Clinical Trial Supplies Market is projected to grow at a CAGR of 9.32% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Clinical Trial Supplies 2023-2033. It includes profiles of Clinical Trial Supplies and Forecasts Market Segment by Location (Offshore Clinical Site, Domestic Clinical Site), Market Segment by Type (Small Molecule Products, Biologic Products, Medical Devices), Market Segment by Services (Manufacturing (IMPs and INDs, Placebos, Assays and Test kits, Others), Logistics & Distribution (Cold Chain Distribution, Non-cold Chain), Storage & Retention, Packaging and Labeling, Comparator Sourcing, Other CTS Services), Market Segment by Therapeutic Areas (Oncology, CNS and Mental Disorders, Cardiovascular Disease (CVD), Infectious Disease, Immunology Disease, Blood Disorders, Metabolic Disorders, Digestive Disorders, Other Therapeutic Areas), Market Segment by Phase (Phase-I, Phase-II, Phase-III, Phase-IV), Market Segment by End-User (Contract Research Organizations, Pharmaceutical and Biotechnology Companies, Medical Device Companies, Other End-Users) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The clinical trial supplies market was valued at US$ 2,617.7 million in 2022 and is projected to grow at a CAGR of 9.32% during the forecast period 2023-2033.
Technological Advancements are Boosting Market Growth
The expanding use of technology in clinical trial supplies changes the dynamics of this industry's logistics services by minimising supply waste and increasing the patient-centric approach of clinical trials. Data Analytics-based Decision Making and Block Chain Technologies are two of the most widely used technologies for enhancing efficiency. Overages and waste will be reduced by integrating enrolment data and inventory levels utilising Data Analytics-based Decision Making, simulation software services, and so on. Furthermore, incorporating block chain into clinical trial can save time, money, improve process efficiency, increase data security, and give patients more autonomy. Block chain technology is being implemented in the pharma procurement supply chain financial services platform to improve efficiency, transparency, and financial operations.
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How has COVID-19 had a Significant Negative Impact on the Clinical Trial Supplies Market?
From the pre-clinical phase to data processing, the COVID-19 outbreak has had a substantial impact on the clinical trial supplier value chain. A general lack of demand forecasting and feasibility planning is one of the key reasons for such a big impact. Changes in legislation and regional regulatory bodies will have an impact on clinical trial supply importation. In the future, pharmaceutical companies can use collaborative strategies to get trial supplies and have a varied supplier base. Sponsors should engage in collaborative supply chain planning to mitigate future supply chain risk, which allows them to retain openness in sourcing, have information on inventory status, and forecast demand. Diversifying the supplier base can also aid in mitigating the detrimental effects of macroeconomic conditions.
How will this Report Benefit you?
Visiongain’s 423-page report provides 187 tables and 272 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the clinical trial supplies market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Clinical Trial Supplies. Get financial analysis of the overall market and different segments including location, type, services, therapeutic area, phase, end-user and capture higher market share. We believe that there are strong opportunities in this fast-growing clinical trial supplies market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Rising Demand for Biologics Propelling Growth of Cold Chain Supplies in Clinical Trial Supplies Market
Clinical studies for biologics and temperature-sensitive medicines have expanded dramatically in past 4 years. According to a World Health Organization (WHO) report published in 2020, 38.0% of pharmaceutical medications are temperature-sensitive biologics products account for approximately 35.0% of late-phase pharmaceutical drugs. Furthermore, due to less side effects of biologics than conventional drugs, the demand for temperature-sensitive medication storage is projected to rise in the future. As a result of the growing number of biologics in clinical trials, demand for cold chain facilities is expected to rise. Increasing demand for biosimilars in both developing as well as developed countries is expected to boost cold chain supply firms even further, propelling market growth throughout the forecast period.
Increasing Business Growth in Biopharmaceutical Industry is Propelling Growth of Clinical Trail Supplies Market
The significant expansion and rapid business growth in biopharmaceutical industry is one of the major factors contributing to the revenue growth of clinical trial supplies market. Furthermore, the discovery of novel drugs and medicines to treat multiple chronic diseases such as HIV, cancer, Alzheimer's, diabetes and others, is positively influencing the growth of this market. The complications associated with clinical trials have given opportunities for the market players to establish and contribute towards strengthening the supply chains of clinical supplies. The major companies are adopting new technologies to build stronger market position by offering sustainable solutions with technology integration. Additionally, clinical supplies manufacturers are concentrating on improving production and packaging processes with minimal wastage for improving overall cost-efficiency.
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Where are the Market Opportunities?
Integration of Technical Solutions Anticipated to Benefit Business Expansion
The elements such as tracking returns, destruction, and reconciliation strengthens the clinical trial supply chain management. The integration of technical solutions with return and destruction process during initiation of clinical trials helps in managing supply chains. These technical solutions include interactive response systems, reducing storage and instances of dosage failures, final reconciliation, multiple expiry duration, recycling, and disposal. The adoption of these best practices enables market players to track drug accountability data is accurately and transparently. Also a strong system for dispensing and inventory logs clarifies the queries along with extensive audit tracking. Furthermore, such technology development and integrations are expected to complement the business expansion of the clinical trial supplies market.
The major players operating in the clinical trial supplies market are ADAllen Pharma, AmerisourceBergen Corporation, Ancillare, Biocai, Catalent, Inc., Clinigen Group plc, Coghlan Group, COREX Logistics, DHL, Durbin, Endpoint Clinical, Eurofins Scientific SE, Inizio (UDG Healthcare plc), IQVIA Inc., KLIFO, Liveo Research, Lonza, Marken (A UPS Company), Movianto, Myonex, N-SIDE, Parexel, PCI Pharma Services, Piramal Pharma Solutions, Recipharm AB, Rubicon Research Pvt S.A., Seveillar Clinical Supplies Services, Sharp Corporation, SIRO Clinpharm, Thermo Fisher Scientific Inc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
On 6th September 2022, Catalent Inc. has announced a US$ 2.2 million expansion of its clinical supply plant in Singapore. The investment will nearly quadruple the site's footprint to 31,000 square feet, enabling the installation of 35 new ultra-low temperature (ULT) freezers.
On 10nd November 2022, in order to build the Israel's first Prime Site, IQVIA announced a long-term agreement with Clalit, Israel's premier health care organisation. The collaboration brings together IQVIA and Clalit's expertise in clinical trial delivery, clinical research, genomics, and data. Clalit operates 14 hospitals as well as over 1600 basic care clinics.
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