Clinical Trial Supplies Market – Global Industry Segmentation & Future Growth Trends

Overview:

This market research study involves the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the global clinical trial supplies market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information and assess market prospects. The clinical trial supplies market size was estimated through various secondary research approaches and triangulated with inputs from primary research.

Expected Revenue Growth:

The global clinical trial supplies market is projected to reach USD 2.9 billion by 2026 from USD 1.9 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.

Major Industry Growth Drivers:

Market growth is largely driven by the increasing R&D expenditure in pharmaceutical and biopharmaceutical companies and the growing number of clinical trials conducted globally. However, the increasing cost of drug development and clinical trials is expected to restrain the growth of this market during the forecast period.

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Global Industry Segmentation:

Based on the therapeutic area, the clinical trial supplies market is segmented into oncology, CNS & mental disorders, cardiovascular diseases, digestive disorders, infectious diseases, metabolic disorders, immunology, blood disorders, and other therapeutic areas (respiratory disorders, dermatological disorders, rare diseases, ENT diseases, Nephrology) Oncology is the largest segment in this market owing to the high and growing number of research studies on cancer therapeutics and the increasing number of companies focusing on bringing innovative cancer drugs into the market. The oncology segment is projected to register the highest CAGR during the forecast period.

Based on end users, the clinical trial supplies market is categorized into three segments—pharmaceutical & biotechnology companies, contract research organizations (CROs), and medical device companies. These end users use clinical trial services for various activities in the supply chain like comparator sourcing, manufacturing, packaging, labeling, storage, and retention. The pharmaceutical and biotechnology companies accounted for the largest share of 70% of this market in 2020. This share is attributed to the rising R&D efforts by these companies. The fastest-growing segment is the CROs owing to the increasing outsourcing of clinical research by companies.

Geographical Growth Scenario:

Based on the region, the clinical trial supplies market is broadly segmented into North America, Europe, the Asia Pacific, and the Rest of the World. North America is the largest regional market for clinical trial supplies, with an estimated share of around 42% in 2020; Europe is the second-largest regional market with a share of around 28%.

Growth in these markets is primarily driven by the presence of well-established CROs and the rising R&D expenditure by pharmaceutical & biopharmaceutical companies. However, the Asia Pacific market is projected to register the highest growth during the forecast period due to the presence of many emerging players, less-stringent regulations, and the ease and cost-effectiveness of patient recruitment in APAC countries.

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