Which segment accounted for the largest Clinical Trial Supplies Market?

 Clinical Trial Supplies Industry Overview

The global clinical trial supplies market size was valued at USD 2.0 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2030.

The growth is attributed to globalization, a rise in the number of clinical trials, and an increase in the number of biologics & biosimilar drugs in clinical trials. The COVID-19 pandemic has negatively impacted the market, resulting in a low growth rate in 2020 and the first half of 2021. This, in turn, has further propelled technological advancements in supply chain management, which is expected to contribute to market growth in the long run. The adoption of supply chain management systems is increasing due to rising pressure to reduce R&D expenditure and increase operational efficiency, as clinical trial supplies account for a large share of the total R&D expenditure of biopharmaceutical companies.

Gather more insights about the market drivers, restrains and growth of the Global Clinical Trial Supplies Market

 

The outbreak of COVID-19 has accelerated certain new models in the market to ease the crisis and cope with changing trends. The implementation of virtual trials, which has been an underpinning technology, is gradually gaining popularity and is expected to witness considerable growth in the coming years. The pandemic has led to certain restrictions, such as social distancing and travel restrictions, owing to which around 80.00% of sites have canceled or put a hold on at least one clinical trial. Therefore, to avoid such situations, virtual trials are gradually being adopted, which allows the implementation of innovative approaches to trials and helps ensure a better patient experience.

There has been a significant rise in the number of biologics and temperature-sensitive drugs in clinical trials. Currently, 38.0% of pharmaceutical drugs are temperature-sensitive and 35.0% of late-phase pharmaceutical drugs are biologics. This number is expected to increase in the future, as the demand for biologics is growing owing to lesser adverse effects as compared to traditional ties for the storage of temperature-sensitive drugs. Hence, a rise in the number of biologics in clinical trials is expected to boost the demand for cold chain facilities. It has been estimated that 8 out of the top 10 biopharmaceutical products will require cold chain facilities by 2022. The high demand for biosimilars in developing and developed economies is expected to further boost the cold chain supply, thereby contributing to market growth over the forecast period.

The majority of clinical trials are currently being conducted in developing economies. The increasing cost of clinical trials and complications in the recruitment of patients have encouraged biopharmaceutical companies to outsource clinical trials to regions such as Asia Pacific, Latin America, Central & Eastern Europe, and the Middle East. Disease variation in developing economies further aids biopharmaceutical companies to perform clinical trials on rare diseases. Some regions, such as the Asia Pacific, also provide greater economic benefits to biopharmaceutical companies, as governments in Singapore and China allocate funds to promote biomedical research. In Latin America, patient recruitment is easy due to reduced language barriers, which can help obtain informed consent easily, resulting in a faster clinical trial process.

Browse through Grand View Research's Medical Devices Industry Research Reports

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Key Companies Profile

Some prominent players in the global clinical trial supplies market are:

  • KLIFO A/S
  • PAREXEL International Corporation
  • Almac Group Ltd.
  • Movianto GmbH
  • Patheon, Inc.
  • Biocair International Ltd.
  • PCI Services
  • Marken
  • Thermo Fischer Scientific, Inc.
  • Sharp Packaging Services
  • Catalent Pharma Solutions
  • Piramal Pharma Solutions
  • UDG Healthcare
  • EUROFINS
  • PRA Health Sciences
  • Liveo Research

 

Order a free sample PDF of Clinical Trial Supplies Market Intelligence Study, published by Grand View Research.

 

 

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