Meticulous Research® has released a pivotal report titled “ clinical trial supplies market by Phase (I–IV) Service (Manufacturing, Packaging, Logistic, Documentation) Type (Biologic, Small-molecule, Medical Device) Therapy Area (Oncology, Cardiology, CNS, Immunology, Respiratory) End User – Global Forecast to 2031,” forecasting the market to reach $5.59 billion by 2031, growing at a 7.7% CAGR.
Key growth drivers include an increase in clinical trials, decentralization of trial models, and the rise of generic and biopharmaceutical production. Enhanced R&D expenditures by pharmaceutical and biotech companies, coupled with the urgent demand for innovative therapies, are also contributing to this growth. However, the high costs associated with drug development pose significant challenges.
Emerging markets and drug patent expirations present substantial growth opportunities. Nonetheless, the market faces hurdles from evolving regulations and the potential for clinical trial failures, especially in rare diseases.
The market is segmented by Clinical Phase (I–IV), Services (Manufacturing, Packaging & Labeling, Logistics & Distribution, Documentation, Other Services), Type (Medical Devices, Biologics, Small Molecules), Therapeutic Area (Cardiology, Infectious Diseases, Oncology, CNS, Inflammation & Immunology, Metabolic Disorders, Respiratory Disorders, Others), End User (Pharmaceutical & Biotechnology Companies, Contract Research Organizations, Medical Device Manufacturers, Clinical Research Organizations), and Geography.
Phase III clinical trials are expected to grow the fastest, driven by their complexity, large sample sizes, and high failure rates. These factors underscore the importance of specialized clinical trial supply services.
Logistics & distribution services are forecasted to dominate the market by 2024, driven by the global expansion of clinical trials. Efficient logistics are crucial for avoiding drug shortages and reducing wastage, with real-time tracking technologies enhancing supply chain transparency.
Biologics are projected to grow at the highest rate among all types, driven by their complexity and low success rates in clinical trial approvals. The specialized nature of biologics requires precise manufacturing processes, driving the need for dedicated clinical trial supply services.
Oncology is expected to be the largest therapeutic area, fueled by rising cancer incidence, a growing pipeline of oncology drugs, and increased government funding. The University of Birmingham’s $12 million grant from Cancer Research UK in June 2023 highlights the focus on oncology research.
Pharmaceutical & biotechnology companies are expected to be the dominant end users by 2024, driven by a focus on personalized medicine and increased research funding. The NIH’s funding growth from $33 billion in 2015 to $42 billion in 2021 exemplifies this trend.
North America is projected to lead the market due to the presence of key industry players, advanced laboratories, and significant R&D investments.
Key Players
The key players operating in the global clinical trial supplies market are Catalent, Inc. (U.S.), NUVISAN GmbH (Germany), Thermo Fisher Scientific Inc. (U.S.), Almac Group (U.K.), Eurofins Scientific SE (Luxembourg), Parexel International (MA) Corporation (U.S.), Marken (U.S.), Biocair International Limited (U.K.), KLIFO (Denmark), Piramal Pharma Limited (India), Movianto Group (U.K.), and ICON plc (Ireland).
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Key questions answered in the report-
- Which are the high-growth market segments in terms of clinical phase, service, type, therapeutic area, end user, and region/country?
- What was the historical market size for clinical trial supplies globally?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global clinical trial supplies market?
- Who are the major players in the global clinical trial supplies market?
- What is the competitive landscape like, and who are the market leaders in the global clinical trial supplies market?
- What are the recent developments in the global clinical trial supplies market?
- What are the different strategies adopted by the major players in the global clinical trial supplies market?
- What are the geographical trends and high growth regions/countries?
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