Clinical Trial Supplies Market Leading Players Updates and Growth Analysis Report 2024 - 2030

The global?clinical trial supplies market size?was estimated at USD 2.58 billion in 2023?and is anticipated to grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2030.

Globalization, and rise in the number of biologics &?biosimilar?drugs in clinical trials are among the major factors expected to drive the market growth. Rapid adoption of a supply chain management system to surmount R&D expenditure pressure and increase operational efficiency, as clinical trial supplies account for a large share of the total R&D expenditure of biopharmaceutical companies, is anticipated to propel market growth in near future. There has been a significant rise in?biologics?and temperature-sensitive drugs in clinical trials.

Most clinical trials are currently being conducted in developing economies. The increasing cost of clinical trials and complications in the recruitment of patients have encouraged biopharmaceutical companies to outsource clinical trials to regions such as Asia Pacific, Latin America, Central & Eastern Europe, and the Middle East. Disease variation in developing economies further aids biopharmaceutical companies in performing clinical trials on rare diseases. Some regions, such as Asia Pacific, also provide greater economic benefits to biopharmaceutical companies, as governments in Singapore and China allocate funds to promote biomedical research. In Latin America, patient recruitment is easy due to reduced language barriers, which can help obtain informed consent easily, resulting in a faster clinical trial process.

Gather more insights about the market drivers, restrains and growth of the Clinical Trial Supplies Market

Clinical Trial Supplies Market Report Highlights

·???????? Based on the clinical phase, the market is anticipated to be dominated by the Phase III trial segment with a 52.7% revenue share in 2022. The presence of a large number of molecules currently under Phase III makes it the primary factor responsible for this deduction

·???????? Among services, the storage, and distribution segment is anticipated to witness the fastest growth at a CAGR of 6.8% during the forecast period. The rise in global biologics pipeline and temperature-sensitive drugs is expected to increase the complexities related to the logistics of clinical trial supplies

·???????? Biologics?are expected to witness the fastest growth at 6.7% CAGR during the forecast period owing to the increasing research in the field of genetics and?biotechnology?such as the development of nanoparticle-based drug delivery systems

·???????? In terms of therapeutic use, oncology dominated the market with a revenue share of 38.8% in 2022. According to the United Press International, hospitals in the U.S. are disposing of billions of cancer drug vials due to improper dosage, thereby indicating the need for appropriate supply management

Order a free sample PDF of the Clinical Trial Supplies Market Intelligence Study, published by Grand View Research.