According to the latest report by IMARC Group, titled "Clinical Trial Supplies Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global clinical trial supplies market is currently witnessing strong growth. Clinical trial supplies are designed for studying and recording observations during clinical research. The use of efficient supplies is crucial for conducting experiments on volunteers for numerous biomedical purposes. The medical trials are essential for studying the behavioral patterns of the subject upon exposure to novel drugs, vaccines, dietary supplements or medical equipment. They aid in estimating the safety and efficacy quotient of the novel treatment, which further assists in detecting, preventing and treating multiple ailments. They are also used to analyze the accuracy of a particular treatment method and in the diagnosis of various infectious and metabolic disorders. As a result, they are widely utilized across the healthcare sector for respiratory, oncological, cardiovascular and neurological applications.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Clinical Trial Supplies Market Trends:
The global market is primarily driven by the significant growth in the biopharmaceutical industry, along with the increasing number of clinical trials. These trails are pertinent to the development of effective treatment solutions for numerous chronic diseases, such as cancer and HIV. There has also been a considerable rise in the number of biologics and biosimilar drugs in trials for the development of innovative drug delivery systems, which is providing a thrust to the market growth. The market is further driven by the outbreak of the coronavirus disease (COVID-19) on the global level. This has escalated the number of clinical trials conducted for the development of novel vaccines and drugs to combat the mass transmission of the virus across the globe. On account of the highly infectious nature of this disease, significant investments are being made for conducting extensive research and development (R&D) activities by various governmental and non-governmental organizations to increase the frequency of clinical trials. Furthermore, the implementation of stricter handling requirements for numerous pharmaceutical products entering clinical trials has impelled the demand for improved supplies. Moreover, the growing inclination toward contract research organizations (CROs) for outsourcing research activities on a contractual basis is expected to increase the utilization of various trial supplies. Continual advancements in cold chain logistics and monitoring technologies are further contributing to the market growth. On account of the aforementioned factors, the market is projected to grow at a CAGR of 6.5% during 2020-2025.
- On the basis of the service, the market has been divided into product manufacturing, packaging, labeling and storage, and logistics and distribution.
- Based on the phase, the market has been classified into phase I, phase II, phase III and others.
- On the basis of the therapeutic area, the market has categorized into oncology, cardiovascular diseases, respiratory diseases, CNS and mental disorders, and others.
- Based on the end use industry, the market has been segmented into medical devices, biopharmaceuticals, pharmaceuticals and other industries.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Almac Group Limited, Catalent, Inc., Deutsche Post AG, Parexel, Thermo Fisher Scientific Inc., PCI Services, UDG Healthcare plc, Biocair International Limited, and Owens & Minor.
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