Clinical Trial Supplies Market - Emerging Trends & Global Future Forecasts
Global Growth Drivers:
Factors such as growing R&D expenditure in biopharmaceutical and pharmaceutical companies and the growing number of clinical trials conducted globally. However, during the forecast period, the growing cost of clinical trials and drug development is expected to restrain the growth of this market.
Projected Surge in Revenue Generation:
The global clinical trial supplies market in terms of revenue was estimated to be worth $3.6 billion in 2022 and is poised to reach $5.7 billion by 2027, growing at a CAGR of 9.7% from 2022 to 2027.
# In February 2022, Thermo Fisher entered into a partnership with Medidata to optimize clinical research site selection and speed up patient enrollment in clinical trials.
# In April 2021, Catalent added cryogenic capabilities at its Philadelphia clinical supply services facility. This expansion helped increase Catalent’s capabilities in gene therapies, packaging, labeling, and distribution of cryogenic materials for clinical trials.
# In April 2021, Parexel collaborated with Veeva Systems to improve their clinical processes for clinical trial delivery and enhance Veeva’s cloud technology.
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The logistics and distribution segment accounted for the largest share of the services segment in the clinical trial supplies market in 2021.
On the basis of the service, the clinical trial supplies market is segmented into manufacturing; packaging, labeling, and blinding; comparator sourcing; logistics & distribution; storage & retention; and other services. In 2021, Logistics & distribution services accounted for a share in the market. During the forecast period, this segment is estimated to grow at the highest CAGR. Logistics & distribution and storage & retention are seen to be the leading segments with respect to the growth rate during the forecast period as a result of growing decentralization of clinical trials.
The oncology segment accounted for the largest share of the therapeutic area segment in the clinical trial supplies market in 2021
On the basis of therapeutic area, the clinical trial supplies market is divided into oncology, CNS & mental disorders, cardiovascular diseases, digestive disorders, infectious diseases, metabolic disorders, immunology, blood disorders, and other therapeutic areas (respiratory disorders, dermatological disorders, rare diseases, ENT diseases, Nephrology). In 2021, Oncology accounted for the largest segment in this market. Factors such as increasing number of research studies on cancer therapeutics and the growing companies focusing on cancer drugs into the market. During the forecast period, the oncology segment is projected to grow at the highest CAGR.
The Asia Pacific region is the fastest-growing region of the clinical trial supplies market in 2021.
On the basis of region, the clinical trial supplies market is broadly segmented into North America, Europe, the Asia Pacific, and the Rest of the World. During the forecast period, the Asia Pacific market is projected to register the highest growth. Factors such as emerging number of players, regulatory framework, huge population base and cost-effectiveness in Asia Pacific regions is driving the growth in the market. This is attracting the attention of a majority of pharmaceutical, biopharmaceutical, and biotechnology giants to consider conducting their clinical trials in Asia Pacific countries.
Global Key Players:
Key players in the Clinical trial supplies market include Thermo Fisher Scientific (US), Marken (US), Catalent, Inc. (US), Eurofins Scientific (France), and PRA Health Sciences (US).
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