Clinical Trial Materials and Supplies Market to achieve CAGR of 6.1% by 2032, owing to a rising number of biologics and biosimilar drugs in trials | insightSLICE
The global Clinical Trial Materials and Supplies Market size was estimated to be US$ 2.3 billion in 2021 and is expected grow at a CAGR of 6.1% between 2023 to 2032. Through 2030, the market for clinical trial materials and supplies is anticipated to expand at a 5.8% CAGR.
In the report for the Clinical Trial Materials and Supplies Market, we covered Global Shares, Trends, Analysis, and Forecasts. The year 2020 serves as a historical period, 2021 serves as the base year, and the forecast period is from 2023 to 2032.
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The study also considers the competition environment, and the report will give an analysis of the major companies operating in the global clinical trial services and equipment market as well as their market forecasts.
In addition, the report will include information on important advancements, global and regional sales networks, business strategies, research and development initiatives, staff strength, and key executives for all significant market participants.
The key players of the Global Clinical Trial Materials and Supplies Market are:
Parexel International Corporation, Capsugel Inc., Bilcare Inc., Mayne Pharma Group Ltd., Catalent Inc., Eurofins Scientific Inc., Biocair International Ltd., Almac Group Ltd., Intertek Group plc, Recipharm AB, Avomeen Analytical Services, and Thermo Fisher Scientific Inc. are some of the major players in the global clinical trial materials and supplies market that are covered in this report.
Driving factors for the growth of Global Clinical Trial Materials and Supplies Market
A clinical trial is a type of research study that determines whether a medical therapy, strategy, or device is effective, secure, and useful for human usage.
Management of clinical trial supplies is necessary to prevent inventory depletion, excess supply, and increased production. Clinical trial supplies are becoming more important since drug screening is becoming more demanding.
Effective inventory management of pharmaceuticals is necessary for clinical research, taking into account the infrastructure’s limitations and the regulations’ tight enforcement. The main factors driving the market are the expansion of clinical trial studies and the growing complexity of conducting these trials.
The introduction of more clinical studies and rising pharmaceutical and biopharmaceutical R&D spending are two factors driving the global market for clinical trial supplies.
Additionally, the global pandemic situation has caused a change in the healthcare industry due to the increased need for treatments to stop the COVID-19 infection. As a result, it is projected that the top companies in the industry will expand current clinical trial initiatives and launch new ones to find a cure for the novel coronavirus.
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Topic coverage and statistics in this report:
With a special focus on major business categories, the research offers an in-depth analysis of key competitors having the bulk of the worldwide market share and will also identify the segments focused on the clinical trials market.
Additionally, it will estimate the market shares of well-known firms in the global market for clinical trial supplies and materials. All of the clinical trial firms’ business strategies, product portfolios, advancements, SWOT analyses, and study and development agendas are taken into account during the research.
The companies involved in the market’s value and distribution chains, as well as their contributions, will be taken into account in the study of the worldwide clinical trial materials and supplies market. The industry’s clinical trial materials and supplies business division would be the main emphasis of the product portfolio segment of this report.
Similar to this, the recent events portion will concentrate on the company’s most recent activities in the global Clinical Trial Materials and Supplies market, including significant partnerships and collaborations, mergers and acquisitions, the launch of new products, and geographic expansion.
Regional performance of Clinical Trial Materials and Supplies Market
The market for clinical trial supplies and materials was led by the North American continent as of the year 2019.
The largest portion of North America is primarily attributable to expanding technological advancements, an increase in the use of custom medications, increased difficulty in obtaining materials for clinical trials, rising corporate funding, and numerous administrative initiatives to enhance the number of clinical trials.
During the assessment period, it is predicted that the Asia Pacific area would experience substantial expansion.
Specifically, because there are more government initiatives to conduct clinical studies, a lower cost of conducting a drug study than in western nations, and an increase in the prevalence of numerous chronic conditions in the region.
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Global Clinical Trial Materials and Supplies Market Key Segments:
By Service:
- Manufacturing, and Packaging
- Logistics and Distribution
- Documentation
- Quantitative Clinical Development
- Clinical Operations
By Phase:
- Phase I
- Phase II
- Phase III
- Phase IV
- BA/BE Studies
By Drug Type:
- Small-molecule Drugs
- Biologic Drugs
By Therapeutic Area:
- Oncology
- Neurological and Mental Disorders
- Infectious and Immune System Diseases
- Digestive System Diseases
- Blood Disorders
- Other
By Geography:
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- Belgium
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- Rest of Asia Pacific
- Middle East & Africa
- UAE
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Brazil
- Rest of South America
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