The Research Report on “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) (2022 – 2026)”, 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.
Increasing R&D expenditure of pharmaceutical and biopharmaceutical companies;
The pharmaceutical and biopharmaceutical sector is one of the biggest R&D spenders globally. In the last decade, the R&D expenditure of pharmaceutical and biopharmaceutical companies has risen considerably. This is expected to lead to a rise in the number of clinical trials conducted globally. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), PhRMA members have invested significantly in drug development efforts. Companies in the market are actively looking to support R&D efforts. A further increase in R&D spending in the coming years will significantly boost drug discovery and development activities, thus driving the demand for clinical trial supplies.
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Industry Segmentation In Detailed:
The Oncology segment dominated 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. Considering the high incidence and prevalence of cancer, healthcare systems across the globe are focusing on reducing the burden of cancer by adopting innovative diagnostic and therapeutic approaches. In this scenario, effective drugs might witness widespread adoption in major markets such as the US, Europe, and the Asia Pacific. Considering these factors, many pharmaceutical companies are making significant investments in the development of innovative cancer drugs.
The pharmaceutical and biotechnology companies segment accounted for the largest share in 2020.
Based on end users, the clinical trial supplies market is categorized into three segments-pharmaceutical & biotechnology companies, contract research organizations (CROs), and medical device companies. The pharmaceutical and biotechnology companies accounted for the largest share of 70% of this market in 2020. This share is attributed to the rising R&D efforts by these companies.
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Leading Key Players and Analysis:
Key players in the clinical trial supplies market include Thermo Fisher (US), Catalent, Inc. (US), Parexel (US), Eurofins (France) UDG Healthcare (Ireland), Piramal Pharma Solutions (India), Almac Group (UK), PCI Pharma Services (US), PRA Health Sciences (US), Biocair (UK), Eurofins (France), Marken (US), Infosys (India), Liveo Research (India), Capsugel (a Lonza Group company) (Switzerland), SIRO Clinpharm (India), KLIFO A/S (Denmark), Clinigen (UK), Ancillare (US), N-SIDE (Belgium), ADAllen (UK), Rubicon (India), Durbin (UK), Recipharm (Sweden), Seveillar (India), Myonex (India)
Geographical Analysis in Detailed:
The clinical trial supplies market is segmented into North America, Europe, Asia Pacific, RoW. In 2020, North America accounted for the largest share of the clinical trial supplies market, followed by Europe & Asia Pacific. The growing number of registered clinical trials and significant investments in R&D for clinical trials in this region are major factors driving the growth of the North American market. The presence of many global pharmaceutical giants, such as Pfizer, Abbott Laboratories, and Johnson & Johnson (which outsource their clinical trials to reduce the costs and time associated with completing these trials) in this region is another key driver for market growth.
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