LONDON, Feb. 15, 2016 /PRNewswire/ -- 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.
Apart from comprehensive geographic and product/service analysis and market sizing, the report also provides a competitive landscape that covers the growth strategies adopted by industry players over the last three years. In addition, the company profiles comprise the product portfolios, developments, and strategies adopted by the market players to maintain and increase their shares in the market. The above-mentioned market research data, current market size, and forecast of the future trends will help key market players and new entrants to make the necessary decisions regarding service offerings, geographic focus, change in strategic approach, and levels of output in order to remain successful in the market.
Reasons to Buy the Report:
This report will enable both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help these firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product/service portfolios of the top players in the clinical trial supplies market. The report analyzes the clinical trial supplies market by products and services, phases, therapeutic areas, and regions
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the clinical trial supplies market
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments, and product portfolios of the leading players in the clinical trial supplies market
- Market Development: Comprehensive information about emerging markets. This report analyzes the market for various clinical trial supplies market services and products across geographies
- Market Diversification: Exhaustive information about new products and services, untapped geographies, recent developments, and investments in the clinical trial supplies market
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