According to the new research report published by The Insight Partners, titled “Clinical Trial Supplies Market to 2027 – Global Analysis and Forecasts by Product & Service, Stage, Drug Type, and Application.’ The global clinical trial supplies market is expected to reach US$ 3,298.91 Mn in 2027 from US$ 1,867.44 Mn in 2019. The market is estimated to grow with a CAGR of 7.4% from 2020-2027. The report provides trends prevailing in the global clinical trial supplies market and the factors driving market along with those that act as hindrances.
The growing healthcare sector in developing countries of Asia-Pacific creates better opportunities for the clinical trial supplies market players to expand their business. The vast patient population in these countries is generating demand for more clinical trials. The number of clinical trials conducted in the Asia Pacific is more than those in the US or Europe. This shift is ascribed to low operational costs, considerable patient recruitment potential, contract research organizations growth, favorable regulatory environment, and better clinical trial capacity and quality. In advanced economies like North America and Europe, ~35% of trials are delayed due to problems in patient recruitment. And one-fifth of the trials are refrained from enrollment due to an insufficient number of subjects. As per the report “Clinical trials in Asia: A World Health Organization database study,” from 2008 to 2017, the average yearly rise in the number of clinical trials conducted was 41.9% in Iran, 27.1% in Sri Lanka, 23.3% in China, 21.3% in India, 18.4% in Japan, 14.7% in Thailand, 8.4% in Malaysia, and 12.9% in Korea. Moreover, the clinical trials in Asia cost ~30–40% lower than the US and the EU as the doctor visits, and medical treatments and procedures are less pricey in Asian countries.
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The global clinical trial supplies market, based on stage, was segmented as phase III, phase II, bioequivalence studies, and phase I. In 2019, the phase III segment accounted for the largest market share in the global clinical trial supplies market. Additionally, this segment is expected to grow at a faster pace in the forecasted period as well. The growth of the phase III segment is expected to the information that phase III trials are the most costly, time-consuming, and demanding to design and run.
Leading companies operating in the clinical trial supplies market are Catalent, Inc., Thermo Fisher Scientific, Inc. Almac Group, Parexel International Corporation, Biocair, UDG Healthcare plc (Sharp), PCI Healthcare Services, Owens & Minor Inc., KLIFO, Rubicon Research Pvt. Ltd., among others. These companies have been executing different approaches that have helped the growth of the company and, in turn, have brought about various changes in the market. The companies have utilized strategies such as product launches, approvals, and expansions for the growth of their organizations. For instance, in April 2019, UDG Healthcare plc (Sharp) received approval from the Medicines and Healthcare Product Regulatory Agency (MHRA) to commence production at its Clinical Services Centre of Excellence in Rhymney, UK.
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