Growth Outlook of the Clinical Trial Supplies Market

 Meticulous Research®—a leading global market research company, published a research report titled ‘Clinical Trial Supplies Market by Phase (I–IV) Service (Manufacturing, Packaging, Logistic, Documentation) Type (Biologic, Small-molecule, Medical Device) Therapy Area (Oncology, Cardiology, CNS, Immunology, Respiratory) End User - Global Forecast to 2031.’

According to this latest publication from Meticulous Research®, the global clinical trial supplies market is projected to reach $5.59 billion by 2031 at a CAGR of 7.7%. The growth of the clinical trial supplies market can be attributed to factors such as the rising number of clinical trials, the increasing decentralization of clinical trials, the proliferation of generic drugs and biopharmaceuticals, the rise in R&D expenditure among pharmaceutical and biopharmaceutical companies, and the growing need developing novel therapies. However, the high costs associated with drug development restrain the market's growth.

Furthermore, emerging economies and drug patent expirations are expected to create market growth opportunities. However, changes in the regulatory landscape and clinical trial failures, particularly in cases of rare diseases, pose significant challenges to the market's growth.

Key Players

The key players operating in the global clinical trial supplies market are Catalent, Inc. (U.S.), NUVISAN GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.), Almac Group (U.K.), Eurofins Scientific SE (Luxembourg), Parexel International (MA) Corporation (U.S.), Marken (U.S.), Biocair International Limited (U.K.), KLIFO (Denmark), Piramal Pharma Limited (India), Movianto Group (U.K.), and ICON plc (Ireland).

Clinical Trial Supplies Market: Future Outlook

The global clinical trial supplies market is segmented by Clinical Phase (Phase I, Phase II, Phase III, Phase IV), Services (Manufacturing, Packaging & labeling, Logistics & Distribution, Documentation, and Other Services), Type (Medical Devices, Biologics, and Small Molecules), Therapeutic Area (Cardiology, Infectious Diseases, Oncology, CNS, Inflammation & Immunology, Metabolic Disorders, Respiratory Disorders, and Other Therapeutic Areas), End User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Medical Device Manufacturers, and Clinical Research Organizations), and Geography. The study also evaluates industry competitors and analyzes the market at the global and regional levels.

Among all the clinical phases studied in this report, the phase III segment is expected to register the highest CAGR during the forecast period. This growth is primarily attributed to the intricacy of phase III clinical trials, characterized by large sample sizes and a high failure rate. Patient recruitment poses a significant challenge for companies conducting phase III clinical trials. Recruiting an adequate number of participants becomes a major hurdle due to the need to enroll patients who meet specific study criteria, considering both inclusions and exclusions outlined in the study design. As a result, there is a rising adoption of clinical trial supply services to address this challenge and facilitate patient recruitment. These factors contribute to the growth of this segment.

Among all the services studied in this report, in 2024, the logistics & distribution segment is expected to account for the largest share of the clinical trial supplies market. The large market share of this segment is attributed to the growing need for effectively organizing and coordinating logistics in this market, driven by the increasing volume of clinical trials conducted globally. Efficient logistics and distribution play a crucial role in mitigating the oversupply or undersupply of drugs, subsequently reducing wastage. Furthermore, the utilization of logistics and distribution services ensures enhanced transparency throughout the supply chain through real-time tracking capabilities. This transparency in supply chain operations contributes to the increased demand for logistics and distribution services in the clinical trial supplies market.

Among all the types studied in this report, the biologics segment is expected to register the highest CAGR during the forecast period. This growth can be attributed to the increasing complexity of biologics clinical trials and the low success rate of approval. The adoption of clinical trial supply services for biologics is driven by the intricacy and variability associated with these products. Biologics face a high risk of rejection during clinical trial phases due to their complexity, making it essential to ensure accurate and consistent manufacturing across all batches. For instance, the likelihood of biologics receiving approval in phase I of clinical trials is only 9.1%, while vaccines have a probability of 9.7%.

Among all the therapeutic areas studied in this report, in 2024, the oncology segment is expected to account for the largest share of the clinical trial supplies market. The large market share of this segment can be attributed to the rising incidence of cancer, the low success rate observed in clinical trials in this area, the increasing number of drugs in the clinical trial pipeline, and the increase in government funding allocated for the development of oncology drugs and clinical trials. For instance, in June 2023, the University of Birmingham (U.K). received a grant of $12 million (£10 million) from Cancer Research UK for the renewal of its Cancer Research Clinical Trials Unit. This unit facilitates more than 100 national and international trials.

Among all end users studied in this report, in 2024, the pharmaceutical & biotechnology segment is expected to account for the largest share of the clinical trial supplies market. The large market share of this segment can be attributed to the growing emphasis on personalized medicine and the rise in funding allocated for pharmaceutical research initiatives. The rising demand for new drugs and therapies is driving an increase in funding for research laboratories, thereby creating a surge in demand for clinical trial supplies. For instance, funding from the NIH for research purposes has risen significantly, increasing from $33 billion in 2015 to $42 billion in 2021 (Source: Congressional Research Service).

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of the market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America), and the Middle East & Africa.

Among all regions studied in this report, in 2024, North America is expected to account for the largest share of the clinical trial supplies market. North America’s major market share is attributed to the presence of key market players, well-established laboratories, and substantial spending on R&D by pharmaceutical and biotechnology companies.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5072

Key questions answered in the report-

·         Which are the high-growth market segments in terms of clinical phase, service, type, therapeutic area, end user, and region/country?

·         What was the historical market size for clinical trial supplies globally?

·         What are the market forecasts and estimates for the period 2024–2031?

·         What are the major drivers, restraints, challenges, opportunities, and trends in the global clinical trial supplies market?

·         Who are the major players in the global clinical trial supplies market?

·         What is the competitive landscape like, and who are the market leaders in the global clinical trial supplies market?

·         What are the recent developments in the global clinical trial supplies market?

·         What are the different strategies adopted by the major players in the global clinical trial supplies market?

·         What are the geographical trends and high growth regions/countries?

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