Clinical Trial Supplies Market is anticipated to grow at a CAGR of ~6.8% from 2019 to 2030

Market Industry Reports (MIR) has published a new report titled “Clinical Trial Supplies Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Clinical Trial Supplies Market was estimated to be over US$ 1900 million by 2019. The market is anticipated to grow at a CAGR of ~6.8% from 2019 to 2030. 

The continual growth of the clinical trial supplies market can be attributed to several factors such as growing incidences of various diseases, rising number of clinical trials, and increase in R&D; investments. Moreover, support from governments for conducting further research is anticipated to additionally contribute to the substantial growth of market between 2019 and 2030. However, longer approval time for clinical trials is likely to restrain growth of the market to a certain extent.

To obtain better insights pertaining to the market scenario, prominent players are increasingly focusing on collaborative initiatives with several institutes, research centers and companies. For instance, In December 2016, Almac Group, announced the formation of a strategic partnership with inVentiv Health, a biopharma outsourcing company, a leading CRO and the industry’s only Contract Commercial Organisation (CCO).

Growing incidences of diseases and emergence of new disease cases has necessitated the need for new curable drugs for treatment. Whereas, in developing countries, there are large number of unmet clinical needs due to the occurrence of infectious and tropical diseases in the region. These overall factors, have led to increase in the number of clinical trials conducted. Moreover, increase in government support has also encouraged many small, medium, and large players to enter into drug development. These factors will in turn are expected to increase the clinical trial supplies market.

Browse key industry insights spread across 160 pages with market data tables & figures & charts from the report, Clinical Trial Supplies Market by Products & Services (Manufacturing, Packaging & Labeling, and Storage & Distribution), Phases (Phase I, Phase II, Phase III and Bioequivalence Studies), Therapeutic Area (Oncology, CNS & Mental Disorders, Infectious Diseases, Respiratory Diseases, Cardiovascular Diseases, Blood Disorders, and Dermatology) -Analysis & Forecast 2019-2030 in detail along with the table of contents:

Stringent regulatory requirements regarding the conducting clinical trials have led to delay in approval of clinical trial, which in turn hampers the clinical trial supplies.

Asia Pacific has been identified as the fastest-growing market for clinical trial supplies market. This can be attributed to the rising unmet health care needs and low cost for conducting trials in this region. Countries in the APAC, such as India, China, and Japan, are anticipated to provide significant growth opportunities for the global clinical trial supplies market due development in healthcare infrastructure and outsourcing of drug development services by major pharmaceutical companies. Additionally, companies have shifted their focus to the emerging countries due to the increasing regulatory requirements and approval timeline in developed countries.

Some of the prominent players in the Clinical Trial Supplies market include Almac Group, Catalent, Inc, Parexel International Corporation, Thermo Fisher Scientific Inc., PCI Pharma Services, Sharp, Biocair, Movianto, KLIFO and MARKEN among others.

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