Clinical Trial Supplies Market to 2027 - Global Analysis and Forecasts by Product & Service (Manufacturing, Packaging & Labelling, Logistics & Distribution); Stage (Phase I, Phase II, Phase III, Bioequivalence Studies); Drug Type (Small-molecule Drugs, Biologic Drugs); Application (Oncology, Cardiovascular Diseases, Neurological Disorders, Respiratory Disorders, Others), and Geography
The clinical trial supplies market was valued at US$ 1,867.44 million in 2019 and is projected to reach US$ 3,298.91 million by 2027; it is expected to grow at a CAGR of 7.4% from 2020 to 2027.
Increasing pharmaceutical and biopharmaceutical R&D expenditures and increase in several clinical trials are the major factors driving the growth of clinical trial supplies market. However, the rising cost of drug development and the challenges associated with clinical trials mainly due to the negative impact of coronavirus are expected to restrict market growth during the forecast period.
A clinical trial is a crucial and significant step in the determination of the safety and effectiveness of a medical strategy, treatment, and device for commercial usage. These studies help understand and determine the best medical approaches for a particular therapeutic area. The increasing prevalence of various communicable and non-communicable diseases is triggering the demand for the development of new drugs or medical devices. Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted to ensure the safety and efficacy. The abovementioned scenario is expected to surge the need for clinical trial supplies management in the coming years. As per the data from the US National Library of Medicine, in 2018, there were ~280,801 clinical studies ongoing in 50 states and 204 countries. Hence, the increasing number of clinical trials is raising the demand for supplies, which in turn is driving the growth of the clinical trial supplies market.
The global clinical trial supplies market is segmented into product & service, stage, drug type, and application. Based on product & service, the clinical trial supplies market is segmented into logistics & distribution, manufacturing, and packaging & labeling. The logistics & distribution segment held the largest share of the market in 2019 and is anticipated to register the highest CAGR in the market during the forecast period. Based on stage, the market is segmented into phase III, phase II, bioequivalence studies, and phase I. 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. Based on drug type, the clinical trial supplies market is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019; however, biologic drugs segment is estimated to register the highest CAGR in the market during the forecast period. Based on application, the market is segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment holds the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Food and Drug Administration, World Health Organization (WHO), International Trade Administration (ITA), Canada Foundation of Innovation (CFI), and Pharmaceutical Research and Manufacturers of America (PhRMA) are some of the essential secondary sources included in the report.
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