Global $4.1 Billion Clinical Trial Supplies Market Report 2024-2034 - Emerging Markets Catalyzing Growth in Clinical Trial Supplies

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Mar 26, 2024, 13:00 ET

DUBLIN, March 26, 2024 /PRNewswire/ -- The "Clinical Trial Supplies Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.

World revenue for the Clinical Trial Supplies Market is forecast to surpass US$ 4.10 billion in 2024, with strong revenue growth through to 2034.

Opportunities in Emerging Markets Projected to Boost Industry Growth

Clinical trials are increasingly moving to developing economies like China, India, and Japan in the Asia Pacific region, with significant growth in patient recruitment in countries such as China, South Korea, and India due to lower costs compared to developed nations. Early phase clinical trials in developing nations are notably cheaper, making them an attractive option for pharmaceutical companies. For instance, in November 2023, AstraZeneca forged a partnership with a Chinese biotechnology company to secure a position in the competitive KRAS G12D field, exchanging $24 million upfront. The agreement grants AstraZeneca a worldwide license to UA022, a small molecule inhibitor targeting the historically challenging oncogene, which was undergoing preclinical development at Usynova. The Chinese biotech, in collaboration with partners such as WuXi AppTec, spearheaded the discovery and advancement of the molecule, ultimately determining that AstraZeneca's offer, which includes potential milestone payments totalling up to $395 million, was highly compelling and thus opted to accept it.

Also, in November 2023, Novartis entered into an agreement with Chong Kun Dang Pharmaceutical, a biotechnology company based in Korea, for an early-stage HDAC6 Inhibitor. As per the contract terms, Novartis will provide an initial payment of $80 million and commit to additional development and regulatory milestone payments amounting to nearly $1.23 billion. These trends reflect a strategic shift towards countries offering lower operational expenses for clinical trials.

Challenges Posed by Lack of Comparator Sourcing

The clinical trial supplies market faces significant hurdles due to restrictions imposed by pharmaceutical manufacturers on procuring their products as comparators for clinical trials. These limitations typically encompass quantity constraints, prolonged approval procedures, and additional disclosure requirements, posing challenges for researchers and clinical trial supply chain management. Biologics, in particular, accentuate these difficulties as the lack of internal protocols and procedures from manufacturers exacerbates the situation.

For instance, Sharp Clinical Services specializes in offering solutions for clinical trial supply chains, with a focus on comparator sourcing and supply. They cater to pharmaceutical companies conducting clinical trials, aiming to streamline the procurement process. Such firms play a pivotal role in addressing the challenges linked to comparator sourcing, thereby enhancing the efficiency of the clinical trial supply chain. Pharmaceutical manufacturers often impose strict quantity limits on procuring their products for use as comparators in clinical trials. Additionally, obtaining approval for these products can be time-consuming.

Key Market Dynamics

Market Driving Factors

Growing Decentralisation of Clinical Trials
Increasing Number of Clinical Trials
Rising Demand for Biologics Propelling Growth of Cold Chain Distribution Supplies
Integration of Technical Solutions
Increasing Investments in the Development of Novel Pharmaceuticals
Technology Advancements are Propelling Market Expansion

Market Restraining Factors

Unavailability of Storage Facilities
Lack of Comparator Sourcing
High Costs Associated with Drug Developments

Market Opportunities

Emerging Economies Expansion and Prioritisation of R&D
Increasing Opportunities for Emerging Markets
Reduction in Clinical Trials Cost by using Supply Chain is Expected to Propel Market Growth
Collaboration and Partnerships among Clinical Trial Supplies Companies

Forecasts to 2034 and other analyses reveal commercial prospects

In addition to revenue forecasting to 2034, this new study provides you with recent results, growth rates, and market shares.
You will find original analyses, with business outlooks and developments.
Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising clinical trial supplies prices and recent developments.

Segments Covered in the Report

Location

Offshore Clinical Site
Domestic Clinical Site

Type

Small Molecule Products
Biologic Products
Medical Devices

Services

Manufacturing
Assays and Test Kits
IMPs and INDs
Placebos
Others
Packaging and Labelling
Logistics & Distribution
Cold Chain Distribution
Non-cold Chain Distribution
Storage & Retention
Comparator Sourcing
Other CTS Services

Therapeutic Areas

Oncology
CNS and Mental Disorders
Cardiovascular Disease (CVD)
Infectious Disease
Immunology Disease
Blood Disorders
Metabolic Disorders
Digestive Disorders
Other Therapeutic Areas

Phase

Phase I
Phase II
Phase III
Phase IV

End-users

Pharmaceutical and Biotechnology Companies
Contract Research Organizations (CROs)
Medical Device Companies
Other End-users

In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 22 leading national markets.

The report also includes profiles and for some of the leading companies in the Clinical Trial Supplies Market, 2024 to 2034, with a focus on this segment of these companies' operations.

Leading companies profiled in the report

Biocair
Bionical Limited
Catalent Inc.
Eurofins Scientific
ICON plc
IQVIA Holdings
KLIFO
Lonza Group
Marken
Parexel
PCI Pharma Services
Sharp Services
Thermo Fisher Scientific
Walden Group SAS

The report provides you with the following knowledge:

Revenue forecasts to 2034 for Clinical Trial Supplies Market, 2024 to 2034, with forecasts for location, type, services, therapeutic areas, phase, and end-users, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
Revenue forecasts to 2034 for five regional and 22 key national markets - See forecasts for the Clinical Trial Supplies Market, 2024 to 2034 market in North America, Europe, Asia Pacific, Latin America, and MEA. Also includes forecast for the market in the U.S., Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
Prospects for established firms and those seeking to enter the market - including company profiles for 14 of the major companies involved in the Clinical Trial Supplies Market, 2024 to 2034.

For more information about this report visit https://www.researchandmarkets.com/r/cc341v

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