LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global clinical trial supplies market to grow at a CAGR of close to 7% during the period 2018-2022, according to their latest report.
This market research report segments the global clinical trial supplies market into the following, including end-users pharmaceutical industry, biologics industry, and medical device industry and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the growth of biopharmaceutical industry as a key factor contributing to the growth of the global clinical trial supplies market:
Growth of biopharmaceutical industry
The biopharmaceutical industry consists of pharmaceutical products, manufacturers, and suppliers growing at a steady pace. The dynamics of the biopharmaceutical industry is expected to evolve with the onset of pharmaceutical industry shifting towards the biopharmaceutical industry for the discovery of new drugs and biosimilars that are introduced to the market by new global participants.
According to a senior analyst at Technavio for health and wellness, “In terms of geography, the biopharmaceutical industry is growing in developing countries such as India and China. To meet the global demand for products, developed countries such as the US, Canada, and the UK are setting up facilities or partnering with regional market players in these developing countries. The growing global demand for various biologics and pharmaceutical is encouraging the partnerships between developing and developed countries for the development and production of biologics.”
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Global clinical trial supplies market segmentation
Of the three major end-users, the pharmaceutical industry held the largest market share in 2017, accounting for nearly 47% of the market. The market share for this application is expected to increase by 2022.
The Americas was the leading region in the global clinical trial supplies market in 2017, accounting for a market share of 38%. By 2022, the Americas is expected to witness a decline in growth rate of more than 1%. APAC and EMEA are expected to grow at a fast rate during the forecast period.
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