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 market size was estimated through various secondary research approaches and triangulated with inputs from primary research.

Secondary Research:

The secondary sources referred to for this research study include publications from government sources [such as the World Bank, World Health Organization (WHO), and Centers for Disease Control and Prevention (CDC)]; sites like ClinicalTrials.gov, fiercebiotech, and annual reports; SEC filings; press releases; investor presentations; journals; expert interviews; MarketsandMarkets analysis; business magazines and research journals; press releases; and trade, business, and professional associations. Secondary data was collected and analyzed to arrive at the overall size of the global clinical trial supplies market, which was validated through primary research.

Primary Research:

After acquiring basic knowledge about the global market scenario through secondary research, extensive primary research was conducted. Several primary interviews were conducted with market experts from both the demand side (such as personnel from pharmaceutical & biotechnology companies) and the supply side (such as clinical trial supply companies and pharmaceutical supply companies) across four major regions—North America, Europe, the Asia Pacific, and the Rest of the World. Approximately 80% and 20% of primary interviews were conducted with supply-side and demand-side participants, respectively. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews.

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Major Growth Driving 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.

DRIVER: Increasing R&D expenditure of pharmaceutical and biopharmaceutical companies

The pharmaceutical and biopharmaceutical sector is one of the biggest R&D spenders globally. In the last decade, the R&D expenditure of pharmaceutical and biopharmaceutical companies has risen considerably. This is expected to lead to a rise in the number of clinical trials conducted globally. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), PhRMA members have invested significantly in drug development efforts. Companies in the market are actively looking to support R&D efforts. A further increase in R&D spending in the coming years will significantly boost drug discovery and development activities, thus driving the demand for clinical trial supplies.

RESTRAINTS: High cost of drug development

Drug discovery and development involve high costs due to the high attrition rate of drug candidates in development. Since R&D for some rare diseases is very challenging and requires a specific group of people to conduct a clinical trial, drug R&D processes can be prone to failure.

Only 7 out of 100 cancer drugs that reach the clinical testing phase end up gaining regulatory approval; most drugs fail long before this point. From drug discovery through FDA approval, developing a new medicine, on average, takes 10–15 years and costs USD 2.6 billion. Less than 12% of candidates that make it to Phase I clinical trials are approved by the FDA. This is a key factor limiting the growth of the market.

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.

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

Geographically, the 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.

Key Market Players:

Key players in the clinical trial supplies market include Thermo Fisher Scientific (US), Catalent, Inc. (US), Parexel (US), Almac Group (UK), Marken (US), Piramal Pharma Solutions (India), UDG Healthcare (Ireland).