Clinical Trial Supplies Market - Revenue Growth Expectations, Globally, by 2026


Posted April 20, 2022 by mmvaidya

The clinical trial supplies market size was estimated through various secondary research approaches and triangulated with inputs from primary research.
 
Overview of This Study:

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.

Market Size Estimation:

The global size of the clinical trial supplies market was estimated through different approaches. A detailed market estimation approach was followed to estimate and validate the global market value and other dependent submarkets, as mentioned below. Both top-down and bottom-up approaches were used to estimate and validate the total size of the clinical trial supplies market. These methods were also used extensively to estimate the size of various subsegments in the market.

Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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Projected Revenue Surge:

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.

Global Growth Boosting Factors:

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.

COVID-19 impact on the Clinical Trial Supplies Market:

Coronavirus disease 2019 (COVID‐19) is an acute respiratory infectious disease caused by severe acute respiratory syndrome coronavirus 2 (SARS‐CoV‐2). Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a few weeks. The World Health Organization (WHO) declared COVID-19 as a pandemic on March 11, 2020. There has been a tremendous amount of effort put into developing new treatments and vaccines to cure the infection. Within a few weeks of research, companies started coming up with drugs and treatments to treat the infection.

OPPORTUNITY: R&D investments offer significant opportunities for the market

North America and Europe, traditionally the major hubs for clinical trials, are facing challenges in terms of trial costs and patient pools. Recent health reforms in the US, the patent expiry of blockbuster drugs, and the global economic slowdown have affected the profitability of pharmaceutical companies. This is compelling several pharmaceutical companies to look for opportunities in emerging countries across the APAC, such as India, Singapore, South Korea, and China, which offer advantages such as reduced costs and easy access to a large heterogeneous patient population.
Collaborations or expansions between companies in this market indicate that they are moving towards emerging markets to help their clients reduce the overall time consumed in clinical trials, thereby reducing their overall cost and resulting in the earlier launch of products in the market (post regulatory clearance). CROs can exploit these opportunities by supporting pharmaceutical companies to fulfill their needs for clinical trial supplies.

The pharmaceutical and biotechnology companies segment accounted for the largest share in 2020

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. 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.

North America was the largest regional market for clinical trial supplies in 2020.

Geographically, the clinical trial supplies market is segmented into North America, Europe, Asia Pacific, RoW. In 2020, North America accounted for the largest share of the clinical trial supplies market, followed by Europe & Asia Pacific. The growing number of registered clinical trials and significant investments in R&D for clinical trials in this region are major factors driving the growth of the North American market. The presence of many global pharmaceutical giants, such as Pfizer, Abbott Laboratories, and Johnson & Johnson (which outsource their clinical trials to reduce the costs and time associated with completing these trials) in this region is another key driver for market growth.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags clinical trial supplies , clinical trial supplies market
Last Updated April 20, 2022