Immunoassay Market 1 14

Clinical Trial Supplies Market Growing at a CAGR of 6.1% by 2027

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New York: The Report on Clinical Trial Supplies Market by Decisive Markets Insights was released in the middle of Covid -19 after a thorough analysis of the top players and primary interviews with key industry figures. A market study from Clinical Trial Supplies Market examines the market size, segmentation, future trends, growth rate, drivers and challenges, as well as the sales channels and distributors. The global Clinical Trial Supplies market gathered revenue around USD 1.5 Billion in 2020 and market is set to grow USD 2.7 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 6.1% during the prediction period 2021 to 2027.

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Growth Factors:

Globalization, rise in the number of clinical trials, and rise in the number of biologics and biosimilar drugs in clinical trials are among major factors expected to drive the market. Rapid technological advancements in supply chain management are also expected to contribute to the growth of the market. The adoption of a supply chain management system 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.

The Increasing volume of clinical trial studies coupled with the growing complexity in conduction of these trials are the primary driver of the industry. Furthermore, geographic expansion and development of Information Technology (IT) to facilitate higher integration and smooth performance of activities are other vitally impacting parameters. Over the next eight years, the clinical trials and pharmaceutical industry is anticipated to continue steady growth, thereby promoting the high requirement of clinical trial supplies.

U.S and Canada are home to majority of clinical trials which are conducted in this region. No language barrier is one of the major factor for the preference of this region for majority of clinical trials, as English language is widely spoken in this region. Major CRO’s and biopharmaceutical companies have their hub in this region and with advancement in technology the demand for efficient supplies are increasing and the region is expected to dominate the clinical trial supplies market over the forecast period.

By Clinical Phase analysis:

As of 2020, the phase I clinical trial supplies segment is anticipated to witness the fastest CAGR of 6.5% during the forecast period. However, phase III trials dominated this segment due to the high requirement of supply chain management in this phase. Even though the phase I clinical trials segment is expected to grow at the fastest rate owing to growing R&D activities in the biotechnology space, phase III clinical trials are likely to dominate the market during the forecast period.

Phase III clinical trials are more complex than other phases. Although the number of drugs in this phase is comparatively low, the complexity associated with this phase is highest. The failure rate in this phase is the highest as the sample size and study design require complex dosing at an optimum level. The loss associated with the failure is with respect to human and financial, and a majority of failures are due to noncompliance with safety and efficacy standards. Such a scenario may surge the demand for efficient supply chain and logistics, which, in turn, is expected to positively impact market growth.

By Product & Services analysis:

In 2020, the supply chain management segment dominated the market and accounted for the largest revenue share of 46.8%. This scenario exists in most of the regions worldwide, except in the U.S., wherein the manufacturing segment is also expected to witness a lucrative CAGR of 6.2% over the forecast period.

Globalization of clinical trials and an increase in the number of clinical sites are expected to drive the demand for supply chain management systems by life science companies and CROs. Adoption of mobile and supply chain management technology is expected to be the driving factor for segment growth

By End-use analysis:

The pharmaceuticals segment dominated the market and accounted for the largest revenue share of 42.4% in 2020. The segment is expected to exhibit a CAGR of 6.2% during the forecast period. There has been a steady decrease in pharmaceutical drugs in the R&D pipeline as they have been substituted by biological drugs, which is expected to have a slightly negative impact on segment growth during the forecast period.

The number of pharmaceutical drugs in the top 10 innovative drugs has decreased drastically and is expected to be replaced by biologics. Although pharmaceutical drugs account for the highest number of drugs in the clinical trial segment, the growing number of biological drugs is likely to have an impact on this number

By Therapeutic Use analysis:

The oncology segment dominated the market and accounted for the largest revenue share of 38.13 in 2020. The segment is expected to witness the highest CAGR over the forecast period owing to the presence of a huge R&D pipeline of oncology drugs. The majority of oncology drugs require temperature-sensitive distribution, which is expected to fuel the demand for cold chain distribution.

Cardiovascular diseases are known to be the leading cause of death globally. According to the report published by the American Heart Association, in 2018, around 92.3 million people in the U.S. were living with some form of cardiovascular disease and this disease is the most common cause of mortality in the country compared to cancer and other chronic diseases. It also reported that around 2,300 people in the U.S. die due to cardiovascular disease per day, which is around 1 death every 38 seconds. Thus, such factors are anticipated to propel segment growth during the forecast period. However, introducing a new cardiovascular drug in the market presents many challenges such as stringent regulatory policies for clinical trials and late-stage failures. Supplies are prepared according to changes in the dosage, the number of sites, and packaging design.

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COVID-19 Impact on Clinical Trial Supplies Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Clinical Trial Supplies market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Clinical Trial Supplies market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Clinical Trial Supplies market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Clinical Trial Supplies market include:

Almac Group; Biocair; Catalent, Inc.; KLIFO; Movianto (Walden Group); PCI Pharma Services; Sharp; Thermo Fischer Scientific, Inc.; Marken; Parexel International Corporation

Segments Covered in the Report

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:

  • By Clinical Phase
    • Phase I
    • Phase II
    • Phase III
    • Other
  • By Product & Services
    • Manufacturing
    • Storage & Distribution
      • Cold Chain Distribution
      • Non-cold Chain Distribution
    • Supply Chain Management
  • By End-use
    • Pharmaceutical
    • Biologics
    • Medical device
    • Others
  • By Therapeutic Use
    • Oncology
    • CNS Disorders
    • Cardiovascular
    • Infectious Disease
    • Metabolic Disorders
    • Others

Regional analysis:

North America dominated the market and accounted for the largest revenue share of 50.4% in 2020 owing to the highest number of clinical trials being conducted in the region. Asia Pacific is anticipated to witness the fastest CAGR of 6.2% over the forecast period. Various factors responsible for this growth include the increasing number of healthcare companies conducting clinical trials in the region, supportive government legislations, and availability of cost-effective products.

Asia Pacific is expected to be one of the fastest-growing regions in the market. The tremendous growth in clinical research is expected to drive the market in the region. The primary factors driving the growth of clinical research in the region include low treatment and the presence of a diverse group of patients that are easy to recruit.

Why Buy this Report?

The purpose of Nova one advisor’s Clinical Trial Supplies market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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