Clinical Trial Supplies Market to grow by USD 1.19 billion from 2022 to 2027 | North America to account for 36% of market growth - Technavio

NEW YORK, Sept. 18, 2023 /PRNewswire/ -- The clinical trial supplies market size is expected to grow by USD 1.19 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of over 8.48% during the forecast period, according to Technavio Research. The market has been segmented by end-user (pharmaceutical industry, biologics industry, and medical device industry), type (Phase III, Phase II, Phase IV and BE/BA studies, and Phase I), and geography (North America, Europe, Asia, and Rest of World (ROW)). North America is estimated to account for 36% of the growth of the global market during the forecast period. There is an increasing prevalence of chronic diseases which is fuelling the number of clinical trials leading to the rising number of life science research activities. One of the main end-users of clinical trial supplies is pharmaceutical companies due to the large number of clinical trials conducted to validate their new drug discoveries and get them out in the market. Hence, such factors are expected to drive the market growth in the region during the forecast period.

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Company Profile:

Avantor Inc., Bionical Emas Group, Bushu Pharmaceuticals Ltd., Catalent Inc., Clinical Services International Ltd., Clinigen Group Plc, Deutsche Bahn AG, Emsere B.V, GNH India Pharmaceuticals Ltd., International Bonded Couriers Inc., Nuvisan GmbH, Obvio Health USA Inc., Parexel International Corp., PHOENIX Pharmahandel GmbH and Co KG, Piramal Enterprises Ltd.Thermo Fisher Scientific Inc., Vertical Pharma Resources Ltd., Ancillare LP, PCI Pharma Services, Precision Medicine Group LLC

Avantor Inc: The company offers clinical trial supplies such as A TKO is a completely managed clinical trial ancillary supply chain.

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Clinical Trial Supplies Market: Segmentation Analysis

The market share growth by the pharmaceutical industry segment is significant during the forecast period. Drug discovery and launching a new drug to market are complex processes and need clinical trials to test the safety, effectiveness, and performance of new drugs. Additionally,  there is an increase in stringent regulations developed by the FDA to ensure the safety and effectiveness of new and personalized drugs, which is fuelling the need for clinical trials for pharmaceuticals. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.

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"Besides analyzing the current market scenario, our report examines historic data from 2017 to 2021"- Technavio

Clinical Trial Supplies Market: Driver & Trend:

Driver

• The growth of the biopharmaceutical industry is one of the key factors driving the growth of the market. There has been a significant change in the dynamics of the biopharmaceutical industry as the pharmaceutical industry looks to the biopharmaceutical industry to discover new drugs and biosimilars launched to the market by new global participants. The emergence of biopharmaceuticals has significantly reduced the number of deaths from cancer and HIV/AIDS in the last few years, which has resulted in an increase in the use of biopharmaceuticals in the global market. Additionally, the rapid expansion of the global biopharmaceutical market has resulted in the development of several other industries, including contract research, contract manufacturing, consumables, and pharmaceuticals. as well as clinical trials. The research and production of drugs and biologics mainly comprises clinical trials to ensure a product's safety, effectiveness, and minimal side effects. Therefore, the growing biopharmaceutical industry leads to the growth of the clinical trials market during the forecast period. 

Trend

• A rise in studies focusing on the pharmaceutical industry is one of the emerging trends in the market. The rising clinical research into different types of cancer has contributed to a greater focus on personalized medicine as pharmaceutical companies seek to invest in the latest market trends. There is an increase in government funding, which is also significantly contributing to the growth of personalized medicine. Precision medicine needs various ways to test interventions. Researchers are required to probe a multitude of factors including genetics and environmental factors that determine a person's response to treatment. Additionally, due to the significant growth of drug-targeted studies, there has been an increase in demand for further clinical trials over the last few years. It is essential for newly approved drugs and applied drugs to be safe, targeted, and have long-term effectiveness, as guaranteed by clinical trial services. Therefore, the increasing number of clinical trial services to ensure the safety of new drugs has fueled the growth and development of clinical trial supplies, which in turn will drive growth. Identify key trends, drivers, and challenges in the market. Download sample to gain access to this information.

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What are the key data covered in this clinical trial supplies market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the clinical trial supplies market between 2022 and 2027.
• Precise estimation of the clinical trial supplies market size and its contribution to the market in focus on the parent market.
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the clinical trial supplies market across North America, Europe, Asia, and ROW
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of clinical trial supplies market vendors.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-user

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio