(PharmaNewsWire.Com, November 29, 2021 ) According to the new market research report, "Clinical Trial Supplies Market by Services (Manufacturing, Packaging, Logistics, Distribution), Phases (I to IV), Type (Small molecule, Biologics, Medical Devices) Therapeutic Areas (Oncology, CNS, CVD, Infectious, Immunology) - Global Forecast 2026", 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.
Browse and in-depth TOC on "Clinical Trial Supplies Market"
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.
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 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).
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Biotechnology & Pharmaceuticals resource center today to browse our selection of 600+ complimentary Biotechnology & Pharmaceuticals magazines, white papers, webinars, podcasts, and more. Get popular titles including: