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Clinical Trial Supplies Market Size Worth USD 3,298.91 million by 2027 and is expected to grow at a CAGR of 7.4%: The Insight Partners

The clinical trial supplies market was valued at US$ 1,867.44 million in 2019 and is expected to grow at a CAGR of 7.4% from 2020 to 2027 to reach US$ 3,298.91 million by 2027.

The report provides trends prevailing in the global clinical trial supplies market and the factors driving market along with those that act as hindrances.

The clinical trial is an investigation study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. 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. The global clinical trial supplies market is driven by factors such as increasing pharmaceutical and biopharmaceutical R&D expenditures and an increase in several clinical trials. However, the rising cost of drug development and clinical trials and challenges for clinical trials due to the negative impact of coronavirus are expected to restrict the market growth during the forecast period.

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Market Insights

Increasing Pharmaceutical and Biopharmaceutical R&D Expenditures

Research and development (R&D) is a significant and essential part of the business of pharmaceuticals and biopharmaceuticals companies. R&D enables them to come up with new molecules for various therapeutic applications with substantial medical and commercial potential. R&D spending by biopharmaceutical companies has also increased over the years. As per the report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expense of these companies has increased from US$ 59.6 billion in 2015 to US$ 79.6 billion in 2018. R&D expenditures are done for discovering, examining, and producing new products, upfront payments, and milestones, improving existing outcomes, as well as demonstrating product efficacy and regulatory compliance before launch. The R&D investments differ as per their need and demand for the supplies for a clinical trial. The cost includes materials, supplies used, and salaries, also the cost of developing quality control. Drug improvement and discovery is a time-consuming and expensive process. The process stages range from early detection or design to development and regulatory approval, and the entire process can take more than 10–15 years. Throughout the drug growing phase, various testing services are required to check the quality and efficacy of the drug substance. Several manufacturers are investing in clinical supplies in the pharmaceutical industry. For instance, in February 2019, Sharp spent US$ 650,000 in the interactive response technology (IRT) solution to enable appropriate supply allocation to decrease the costs incurred by the overproduction for sponsors. Therefore, the pharmaceutical and biotech companies are dependent on the supplies for the services to the clinical trials, which is expected to drive the growth of the market.

Challenges for Clinical Trials Due to Negative Impact of Corona Virus

The rise in the number of positive corona cases has impacted negatively on the clinical trial supplies market. The pandemic situation across the world has triggered an evolution in the global healthcare sector with the rising demand for solutions to tackle the coronavirus infection. Therefore, the companies are likely to increase their clinical trial activities, with the introduction of new ones, to find out the solutions against the COVID-19 (coronavirus).

Moreover, the highly contagious nature of the COVID-19 has halted the recruitments in the clinical trials industry. Safety is essential for on-sight professionals, and various organizations are providing guidelines for the protection of people during clinical trials. Furthermore, the mandatory isolations, lockdowns, and work from home or shutdown conditions have disrupted the workflow of clinical trials. Thus, the emergence of this pandemic is expected to slow down market growth in the coming days.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Clinical Trial Supplies Market: Competitive Landscape and Key Developments

Leading companies operating in the clinical trial supplies market are 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., among others.

The global clinical trial supplies market, based on the product & service, is segmented into logistics & distribution, manufacturing, and packaging & labelling. The logistics & distribution segment held the largest share of the market in 2019. The same segment is estimated to register the highest CAGR in the market during the forecast period as the increasing adoption of this method due to the extended range of advantages. Moreover, the globalization of clinical trials and the growing number of clinical trials involving temperature-sensitive products are anticipated to drive the growth of the segment during the forecast period.

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About US

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defence, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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Contact Person: Sameer Joshi

E-mail: [email protected]

Phone: +1-646-491-9876

Press Release: https://www.theinsightpartners.com/pr/clinical-trial-supplies-market

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