Dublin, Oct. 05, 2021 (GLOBE NEWSWIRE) -- The "Global Clinical Trial Supplies Market 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical trial supplies market is expected to reach USD 2.9 billion by 2028 and is expected to witness growth at 6.0% CAGR owing to the Increasing volume of clinical trial studies coupled with the growing complexity in conduction of these trials are the primary driver of the industry.
Furthermore, geographic expansion and development of Information Technology (IT) to facilitate higher integration and smooth performance of activities are other vitally impacting parameters.
Over the next eight years, the clinical trials and pharmaceutical industry is anticipated to continue steady growth, thereby promoting the high requirement of clinical trial supplies.
U.S and Canada are home to majority of clinical trials which are conducted in this region. No language barrier is one of the major factors for the preference of this region for majority of clinical trials, as English language is widely spoken in this region.
Major CRO's and biopharmaceutical companies have their hub in this region and with advancement in technology the demand for efficient supplies is increasing and the region is expected to dominate the clinical trial supplies market over the forecast period.
Clinical Trial Supplies Market Report Highlights
On the basis of clinical phase, the market is anticipated to be dominated by Phase III in 2025. The presence of large number of molecules estimated to reach Phase III by 2020 is the primary factor responsible for this prediction.
By services, storage and distribution is anticipated to witness the fastest growth at a CAGR of over 7.0%.
Key end-users of this industry are pharmaceuticals, and biologics. Biologics are expected to witness fastest growth owing to the increasing research in the field of genetics and biotechnology such as development of nanoparticle-based drug delivery systems.
In terms of therapeutic use or clinical indication, oncology dominates the market. The highest research activity as of 2016 is being performed for this indication, which in turn is expected to drive the market.
Market Driver Analysis
Expansion of clinical trial sites
Growing R&D in biologics and biosimilars
Advancements in supply chain technology
Increase in comparator sourcing
Market Restraint Analysis
Presence of stringent regulatory policies
High possibility of counterfeiting of drugs
Few of the industry players include
Movianto (Walden Group)
PCI Pharma Services
Thermo Fischer Scientific, Inc.
Parexel International Corporation
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