The Insight Partners Latest Research on “Clinical Trial Supplies Market Forecast to 2027″ Includes COVID-19 Impact and Global Analysis 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
Clinical Trial Supplies Market is expected to reach US$ 3,298.91 Mn by 2027 from US$ 1,867.44 Mn in 2019. The market is estimated to grow with a CAGR of 7.4% from 2020-2027. The report provides trends prevailing in the global clinical trial supplies market and the factors driving market along with those that act as hindrances.
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Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. Also, the implementation of more stringent handling requirements for a type of biopharmaceutical products starting clinical trials, clinical trial supplies strategy needs to be continuously improved.
Top Industry Players Overview:
Several players performing in the market have undertaken various organic growth strategies in the clinical trial supplies market. The clinical trial supplies market majorly consists of players such as Catalent, Inc., Thermo Fisher Scientific, Inc. Almac Group, Parexel International Corporation, Biocair, UDG Healthcare plc (Sharp), PCI Healthcare Services, Owens & Minor Inc., KLIFO, Rubicon Research Pvt. Ltd., among others. Many organic strategies, such as product launches, expansion, and relocation in the clinical trial supplies market, have happened in the definite increase of the market. Product launches support the company to strengthen its product offering and the customer base, which enables the company to maintain a stable situation in the market. Furthermore, employing development activities, it is clear to venture into untapped markets and use the opportunities being offered.
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Below is the list of the growth approaches done by the players working in the clinical trial supplies market:
February 2020: PCI Pharma Services acquired Bellwyck Pharma Services as part of its global expansion in Clinical Trial Services in Canada and the Continental European region
September 2019: PCI Healthcare Services expanded its clinical services facility in Rockford to about 30,000 sq. ft. This scale of the facility has helped the company to deliver increased flexibility and scalability for its services related to primary and secondary packaging, labeling, and 2-8°C cold chain storage
April 2019: UDG Healthcare plc (Sharp), received approval from the Medicines and Healthcare Product Regulatory Agency (MHRA) to commence of production at its Clinical Services Centre of Excellence in Rhymney, UK
The growing healthcare sector in developing countries of Asia-Pacific creates better opportunities for the clinical trial supplies market players to expand their business. The vast patient population in these countries is generating demand for more clinical trials. The number of clinical trials conducted in the Asia Pacific is more than those in the US or Europe. This shift is ascribed to low operational costs, considerable patient recruitment potential, contract research organizations growth, favorable regulatory environment, and better clinical trial capacity and quality. In advanced economies like North America and Europe, ~35% of trials are delayed due to problems in patient recruitment. And one-fifth of the trials are refrained from enrollment due to an insufficient number of subjects. As per the report “Clinical trials in Asia: A World Health Organization database study,” from 2008 to 2017, the average yearly rise in the number of clinical trials conducted was 41.9% in Iran, 27.1% in Sri Lanka, 23.3% in China, 21.3% in India, 18.4% in Japan, 14.7% in Thailand, 8.4% in Malaysia, and 12.9% in Korea. Moreover, the clinical trials in Asia cost ~30–40% lower than the US and the EU as the doctor visits, and medical treatments and procedures are less pricey in Asian countries.
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