The clinical trial supplies market is projected to reach USD 2.82 B billion by 2027 from USD 1.70 billion in 2020, at a CAGR of 7.50 %. Globalization and rise in number of clinical trials, increasing complexities, and rising number of biologics and biosimilar drugs in trials are expected to be the major driver for the growth of this market. Advancement in supply chain management technology is also expected to be the major driver for growth of the supplies market.
Rising adoption of supply chain management system is due to rising pressure to cut down R&D cost and increase the operational efficiency as the supplies contribute significantly to the total R&D expense of biopharmaceutical companies. To cut down the cost of supplies, biopharmaceutical companies are outsourcing their supplies to global and regional supply players, which in turn is helping them to focus more on the trial process.
The geographical distribution of these trials is slowly shifting from developed nations to emerging countries. The rising cost and difficulty in patient recruitment have led biopharmaceutical companies to shift towards regions such as central and eastern Europe, Asia Pacific, Latin America, and Middle East for cost efficiency and quick patient recruitment.
The rise in the number of positive corona cases has impacted negatively on the clinical trial supplies market. The pandemic situation across the world has triggered an evolution in the global healthcare sector with the rising demand for solutions to tackle the coronavirus infection. Therefore, the companies are likely to increase their clinical trial activities, with the introduction of new ones, to find out the solutions against the COVID-19 (coronavirus).
Moreover, the highly contagious nature of the COVID-19 has halted the recruitments in the clinical trials industry. Safety is essential for on-sight professionals, and various organizations are providing guidelines for the protection of people during clinical trials. Furthermore, the mandatory isolations, lockdowns, and work from home or shutdown conditions have disrupted the workflow of clinical trials. Thus, the emergence of this pandemic is expected to slow down market growth in the coming days.
The prominent players operating in the global clinical trial supplies market include Alamc Group (UK), Catalent, Inc. (US), PCI Services (US), Parexel International Corporation (US), Sharp Packaging Services (US), Biocair (UK), O&M Movianto (US), KLIFO A/S (Denmark), and Thermo Fisher Scientific, Inc. (US).
North America and Europe are the leading contributors to the global clinical trial supplies market owing to high share of clinical trials conducted in this region and greater number of clinical trial supply players with the most advanced technology. High cost of conducting clinical trial is expected to be the reason for relatively less growth compared to Asia pacific region.
Asia Pacific is expected to witness the fastest growth owing to its diverse population, easy access to patients, proximity to North America, and low translation cost. Latin America and MEA are also expected to witness significant growth owing to rise in number of clinical trials conducted in this region.
Report : Clinical Trial Supplies Market - By Products and Services (Manufacturing, Packaging, Logistics, And Distribution), By Phase (Phase I, Phase II, Phase III, Phase IV, BA/BE Studies), By Therapeutic Area (Oncology, Cardiovascular Diseases, Neurological Diseases, Respiratory Diseases, Orthopaedics, And Others), And By Region (North America, Asia Pacific, Europe, Middle East & Africa and Latin America) - Industry Analysis, opportunity and Forecast 2020 To 2027