Clinical Trial Supplies Market - Global Revenue Growth Expected to be at a CAGR of 8.5%

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(EMAILWIRE.COM, August 31, 2021 ) The global clinical trial supplies market is projected to reach USD 2.9 billion by 2026 from USD 1.9 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

Market growth is largely driven by the increasing R&D expenditure in pharmaceutical and biopharmaceutical companies and the growing number of clinical trials conducted globally. However, the increasing cost of drug development and clinical trials is expected to restrain the growth of this market during the forecast period.

OPPORTUNITY: R&D investments offer significant opportunities for the market

North America and Europe, traditionally the major hubs for clinical trials, are facing challenges in terms of trial costs and patient pools. Recent health reforms in the US, the patent expiry of blockbuster drugs, and the global economic slowdown have affected the profitability of pharmaceutical companies. This is compelling several pharmaceutical companies to look for opportunities in emerging countries across the APAC, such as India, Singapore, South Korea, and China, which offer advantages such as reduced costs and easy access to a large heterogeneous patient population.

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Collaborations or expansions between companies in this market indicate that they are moving towards emerging markets to help their clients reduce the overall time consumed in clinical trials, thereby reducing their overall cost and resulting in the earlier launch of products in the market (post regulatory clearance). CROs can exploit these opportunities by supporting pharmaceutical companies to fulfill their needs for clinical trial supplies.

The Oncology segment dominated the clinical trial supplies market in 2020.

Based on the therapeutic area, the clinical trial supplies market is segmented into oncology, CNS & mental disorders, cardiovascular diseases, digestive disorders, infectious diseases, metabolic disorders, immunology, blood disorders, and other therapeutic areas (respiratory disorders, dermatological disorders, rare diseases, ENT diseases, Nephrology) Oncology is the largest segment in this market owing to the high and growing number of research studies on cancer therapeutics and the increasing number of companies focusing on bringing innovative cancer drugs into the market.

Considering the high incidence and prevalence of cancer, healthcare systems across the globe are focusing on reducing the burden of cancer by adopting innovative diagnostic and therapeutic approaches. In this scenario, effective drugs might witness widespread adoption in major markets such as the US, Europe, and the Asia Pacific. Considering these factors, many pharmaceutical companies are making significant investments in the development of innovative cancer drugs.

The pharmaceutical and biotechnology companies segment accounted for the largest share in 2020

Based on end users, the clinical trial supplies market is categorized into three segments—pharmaceutical & biotechnology companies, contract research organizations (CROs), and medical device companies. The pharmaceutical and biotechnology companies accounted for the largest share of 70% of this market in 2020. This share is attributed to the rising R&D efforts by these companies.

North America was the largest regional market for clinical trial supplies in 2020.

Geographically, the clinical trial supplies market is segmented into North America, Europe, Asia Pacific, RoW. In 2020, North America accounted for the largest share of the clinical trial supplies market, followed by Europe & Asia Pacific. The growing number of registered clinical trials and significant investments in R&D for clinical trials in this region are major factors driving the growth of the North American market. The presence of many global pharmaceutical giants, such as Pfizer, Abbott Laboratories, and Johnson & Johnson (which outsource their clinical trials to reduce the costs and time associated with completing these trials) in this region is another key driver for market growth.

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Key Market Players

Key players in the clinical trial supplies market include Thermo Fisher Scientific (US), Catalent, Inc. (US), Parexel (US), Almac Group (UK), Marken (US), Piramal Pharma Solutions (India), UDG Healthcare (Ireland).

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