Global Clinical Trial Supplies Market Size Booming to Touch USD 3 Billion by 2029

Published | 14 February 2023

Global clinical trial supplies market is gaining traction because of an increasing focus on R&D innovative medicines to treat growing prevalence of various chronic and communicable illnesses as well as significant investments in clinical trials by pharmaceutical firms, governments, and research institutions.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global clinical trial supplies market size at USD 2 billion in 2022. During the forecast period between 2023 and 2029, the global clinical trial supplies market size is projected to grow at a steady CAGR of 5.09% reaching a value of USD 2.9 billion by 2029. The increased prevalence of different chronic and communicable illnesses as well as significant investments in clinical trials by pharmaceutical firms, governments, and research institutions are key growth drivers for the global clinical trial supplies market. The global clinical trial supplies market is expected to grow during the forecast period as a result of the pharmaceutical and biotechnology firms' increasing investments in research and development activities for medication development.

Global Clinical Trial Supplies Market – Overview

Clinical trials are research projects conducted on human subjects to assess a therapeutic, surgical, or behavioral intervention. Clinical trials often fall into one of three categories: Interventional studies seek to learn more about a specific intervention or kind of treatment. Observational studies seek to understand how individuals behave in various contexts. Feasibility studies are intended to determine whether the primary research can be conducted. The provision of materials needed to execute a clinical trial is known as clinical supply or clinical trial supply. This includes the 24-hour collection and distribution of biological specimens (including infectious samples), experimental medications, kits, and other research materials and supplies, as well as knowledge and help.

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Global Clinical Trial Supplies Market – By End Use

Based on end use, the global clinical trial supplies market is segmented into pharmaceuticals, biologics, medical devices, and others. Pharmaceutical companies account for the highest market share owing to the increasing number of clinical trials for drug development. Pharmaceutical companies use clinical trial supplies for collection and delivery of biological specimens, investigational drugs, and others. However, the biologics segment is expected to gain high traction during the forecast period owing to extensive research activities around the development of drugs from biologics such as blood, proteins, viruses, or living organisms.

Impact of COVID-19 on the Global Clinical Trial Supplies Market

COVID-19 elevated the critical nature of clinical trial supplies and their importance to the healthcare market. Although the global clinical trial supplies market was initially hindered during the pandemic period as the imposition of lockdowns in various countries halted the clinical trials of various therapeutic purposes, which significantly impacted the market growth. To complete vaccine development activities after the pandemic outbreak and stop any further human deaths, clinical trial sponsors, their clinical research organizations, study teams, and other important stakeholders, such as vendors, had to work cooperatively to secure clinical trial supplies.

Competitive Landscape

Major players operating in the global Clinical Trial Supplies market include Almac Group, Catalent, Inc., PCI Services, Parexel International Corporation, Sharp Packaging Services, Biocair, O&M Movianto, KLIFO A/S, Thermo Fisher Scientific, Inc., Movianto, Sharp, Catalent, Inc, Bionical Ltd., and Alium Medical Limited. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Clinical Trial Supplies Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Clinical Trial Supplies Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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