(Health-NewsWire.Net, May 26, 2022 ) Major Growth Driving Factors:
Growth of the global Clinical Trial Supplies Market 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.
Expected Revenue Gains:
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.
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.
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The oncology segment accounted for the largest share of the therapeutic area segment in 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. The oncology segment is projected to grow at the highest CAGR during the forecast period.
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.
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).
Different Growth Strategies Adopted by Them:
The key players in this market are increasingly focusing on strategic expansions, partnerships, and product approvals to expand their manufacturing capabilities and increase market presence.
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Mr. Aashish Mehra