Healthcare Clinical Trials Supplies Market is expected to grow up to 7.9% CAGR during the forecasting...

Clinical Trials Supplies Market is expected to grow up to 7.9% CAGR during the forecasting period 2021-2027

The clinical trial is a research which specifies whether a medical approach, therapy, or device is efficient, secure and useful for the purpose of human. Clinical trial supplies management is required for avoiding excess production, excess supply and inventory expiration. With the rising costs of drug discovery, clinical trial supplies are gaining more prominence. Also, the application of more strict handling requisites for a type of biopharmaceutical products starting clinical trials, clinical trial supplies strategy requirements to be continuously improved. Sponsors and contract research organizations taking part in drug discovery initiatives have recognized the prominence of clinical trials supplies and end-to-end solutions for taking into account the desired study timelines. Activities associated to import and distribution of investigational medicinal products (IMPs) and non investigational products (NIMPs) also mandate a substantial clinical trial supplies planning for adhering to require trial protocols. The factors such as rising cost of drug development and clinical trials are likely to hamper the market growth.

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Key Driving Factors: Rising Pharmaceutical and Biopharmaceutical Research and Development Expenditures

Research and development (R&D) is a vital and prominent segment of the business of pharmaceuticals and biopharmaceuticals companies. Research and development allows them to come up with new molecules for several therapeutic applications with extensive medical and commercial potential. Research and development expending by biopharmaceutical companies has also spurred over the years. R&D expenditures are done for identifying, studying and manufacturing new products, in advance payments, and milestones, improving existing results, as well as illustrating product efficacy and regulatory compliance before launch. The research and development investments differ based on their requirement and demand for the supplies for a clinical trial. Hence, the rising expenditure by pharmaceutical and biopharmaceutical for research and development has catalyzed the market growth.

The key vendors operating in the clinical trial supplies market are Catalent, Inc., Owens & Minor Inc., Almac Group, Parexel International Corporation, Biocair, UDG Healthcare plc (Sharp), PRA Health Sciences, Inc., Thermo Fisher Scientific, Inc., PCI Healthcare Services, KLIFO, Rubicon Research Pvt. Ltd. and Seveillar Clinical Trial Supplies Pvt. Ltd. 

Opportunities: Emerging market in developing economies

The patient recruitment in clinical trials has exhibited enormous growth in the developing countries such as China, India, and South Korea, where the cost of clinical trial process is lesser than in the developed countries. Austrade expressed that the early phase cost in clinical trials in developing nations is 28% less cost before the tax incentives and 60% less cost after-tax incentives compared to the U.S. This has resulted in several cases of rare diseases and their clinical trials are being transferred to developing nations.

Based on End Users:

The prominent end users of the market include pharmaceuticals and biologics, contract research organization and medical device companies. The contract research organizations are the significant end users of the clinical trial supplies since, most of the drug manufacturer’s interest is increased to outsource their clinical trials to contract research organizations and it is considered that compared to biotech, medical device industry and governments the contract research organizations are the substantial end users.   

By Service

·        Manufacturing

·        Packaging, Labeling, and Blinding

·        Comparator Sourcing

·        Logistics

·        Distribution, Storage, and Retention

·        Solutions

By Phase

·        Phase I

·        Phase II

·        Phase III

·        Phase IV

·        BA/BE Studies

By Therapeutic Area

·        Oncology

·        Neurological and Mental Disorders

·        Infectious and Immune System Diseases

·        Digestive System Diseases

·        Blood Disorders

·        Other Therapeutic Areas

By Drug Type

·        Small-molecule Drugs

·        Biologic Drugs

By Region

·        North America

·        Europe

·        Asia Pacific

·        Rest of the World

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Published Date : April-2021