Europe Clinical Trials Supplies Market is expected to reach US$ 938.54 Mn by 2027

The logistics & distribution segment by product and service is estimated to lead the market growth during the forecast period.

According to The Insight Partners market research study of “Europe Clinical Trial Supplies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product & Service, Stage, Drug Type, Application and Country.” The Europe clinical trial supplies market is expected to reach US$ 938.54 Mn by 2027 from US$ 550.28 Mn in 2019; it is estimated to grow at a CAGR of 7.0% from 2020 to 2027. The report highlights trends prevailing in the Europe clinical trial supplies market and the factors driving market along with those that act as hindrances.

Based on product & service, the Europe clinical trial supplies market is segmented into manufacturing, packaging & labelling, and logistics & distribution. The logistics & distribution segment held the largest share of the market in 2019; the segment is anticipated to register the highest CAGR in the market during the forecast period. 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. A rise in outsourcing activities by pharmaceutical companies has been witnessed during recent years. The major factors driving the outsourcing activities by companies include cost cutting, need for innovations, increased speed and agility, and access to specialized knowledge and technologies. Hence, with an increase in the R&D expenditure, the need for clinical trial outsourcing is increasing. Furthermore, the collaborative research between the research & development team of the sponsoring company as well as contract developer is a new trend being employed in the market. In addition, the emerging trend of outsourcing has led to rise in development of drug candidates and clinical trials by pharmaceutical and biotechnology companies, which is also expected to account for the growth of the market over the coming years. Also, factors such as increasing R&D expenditures in the pharmaceutical & biopharmaceutical companies and rising number of clinical trials will bolster the market growth.

Since the surge of COVID-19 cases, the pharmaceutical industry is facing a decrease in production capabilities, resulting in drug shortages. Moreover, diversion of resources from drug development to coronavirus treatment is likely to hamper overall productivity of the drug development for a short period of span. Various pharmaceutical companies made decisions to postpone the ongoing clinical trials due to disrupted supply chains and threat of the virus. However, the procedures and practices have now re-initiated due to economic losses in the commercial sector in North America. Thus, the COVID-19 pandemic had a positive as well as negative impact on the Europe clinical trial supplies market.

The growth of the market is attributed to some key driving factors such as rising investments and government funding for clinical trials and increasing R&D expenditures in the pharmaceutical & biopharmaceutical companies. However, changing regulatory landscape and regulatory complexities across Asia Pacific is restricting the growth of the clinical trial supplies market.

THERMO FISHER SCIENTIFIC INC., UDG Healthcare plc, Catalent Inc., pci Pharma Services, Almac Group, PAREXEL INTERNATIONAL CORPORATION, Biocair, Owens & Minor Inc, Rubicon Research Pvt. Ltd, KLIFO and CLINICAL SUPPLIES MANAGEMENT HOLDINGS, INC. are among the leading companies operating in the Europe clinical trials supplies market.

The report segments in Europe Clinical Trial Supplies Market as follows:

By Product & Service

• Manufacturing
• Packaging & Labelling
• Logistics & Distribution

By Stage

• Phase I
• Phase II
• Phase III
• Bioequivalence Studies

By Drug Type

• Small-molecule Drugs
• Biologic Drugs

By Application

• Oncology
• Cardiovascular Diseases
• Neurological Disorders
• Respiratory Disorders
• Others

By Country

• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe