The report published by The Brainy Insights shows that the global clinical trial supplies market is expected to grow from USD 2.2 billion in 2022 to USD 4.66 billion by 2032, at a CAGR of 7.8% by the forecast period 2023-2032. North America emerged as the largest market for global clinical trial supplies, with a 48.8% market revenue share in 2022. Several R&D activities in the region along with well-built healthcare infrastructure adds impetus to the market’s growth. For instance, a clinical trials logistic survey conducted in 2021 shows that roughly 60% of phase 2 clinical trials are outsourced. The number of phase 2 trial studies has increased due to creative combinations of authorized and novel medicines due to the high concentration of pharmaceutical leaders. Another factor propelling the clinical trial supplies market in North America is the increased expenditure on R&D due to the high cancer prevalence in the country.
Leading companies in the industry include KLIFO A/S, Almac Group Ltd., PAREXEL International Corporation, Patheon, Inc., Movianto GmbH, PCI Services, Biocair International Ltd., Thermo Fischer Scientific, Inc., Marken, Catalent Pharma Solutions, among others offer more significant opportunities and continuously focus on new product developments and venture capital investments to obtain market share.
The clinical phase segment is divided into Phase II, Phase I, Phase III, and Others. The phase III segment command the market, with a market share of around 45.6% in 2022. Most failures are caused due to noncompliance with safety & effectiveness criteria, and the loss associated with the failure is both financial and human. A situation like this could increase the need for effective logistics and supply chains is anticipated to favor market expansion. The services segment is command into comparator sourcing, manufacturing, supply chain management, and storage & distribution. Over the forecast period, the supply chain management segment is expected to grow at the fastest CAGR of 8.3%. Most places on earth fall into this category, but not America, where manufacturing is also expected to grow at a lucrative rate. The epidemic has brought to light the issue of a disrupted supply chain and its implications for a country’s populace. The biologics command dominated, with a market share of around 39.7% in 2022. The market for biologics is driven by the swift rise in cancer diagnoses and the growing research into their application as cancer treatments. Cancer incidence is anticipated to rise by about 50%, from 1,534,500 in 2015 to 2,286,300 in 2050, according to released figures from the Centers for Disease Control and Prevention. Since biological therapies use the body’s immune system and healing capabilities to combat cancer or repair healthy tissue after treatment, they are increasingly preferred over conventional cancer treatment techniques.
The growth is attributed to a number of factors, including globalisation, an increase in clinical research, and an increase in the quantity of biologic and biosimilar medications that are currently undergoing clinical trials. The COVID-19 pandemic has had a substantial impact on the market, which has resulted in a slower growth rate in 2020 and the first half of 2021. This has expedited technology advancements in supply chain management, which are expected to eventually support market expansion. There is increased pressure to reduce R&D spending and boost operational efficiency because clinical trial supplies account for a sizable amount of biopharmaceutical companies’ overall R&D costs. For this reason, supply chain management tools are being employed increasingly frequently.
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