SAN FRANCISCO, Sept. 2, 2021 /PRNewswire/ — The global clinical trial supplies market is expected to reach USD 2.9 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to witness growth at 6.0% CAGR owing to the Increasing volume of clinical trial studies coupled with the growing complexity in conduction of these trials are the primary driver of the industry. Furthermore, geographic expansion and development of Information Technology (IT) to facilitate higher integration and smooth performance of activities are other vitally impacting parameters. Over the next eight years, the clinical trials and pharmaceutical industry is anticipated to continue steady growth, thereby promoting the high requirement of clinical trial supplies.
Key Insights & Findings:
- On the basis of clinical phase, the market is anticipated to be dominated by Phase III in 2025. The presence of large number of molecules estimated to reach Phase III by 2020 is the primary factor responsible for this prediction.
- By services, storage and distribution is anticipated to witness the fastest growth at a CAGR of over 7.0%.
- Key end-users of this industry are pharmaceuticals, and biologics. Biologics are expected to witness fastest growth owing to the increasing research in the field of genetics and biotechnology such as development of nanoparticle-based drug delivery systems.
- In terms of therapeutic use or clinical indication, oncology dominates the market. The highest research activity as of 2016 is being performed for this indication, which in turn is expected to drive the market.
- Few of the industry players include Movianto GmbH, Thermo Fischer Scientific, Sharp Packaging Services, Catalent Pharma Solution, Biocair International Ltd., PCI Services, Almac Group Ltd, and Patheon Inc. Other players present in the market space include Clinigen Group Plc, Merck Serono, and Chimerix.
Read 123 page market research report, “Clinical Trial Supplies Market Size, Share & Trends Analysis Report By Clinical Phase (Phase I, Phase II, Phase III), By Product & Service, By End-use, By Therapeutic Use, By Region, And Segment Forecasts, 2021 – 2028“, by Grand View Research
U.S and Canada are home to majority of clinical trials which are conducted in this region. No language barrier is one of the major factors for the preference of this region for majority of clinical trials, as English language is widely spoken in this region. Major CRO’s and biopharmaceutical companies have their hub in this region and with advancement in technology the demand for efficient supplies is increasing and the region is expected to dominate the clinical trial supplies market over the forecast period.
Grand View Research has segmented the global clinical trial supplies market on the basis of clinical phase, product and services, therapeutic use, end-use, and region:
- Clinical Trial Supplies Clinical Phase Outlook (Revenue, USD Million, 2016 – 2028)
- Phase I
- Phase II
- Phase III
- Clinical Trial Supplies Product & Services Outlook (Revenue, USD Million, 2016 – 2028)
- Storage & Distribution
- Cold Chain Distribution
- Non-cold Chain Distribution
- Supply Chain Management
- Clinical Trial Supplies End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Medical device
- Clinical Trial Supplies Therapeutic Use Outlook (Revenue, USD Million, 2016 – 2028)
- CNS Disorders
- Infectious Disease
- Metabolic Disorders
- Clinical Trial Supplies Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Latin America
- South Africa
- Saudi Arabia
List of Key Players of Clinical Trial Supplies Market
- Almac Group
- Catalent, Inc.
- Movianto (Walden Group)
- PCI Pharma Services
- Thermo Fischer Scientific, Inc.
- Parexel International Corporation
Check out more studies about clinical trials, conducted by Grand View Research:
- Clinical Trials Management System (CTMS) Market–The global Clinical Trials Management System (CTMS) market size was valued at USD 592.07 million in 2016. It is anticipated to expand at a CAGR of 12.1% over the forecast period.
- Clinical Trials Market–The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028.
- Indian Clinical Trials Market–The Indian clinical trials market size was estimated at USD 1.6 billion in 2017. It is anticipated to expand at a CAGR of 8.7% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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