Clinical Trials Supplies Market Worth $3.29 Billion by 2027 - Exclusive Report by The Insight Partners
The global clinical trial supplies market is growing at a CAGR of 7.4% from 2020 to 2027.
Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The clinical trial is an investigation study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. These studies help to find which therapeutic approaches experiment is best for certain diseases. Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. Also, the implementation of more stringent handling requirements for a type of biopharmaceutical products starting clinical trials, clinical trial supplies strategy needs to be continuously improved.
According to our new research study on “Clinical Trials Supplies Market Forecast To 2027 - Geography Analysis by Product & Services, Stage, Drug Type, Application, and Geography,” the clinical trials supplies market size is expected to reach $3.29 billion in 2027 from $1.86 billion in 2019; it is estimated to grow at a CAGR of 7.4% from 2020-2027. The report highlights trends prevailing in the market and the factors driving and hindering the clinical trials supplies market growth. The market's growth is attributed to key driving factors such as increasing R&D expenditures in the pharmaceutical & biopharmaceutical companies, increase in clinical trials, and higher drug development costs in developed nations. However, the rising cost of drug development and clinical trials and challenges for clinical trials due to the negative impact of corona virus are expected to restrain the market growth during the forecast years.
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Global Clinical Trials Supplies Market – Report Scope:
Report Coverage | Details |
Market Size Value in | USD 1.86 Billion in 2019 |
Market Size Value by | USD 3.29 Billion by 2027 |
Growth rate | CAGR of 7.4% from 2020-2027 |
Forecast Period | 2020-2027 |
Base Year | 2020 |
No. of Pages | 187 |
No. of Tables | 102 |
No. of Charts & Figures | 73 |
Historical data available | Yes |
Segments covered | Product & Service; Stage; Drug Type; Application and Geography |
Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America |
Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Global Clinical Trials Supplies Market: Competitive Landscape and Key Developments Market:
Catalent, Inc., Thermo Fisher Scientific, Inc. Almac Group, Parexel International Corporation, Biocair, UDG Healthcare plc (Sharp), PCI Healthcare Services, Owens & Minor Inc., KLIFO, Rubicon Research Pvt. Ltd., CLINICAL SUPPLIES MANAGEMENT HOLDINGS, INC. among others are the leading companies operating in the clinical trials supplies market. These players focus on expanding and diversifying their market presence and acquiring a novel customer base, tapping prevailing business opportunities in the clinical trials supplies market. Many market players are launching innovative products with advanced features in the clinical trial supplies market. For instance,
In June 2023, FDA Announced Additional Steps to Modernize Clinical Trials. The updates are intended to help pave the way for more efficient clinical trials to facilitate the development of medical products.
In December 2022, Amgen announced new Phase 1 data from AMG 133, a novel bispecific glucose-dependent insulinotropic polypeptide receptor (GIPR) antagonist and glucagon-like peptide-1 (GLP-1) receptor agonist molecule. This first-in-human study evaluated the safety, tolerability, pharmacokinetic and pharmacodynamic effects of AMG 133 in people with obesity and without diabetes.
Global Clinical Trials Supplies Market: Segmental Overview
The “Global Clinical Trials Supplies Market” is segmented based on product & services, stage, drug type, application, and geography. Based on products & services, the clinical trials supplies market is segmented into manufacturing, packaging & labeling, and logistics & distribution. The logistics & distribution segment held the largest share of the market in 2019; the segment is anticipated to register the highest CAGR in the market during the forecast period. Based on stage, the clinical trial supplies market is segmented into phase I, II, III, and bioequivalence studies. The Phase III segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period. The clinical trial supplies market is segmented into small-molecule and biological drugs based on drug type. The small-molecule drugs segment held the largest share of the market in 2019.
In contrast, the biologic drugs segment is estimated to register the highest CAGR in the market during the forecast period. Based on application, the clinical trial supplies market has been segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period.
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Biotherapeutics is the fastest-growing segment in the pharmaceutical industry. The efficacy and safety of biotherapeutics and their ability to treat various untreatable diseases are majorly driving the sales of biosimilars and biologics. Biologics are large complex molecules, up to 1,000 times the size of small generic drug molecules. Technological advancements and significant improvements in the understanding of diseases such as cancer and rheumatoid arthritis are creating a demand for the development of more such therapeutic agents. Pharmaceutical and biopharmaceutical companies are investing in R&D activities about innovative and advanced biological molecules. Companies are capitalizing on their expertise in biologics manufacturing to generate more revenue by fulfilling the unmet conditions. In recent years, there has been an increase in the biologics license application (BLA); according to the FDA, in 2016, a total number of 7 BLAs 12 New Drug Applications (NDAs) were submitted. The major factors driving the growth of outsourcing activities by companies are cutting costs, the need for innovations, increased speed and agility, and accessing specialized knowledge and technologies. A decreasing percentage of profits has become a primary concern for pharmaceutical companies over the past decade. As per an analysis by PhRMA, around $0.8 to $1.7 billion is invested by the pharmaceutical industry in R&D to bring a new drug to market. Hence, with increased R&D expenditure, the need for clinical trial outsourcing is increasing.
Furthermore, the collaborative research between the research and development team of the sponsoring company and the contract developer is a new trend being employed in the market. In addition, the emerging trend of outsourcing has led to a rise in the number of developing drug candidates and clinical trials by pharmaceutical and biotechnology companies, which is also expected to account for the market's growth over the coming years. Based on the above factors, the clinical trials supplies market will likely grow during the forecast period.
Go through further research published by The Insight Partners:
Clinical Trials Market - Global Analysis and Forecast to 2028
Clinical Trial Management System Market - Global Analysis and Forecast to 2030
In Silico Clinical Trials Market - Global Analysis and Forecast to 2028
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