CHICAGO, Oct. 9, 2023 /PRNewswire/ -- The clinical trial supplies industry is poised for significant evolution in the near future, driven by a convergence of factors that promise to streamline and enhance the drug development process. Rapid advancements in precision medicine, coupled with the growing demand for personalized therapies, will necessitate a more agile and adaptable supply chain. Additionally, the integration of technologies such as blockchain for secure data management and 3D printing for on-demand production of investigational products is set to revolutionize the way clinical trial supplies are sourced, manufactured, and distributed. With an increased focus on patient-centric trials and the incorporation of virtual elements, the industry is on the cusp of a transformation that will prioritize efficiency, patient safety, and data integrity as never before.
Clinical Trial Supplies Market in terms of revenue was estimated to be worth $3.9 billion in 2023 and is poised to reach $6.3 billion by 2028, growing at a CAGR of 9.9% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The growth of the market is projected to be driven by factors such as collaborations & partnerships among market players for clinical trial outsourcing service, increasing R&D expenditure by biopharmaceutical and pharmaceutical companies and the growing the number of clinical trials conducted across the globe.
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Clinical Trial Supplies Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $3.9 billion |
Estimated Value by 2028 | $6.3 billion |
Growth Rate | Poised to grow at a CAGR of 9.9% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Service, By Phase, By Type, By Therapeutic Area, By End User |
Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and the Africa. |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging markets |
Key Market Drivers | Increasing the number of registered clinical trials |
The logistics and distribution segment is expected to have the dominant share of the clinical trial supplies market in 2022.
Based on services, the global clinical trial supplies market is segmented into logistics & distribution, storage & retention, packaging, labeling & blinding, manufacturing, comparator sourcing, others services (solutions and ancillary supplies). In 2022, the logistics & distribution segment accounted for largest share of the clinical trial supplies market. The presence of prominent players offering clinical trial services is the driving factor for the growth of the logistics & distribution segment during the forecast period.
The oncology segment accounted for the largest share of the disease type segment in the clinical trial supplies market in 2022.
The oncology segment is the fastest growing segment and accounted for the largest share of the clinical trial supplies market in 2022. The large share of this segment can be attributed to rising demand for cancer medicines subsequently uplifting the number of research for innovative drugs and development and increasing R&D for new drug development by pharmaceutical and biotechnology companies.
The Asia Pacific region is the fastest-growing region of the clinical trial supplies market in 2022.
The Asia Pacific is accounted to be the fastest-growing segment of the market. The growth of the clinical trial supplies markets on the region is driven by rising emphasis on strategic initiatives such as partnerships, collaborations & expansion and growing influx of investments in the life sciences sector. Large number of clinical trials in the region is further likely to upsurge the segmental growth. For instance, according to WHO, around 9,954 clinical trials were registered in India highest in Asia Pacific and global level, China registered around 5,465 leading to third largest in the world.
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Clinical Trial Supplies Market Dynamics:
Drivers:
- Increasing the number of registered clinical trials
Restraints:
- High cost of drug development
Opportunities:
- Growth opportunities in emerging markets
Challenge:
- The high cost of clinical trials is a major hindrance to the clinical trial supplies market growth
Key Market Players of Antibody Drug Conjugates Industry:
The clinical trial supplies market is consolidated, with a small number of players competing for market shares. Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Eurofins Scientific (France), Piramal Pharma Solutions (India), PRA Health Sciences (US), Marken (A Subsidiary of UPS) (US), Parexel International (MA) Corporation (US), Biocair (UK), AlmacGroup (UK), Sharp Services, LLC (US), PCI Pharma Services (US), Nuvisan (Germany), Lonza Group (Switzerland), are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as service launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their service offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
Recent Developments:
- In July 2023, Thermo Fisher Scientific Inc. (US) has entered into collaboration with the national minority quality forum (NMQF), an independent non-profit dedicated to research and education. This collaboration facilitated through NMQF's Alliance for Representative Clinical Trials (ARC), aims to improve the inclusion of historically underserved patient groups in clinical research.
- In April 2023, Almac Group (UK), has introduced the IXRS®3 Partnership Network, designed to expedite the creation and deployment of advanced eClinical solutions for biopharmaceutical sponsors.
- In March 2023, Icon Plc (Ireland) has entered into a strategic partnership with LEO Pharma (Denmark), and This collaboration aims to enhance LEO Pharma's clinical trial operations, focusing on patient-centricity and cost-efficiency. The goal is to strengthen LEO Pharma's
- In August 2022, Marken (US) has acquired Bomi Group to support the growth in healthcare logistics by expanding the company's international presence and increasing cold chain capabilities in major European and Latin American markets.
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Clinical Trial Supplies Market Advantages:
- Efficient Drug Development: Clinical trial supplies play a vital role in expediting the drug development process. By ensuring that investigational products are readily available for testing, they enable researchers to move through the various trial phases more swiftly, potentially bringing life-saving drugs to market faster.
- Patient Safety: Rigorous quality control and regulatory compliance in the production of clinical trial supplies are paramount. This focus on safety helps protect the health and well-being of trial participants, as any adverse effects can be promptly addressed.
- Data Integrity: Properly managed and labeled clinical trial supplies help maintain data integrity during the research process. Accurate tracking and documentation of supplies ensure that trial results are reliable and can withstand scrutiny by regulatory authorities.
- Customization: The clinical trial supplies market offers flexibility to tailor products to the unique needs of each study. This customization is essential for accommodating different dosage forms, strengths, and administration methods, allowing for precise testing of experimental treatments.
- Global Reach: With a global supply chain network, the industry can efficiently support clinical trials conducted across various geographical regions. This global reach is particularly crucial for multinational trials and studies involving rare diseases that require access to diverse patient populations.
- Cost-Efficiency: By outsourcing clinical trial supplies production and logistics to specialized companies, pharmaceutical companies can often reduce costs associated with in-house manufacturing and distribution, allowing them to allocate resources more efficiently.
- Adaptability: The industry continually adapts to emerging technologies, such as the use of blockchain for secure data management and 3D printing for on-demand production, to increase efficiency and meet evolving regulatory requirements.
- Patient-Centric Approach: The clinical trial supplies market is increasingly adopting a patient-centric approach by incorporating technologies that enhance patient engagement and convenience, such as mobile apps for scheduling and medication reminders.
In conclusion, the clinical trial supplies market plays a vital role in advancing medical research by providing the necessary infrastructure and products to conduct safe, efficient, and reliable clinical trials, ultimately leading to the development of new and improved treatments for a wide range of diseases and conditions.
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