Report : Clinical Trial Supplies Market Forecast to 2027 - 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
Logistics & Distribution Segment by Product Is Expected to Grow at a Fast Pace over the Forecast Period
According to The Insight Partners market research study of ‘Clinical Trial Supplies Market to 2027 – Global Analysis and Forecasts by Product & Service, Stage, Drug Type, and Application.’ The global clinical trial supplies market is expected to reach US$ 3,298.91 Mn in 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.
The global clinical trial supplies market, based on the product & service, is segmented into logistics & distribution, manufacturing, and packaging & labelling. The logistics & distribution segment held the largest share of the market in 2019. The same segment is estimated to register the highest CAGR in the market during the forecast period as the increasing adoption of this method due to the extended range of advantages. Moreover, the globalization of clinical trials and the growing number of clinical trials involving temperature-sensitive products are anticipated to drive the growth of the segment during the forecast period.
The clinical trial supplies market is anticipated to increase, owing to factors such as increasing pharmaceutical and biopharmaceutical R&D expenditures and an increase in the number of clinical trials. Moreover, growing opportunities in developing nations are likely to have a positive impact on the growth of the market in the coming years.
Leading companies operating in the clinical trial supplies market are 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. These companies have been executing different approaches that have helped the growth of the company and, in turn, have brought about various changes in the market. The companies have utilized strategies such as acquisition, collaboration, and partnerships for the growth of their organizations. For instance, in 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.