Clinical Trial Supplies Market: Emerging Trends & Global Future Forecasts

Posted by MV Mukund on April 1st, 2024

Overview of This Study:

In order to determine the current size of the clinical trial supplies market, this study engaged in four main actions. A thorough investigation was conducted using secondary research methods to gather data about the market, its parent market, and its peer markets. The following stage involved conducting primary research to confirm these conclusions, hypotheses, and sizing with industry experts throughout the value chain. A combination of top-down and bottom-up methods was used to assess the overall market size. The market size of the various segments and subsegments was then estimated using data triangulation techniques and market breakdown.

Market Size Estimation:

Several methods were used to assess the clinical trial supplies market's size globally. The value of the market and other associated submarkets was estimated and validated using a thorough market estimating methodology. The size of different market subsegments was also widely estimated using these techniques. The following is a list of the research methods utilized to determine the market size:

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

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Major Growth Driving Factors:

A number of variables, including the rise in clinical trial numbers, the incidence of diseases, and the strong regulatory support for clinical trials, all contribute to the growth of the clinical trials supplies market. Moreover, a rise in industry partnerships for medication discovery is probably going to fuel the market expansion for clinical trial supplies.

Revenue Growth Projections:

Revenue-wise, the global clinical trial supplies market was projected to be valued .9 billion in 2023 and is expected to rise at a compound annual growth rate (CAGR) of 9.9% from 2023 to 2028, when it reaches .3 billion.

Data Triangulation:

Following the evaluation of the market's overall size by a market size estimation procedure, the market was divided into multiple segments and subsegments. Data triangulation and market breakdown processes were used where appropriate to finish the entire market engineering process and yield precise statistics for all segments and subsegments. Through an analysis of numerous variables and patterns from the supply and demand sides, the data was triangulated.

Driver: Increasing the quantity of clinical trials that are registered

The World Health Organization reports that there would be over 7,44,100 clinical studies registered worldwide in 2022, a rise in the number of registered clinical trials. The United States of America registered the most trials overall between 1999 and 2022 (168,520), ahead of China (94,193) and Japan (63,499). Of the clinical trials that had a designated phase of development, the majority (95,790) were in phase II.

The pharmaceutical industry spends the highest proportion of its sales on research and development (R&D) of all industry sectors. Statistics showing a consistent increase in the number of registered and ongoing clinical trial cases during the previous 23 years. This is the primary cause of the increase in clinical trial services that are being outsourced, including production, packing, labeling, blinding, and storage and delivery.

Restraint: High cost of drug development

There are several restrictions on clinical trial supply, including the high expense of drug development and discovery.

However, the process of researching and developing drugs for some uncommon diseases can be extremely difficult, requiring expert laborers to conduct clinical trials and a method that is prone to failure.

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Opportunity: Growth opportunities in emerging markets

North America and Europe are the two main centers for clinical trial services in the clinical trial supplies market. Furthermore, the high expense of clinical trials for their creative drug creation is a problem for these nations. Developing countries are conducting clinical trials for rare diseases that have come from this. The US-based corporation Thermo Fisher Scientific Inc. The PPD DCT Network was established to support international researchers and research centers participating in DCTs for pharmaceutical and biotech clients, according to a major player in this sector. In order to bolster the expansion of healthcare logistics, Catelent Inc. (US) purchased Bomi Group. This acquisition increased the company's global reach and strengthened its cold chain capabilities in key countries throughout Europe and Latin America.

Key Players:

The clinical trial supplies market is consolidated, with a small number of players competing for market shares.  Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Eurofins Scientific (France), Piramal Pharma Solutions (India), PRA Health Sciences (US), Marken (A Subsidiary of UPS) (US), Parexel International (MA) Corporation (US), Biocair (UK), AlmacGroup (UK), Sharp Services, LLC (US), PCI Pharma Services (US), Nuvisan (Germany), Lonza Group (Switzerland), are some of the leading players in this market.

Different Growth Strategies Adopted by Them:

Most companies in the market focus on organic and inorganic growth strategies, such as service launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their service offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.

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MV Mukund

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MV Mukund
Joined: March 18th, 2020
Articles Posted: 77

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