Clinical Trial Supplies Market - Massive Revenue Growth Is Projected By 2026

By Author: MarketsandMarkets
Total Articles: 82
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Overview of This Study:

This market research study involves the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the global clinical trial supplies market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess market prospects. The market size was estimated through various secondary research approaches and triangulated with inputs from primary research.

Recent Developments:

# In April 2021, Thermo Fisher announced plans to acquire PPD for USD 17.4 billion to enhance its offerings in clinical research services and to support clinical trials.

# In April 2021, Parexel collaborated with Veeva Systems to improve their clinical processes for clinical trial delivery and enhance Veeva’s cloud technology.

Major Growth Driving Factors:

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.

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COVID-19 impact on the Clinical Trial Supplies Market:

Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. There has been a tremendous amount of effort put into developing new treatments and vaccines to cure the infection. Within a few weeks of research, companies started coming up with drugs and treatments to treat the infection.

The logistics and distribution segment accounted for the largest share of the services segment in the clinical trial supplies market in 2020.

Based on the service, the clinical trial supplies market is segmented into manufacturing; packaging, labeling, and blinding; comparator sourcing; logistics & distribution; storage & retention; and other services. Logistics & distribution services accounted for a share of around 26%. This segment is estimated to grow at the highest CAGR during the forecast period. Logistics & distribution and storage & retention are seen to be the leading segments with respect to the growth rate during the forecast period as a result of greater reliance on decentralization of clinical trials.

The Asia Pacific region is the fastest-growing region of the clinical trial supplies market in 2020.

Based on the region, the clinical trial supplies market is broadly segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The huge population base, presence of less stringent and harmonized regulatory frameworks, and limited competition make patient recruitment and seeking approval for clinical trials more convenient, less time-consuming, and cost-efficient in the APAC region. This is attracting the attention of a majority of pharmaceutical, biopharmaceutical, and biotechnology giants to consider conducting their clinical trials in APAC countries. The Asia Pacific market is projected to register the highest growth during the forecast period due to the presence of many emerging players, less-stringent regulations, and the ease and cost-effectiveness of patient recruitment in APAC countries.

Key Players:

The global clinical trial supplies market is competitive. Prominent players operating in the global clinical trial supplies market include Catalent, Inc. (US), Thermo Fisher Scientific (US), Piramal Pharma Solutions (India), Parexel International Corporation (US), and UDG Healthcare (Ireland).

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Market Size Estimation:

The global size of the clinical trial supplies market was estimated through different approaches. A detailed market estimation approach was followed to estimate and validate the global market value and other dependent submarkets, as mentioned below. Both top-down and bottom-up approaches were used to estimate and validate the total size of the market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and market have been identified through extensive secondary research
# The revenues generated from the clinical trial supplies business of leading players have been determined through primary and secondary research
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Projected Revenue Growth:

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.

Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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