and status of supplies.
DSV Panalpina A/S
DSV Panalpina A/S operates its business through segments such as Air & Sea, Road, and Solutions. The company offers GMP and GDP warehouse and distribution services that include FEFO picking, clinical trial management, repacking and display configuration, all controlled by our in-house pharmacists. The company also works with biologicals, pharmaceutical products (prescription drugs, generics, controlled drugs and over-the-counter (OTC) products), vaccines, active pharmaceutical ingredients (APIs), and clinical trial materials.
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Clinical Trial Supplies Market End-user Outlook (Revenue, USD Million, 2020-2024)
Clinical Trial Supplies Market Geography Outlook (Revenue, USD Million, 2020-2024)
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
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INDUSTRY KEYWORD: MEDICAL SUPPLIES HEALTH LOGISTICS/SUPPLY CHAIN MANAGEMENT TRANSPORT CLINICAL TRIALS PHARMACEUTICAL BIOTECHNOLOGY
SOURCE: Technavio Research
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PUB: 07/02/2020 08:00 PM/DISC: 07/02/2020 08:00 PM