Publication Month: Mar 2020 | Report Code: TIPRE00009672 | No. of Pages: 187 | Category: Pharmaceuticals | Status: Published
The clinical trial is an investigation study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. Also, the implementation of more stringent handling requirements for a type of biopharmaceutical products starting clinical trials, clinical trial supplies strategy needs to be continuously improved. The global clinical trial supplies market is driven by factors such as increasing pharmaceutical and biopharmaceutical R&D expenditures and an increase in several clinical trials. However, the rising cost of drug development and clinical trials and challenges for clinical trials due to the negative impact of coronavirus are expected to restrict the market growth during the forecast period.
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Research and development (R&D) is a significant and essential part of the business of pharmaceuticals and biopharmaceuticals companies. R&D enables them to come up with new molecules for various therapeutic applications with substantial medical and commercial potential. R&D spending by biopharmaceutical companies has also increased over the years. As per the report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expense of these companies has increased from US$ 59.6 billion in 2015 to US$ 79.6 billion in 2018. R&D expenditures are done for discovering, examining, and producing new products, upfront payments, and milestones, improving existing outcomes, as well as demonstrating product efficacy and regulatory compliance before launch. The R&D investments differ as per their need and demand for the supplies for a clinical trial. The cost includes materials, supplies used, and salaries, also the cost of developing quality control. Drug improvement and discovery is a time-consuming and expensive process. The process stages range from early detection or design to development and regulatory approval, and the entire process can take more than 10–15 years. Throughout the drug growing phase, various testing services are required to check the quality and efficacy of the drug substance. Several manufacturers are investing in clinical supplies in the pharmaceutical industry. For instance, in February 2019, Sharp spent US$ 650,000 in the interactive response technology (IRT) solution to enable appropriate supply allocation to decrease the costs incurred by the overproduction for sponsors. Therefore, the pharmaceutical and biotech companies are dependent on the supplies for the services to the clinical trials, which is expected to drive the growth of the market.
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.
Based on product & service, the clinical trial supplies market is segmented into logistics & distribution, manufacturing, and packaging & labelling. In 2019, the logistics & distribution segment accounted for the largest market share in the global clinical trial supplies market. The growth of logistics & distribution is attributed to 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. Furthermore, the same segment is estimated to register the highest CAGR in the market during the forecast period.
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The clinical trial supplies market, by stage, is segmented into phase III, phase II, bioequivalence studies, and phase I. In 2019, the phase III segment accounted for the largest market share in the global clinical trial supplies market. Additionally, this segment is expected to grow at a faster pace in the forecasted period as well. The growth of the phase III segment is expected to the information that phase III trials are the most costly, time-consuming, and demanding to design and run.
The clinical trial supplies market, by drug type, is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019. However, biologic drugs are estimated to register the highest CAGR in the market during the forecast period.
Based on the application, the clinical trial supplies market is segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology 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 because of the increasing prevalence of cancer across the globe, and their demand for drugs eventually increased the need for the clinical trial supplies.
|Market Size Value in||US$ 1,867.44 Million in 2019|
|Market Size Value by||US$ 3,298.91 Million by 2027|
|Growth rate||CAGR of 7.4% from 2020-2027|
|No. of Pages||187|
|No. of Tables||102|
|No. of Charts & Figures||73|
|Historical data available||Yes|
|Segments covered||Product & Service ; Stage ; Drug Type ; Application , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Product launches and approvals approach is generally selected by companies to expand their footprint worldwide and meet the growing demand. The market players most commonly adopt this strategy to broaden its product portfolio.
The market players operating in the clinical trial supplies market adopt the strategy of collaborations to enlarge customer base across the world, which also permits the players to maintain their brand name globally.
The List of Companies - Clinical Trial Supplies Market