iCrowd Newswire – May 19, 2020
The clinical trial is an investigation study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. 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. Also, the implementation of more stringent handling requirements for a type of biopharmaceutical products starting clinical trials, clinical trial supplies strategy needs to be continuously improved. The global clinical trial supplies market is driven by factors such as increasing pharmaceutical and biopharmaceutical R&D expenditures and an increase in several clinical trials. However, the rising cost of drug development and clinical trials and challenges for clinical trials due to the negative impact of coronavirus are expected to restrict the market growth during the forecast period.
The clinical trial supplies market was valued at US$ 1,867.44 million in 2019 and is expected to grow at a CAGR of 7.4% from 2020 to 2027 to reach US$ 3,298.91 million by 2027.
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Company Profiles in Clinical Trial Supplies Market
- Catalent, Inc.
- Thermo Fisher Scientific, Inc.
- Almac Group
- Parexel International Corporation
- UDG Healthcare plc (Sharp)
- PCI Healthcare Services
- Owens & Minor Inc.
- Rubicon Research Pvt. Ltd.
The clinical trial supplies market, by stage, is segmented into phase III, phase II, bioequivalence studies, and phase I. In 2019, the phase III segment accounted for the largest market share in the global clinical trial supplies market. Additionally, this segment is expected to grow at a faster pace in the forecasted period as well. The growth of the phase III segment is expected to the information that phase III trials are the most costly, time-consuming, and demanding to design and run.
Based on product & service, the clinical trial supplies market is segmented into logistics & distribution, manufacturing, and packaging & labelling. In 2019, the logistics & distribution segment accounted for the largest market share in the global clinical trial supplies market. The growth of logistics & distribution is attributed to the increasing adoption of this method due to the extended range of advantages. Moreover, the globalization of clinical trials and the growing number of clinical trials involving temperature-sensitive products are anticipated to drive the growth of the segment. Furthermore, the same segment is estimated to register the highest CAGR in the market during the forecast period.
The rise in the number of positive corona cases has impacted negatively on the clinical trial supplies market. The pandemic situation across the world has triggered an evolution in the global healthcare sector with the rising demand for solutions to tackle the coronavirus infection. Therefore, the companies are likely to increase their clinical trial activities, with the introduction of new ones, to find out the solutions against the COVID-19 (coronavirus).
Moreover, the highly contagious nature of the COVID-19 has halted the recruitments in the clinical trials industry. Safety is essential for on-sight professionals, and various organizations are providing guidelines for the protection of people during clinical trials. Furthermore, the mandatory isolations, lockdowns, and work from home or shutdown conditions have disrupted the workflow of clinical trials. Thus, the emergence of this pandemic is expected to slow down market growth in the coming days.
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Keywords: Clinical Trial Supplies Market, Clinical Trial Supplies