According to the report, global clinical trial supplies market was valued at approximately USD 1,286.2 million in 2017 and is expected to generate revenue of around USD 2,092.5 million by end of 2024, growing at a CAGR of around 7.20% between 2018 and 2024.
New York, NY, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Clinical Trial Supplies Market by Product/ Services (Manufacturing, Packaging and Labeling, and Storage and Distribution), by Application (Oncology, CNS, Cardiovascular, Infectious Diseases, Metabolic Disorders, and Others), by Phase (Phase I, Phase II, Phase III, & Others), and by End User (Contract Research Organizations, Pharmaceutical and Biotechnology Companies, Research Institutes, & Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024”. According to the report, global clinical trial supplies market was valued at approximately USD 1,286.2 million in 2017 and is expected to generate revenue of around USD 2,092.5 million by end of 2024, growing at a CAGR of around 7.20% between 2018 and 2024.
Owing to the increasing cost of drug discovery, the market for clinical trial supplies is gaining traction. Also due to the implementation of strict handling guidelines towards a range of biopharmaceutical products which are entering the clinical trials, the strategy of clinical trial supply needs to be frequently overhauled which creates need towards integrating a large number of third-party vendors in all stages of clinical development.
Browse through 87 Tables & 37 Figures spread over 110 Pages and in-depth TOC on”Global Clinical Trial Supplies Market: Industry Size, Share, Growth, Analysis, and Forecast, 2017 - 2024”.
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The clinical trial supplies market is segmented on the basis of product/services into manufacturing, packaging and labeling, and storage and distribution. Cold chain distribution is estimated to grow fast owing to rise in a number of temperature-sensitive drugs and biologics. The supply chain management market is also likely to lead the market due to increasing pressure to reduce R&D cost and technology advancement.
The clinical trial supplies market is segmented on the basis of application into oncology, CNS, cardiovascular diseases, infectious diseases, metabolic disorders, and others. The oncology segment is probable to witness a high growth rate and is likely to remain the most dominant segment owing to remarkable R&D pipeline of oncology drugs since the majority of these drugs require temperature sensitive distribution. For instance, according to the United Press International in the U.S. hospitals dispose of millions of cancer vials due to improper dosing. In 2016, USD 10 million was funded towards clinical supplies for cancer-based research by Intensity Therapeutics Inc.
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Based on phase, the clinical trial supplies market is segmented into phase I, phase II, phase III, & others. Phase I clinical trials are likely to be the highest growing segment owing to rising number of Phase I clinical trials being outsourced. Major factors have been a high capital investment and less sample population for outsourcing the major volume of these trials. It is observed that about more than 55% of phase I clinical trials are outsourced and the number is likely to increase owing to rising globalization.
Based on the end user, the clinical trial supplies market is segmented into contract research organizations, pharmaceutical and biotechnology companies, research institutes, and others. Pharmaceutical and biotech companies contributed to a larger share of the market in 2017 and are anticipated to witness a higher growth rate during the forecast period. Pharmaceutical drugs are being substituted with biologics which have to lead to a steady decrease in the R&D pipeline and is subsequently impacting the overall segment growth rate.
Browse the full "Clinical Trial Supplies Market by Product/ Services (Manufacturing, Packaging and Labeling, and Storage and Distribution), by Application (Oncology, CNS, Cardiovascular, Infectious Diseases, Metabolic Disorders, and Others), by Phase (Phase I, Phase II, Phase III, & Others), and by End User (Contract Research Organizations, Pharmaceutical and Biotechnology Companies, Research Institutes, & Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 - 2024" report at https://www.zionmarketresearch.com/report/clinical-trial-supplies-market
North America is anticipated to be the leading market for clinical trial supplies market. The U.S. and Canada are major countries wherein the maximum of the clinical trials are conducted. Major biopharmaceutical companies and CROs have their hub in this region and due to advancement in the technology the demand for efficient supplies is increasing and this region is anticipated to dominate the market for clinical trial supplies in the forecast period.
Europe is projected to be the second leading market for the clinical trial supplies accounting for more than 31% revenue share in the forecast period. The industry participants in this region are considerably spending on research and development activities. Also, the region has high healthcare investments and rising government funding, which positively influences the market growth.
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The Asia Pacific is anticipated to show high growth potentials in the clinical trial supplies market and is also likely to grow at a high annual compound rate in comparison to other regions. Countries such as India, Malaysia, and Singapore are the most attractive markets owing to the advantages these countries pose such as the availability of government support for developing outsourcing hubs and presence of skilled practitioners, thus attracting more number of pharma and biotech companies to outsource clinical trial activities to CROs in this region.
The Middle East and Africa & Latin America are projected to be the most prospective markets due to improving patient education, growing access to information, high cancer burden, and access to new drugs for research centers. Thus, all the aforementioned parameters are expected to propel the market growth for clinical trial supplies market globally.
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Some of the leading players in clinical trial supplies market include KLIFO A/S, Patheon, Inc., Almac Group Ltd., PAREXEL International Corporation, PCI Services, Sharp Packaging Services, Biocair, Movianto, Thermo Fisher Scientific, Inc. Catalent Pharma Solutions, Inc., and others.
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This report segments the global clinical trial supplies market as follows:
Global Clinical Trial Supplies Market: Product/Services Segment Analysis
- Packaging and Labeling
- Storage and Distribution
Global Clinical Trial Supplies Market: Application Segment Analysis
- Infectious Disease
- Metabolic Disorders
Global Clinical Trial Supplies Market: Phase Segment Analysis
- Phase I
- Phase II
- Phase III
Global Clinical Trial Supplies Market: End-User Segment Analysis
- Contract Research Organizations
- Pharmaceutical & Biotechnology Companies
- Research Institutes
Global Clinical Trial Supplies Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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