The Clinical Trial Supplies Market size is projected to reach US$ 8085.87 million by 2031 from US$ 3819.36 million in 2023. The market is expected to register a CAGR of 9.9% in 2024–2031. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. In addition, implementing more stringent handling requirements for a type of biopharmaceutical product starting clinical trials and clinical trial supplies strategy needs to be continuously improved. The growth of the global clinical trials supplies market is attributed to key driving factors such as increasing R&D expenditures in the pharmaceutical & biopharmaceutical companies, increase in the number of clinical trials, and higher costs of drug development in developed nations. However, the rising cost of drug development and clinical trials and challenges for clinical trials due to the coronavirus's negative impact are expected to restrain the market growth during the forecast years. The significantly growing chronic diseases across the world are likely to remain a clinical trial supplies market trend.
The growing healthcare sector in developing countries of Asia-Pacific creates better opportunities for the clinical trial supplies management market players to expand their business. The huge patient population in these countries is generating demand for more clinical trials. More clinical trials are conducted in the Asia Pacific than in the US or Europe. This shift is ascribed to low operational costs, large patient recruitment potential, contract research organization's growth, favorable regulatory environment, and better clinical trial capacity and quality. In developed regions such as North America and Europe, ~35% of trials are delayed due to problems in patient recruitment, and one-fifth of the trials are refrained from enrolment due to insufficient subjects. As per the report “Clinical Trials in Asia: A World Health Organization database study,” from 2008 to 2017, the average yearly rise in the number of clinical trials conducted was 41.9% in Iran, 27.1% in Sri Lanka, 23.3% in China, 21.3% in India, 18.4% in Japan, 14.7% in Thailand, 8.4% in Malaysia, and 12.9% in Korea.
The rising number of clinical trial supply market players is expected to drive the global clinical trial supplies market.
The clinical trial is an investigation study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. These studies help to find which therapeutic approaches are best for certain diseases. Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration.
The rising prevalence of chronic diseases boosts the growth of the clinical trial supplies market.
The high incidence of chronic diseases in Asia is a key factor likely to contribute to the surge in the number of clinical trials in Asia. According to the World Health Organization (WHO), non-communicable diseases cause 55% of the total deaths, ~8 million every year, in the region. In addition, pharmaceutical companies are likely to conduct drug trials for treating gastroesophageal or liver cancer in China or Korea, respectively, as these countries have many patients suffering from these diseases. Moreover, clinical trials in Asia cost ~30–40% less than in the US and the EU as the doctor visits and medical treatments and procedures are less pricey in Asian countries. Such a factor is anticipated to increase the clinical trials, thereby contributing to the clinical trial supplies market growth.
Outsourcing clinical trials from contract manufacturers and service providers provides sufficient time for pharmaceutical drug manufacturers to develop other drug formulations, maintain frequent and constant communication with other pharmaceutical companies, and prevent risks and other benefits. Companies such as Fisher Clinical Services, Inc., PAREXEL International, and Piramal Pharma Solutions offer logistics and distribution services to pharmaceutical and biopharmaceutical companies. Thus, the factors mentioned above are responsible for the growth of the clinical trial supplies market size.
Key segments that contributed to the derivation of the clinical trial supplies market analysis are product & services and stage.
The geographic scope of the clinical trial supplies market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
Based on geography, the clinical trials supplies market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The North American, clinical trials supplies market has been analyzed based on three major countries — the US, Canada, and Mexico. The US clinical trials supply market is estimated to hold the largest market share during the forecast period. The US clinical trial supplies market growth is attributed to the presence of market players in the region that offer manufacturing, storage, logistics, and other services, which is likely to enhance the market growth in the country. For instance, Alderley Analytical, Almac, and others are well-known manufacturing organizations offering a wide range of integrated services to more than 600 pharmaceutical and biotech companies. Additionally, the rise in demand for services and medicines in areas of orphan and rare diseases is expected to encourage drug manufacturers to develop smart medicines and recruit patients for clinical trials. The increasing urge for the development of new drugs in the country is also expected to increase the number of industry entrants by keeping up with the fast pace of the pharmaceutical industry.
The regional trends and factors influencing the Clinical Trial Supplies Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Clinical Trial Supplies Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 3819.36 Million |
| Market Size by 2031 | US$ 8085.87 Million |
| Global CAGR (2024 - 2031) | 9.9% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product & Service
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Clinical Trial Supplies Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Clinical Trial Supplies Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The clinical trial supplies market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
The “Clinical Trial Supplies Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas: