In July 2023, Thermo Fisher Scientific Inc. (US) has entered into collaboration with the national minority quality forum (NMQF), an independent non-profit dedicated to research and education. This collaboration facilitated through NMQF’s Alliance for Representative Clinical Trials (ARC), aims to improve the inclusion of historically underserved patient groups in clinical research.
Northbrook, IL 60062 -- (SBWIRE) -- 11/27/2023 -- The clinical trial supplies industry is poised for significant evolution in the near future, driven by a convergence of factors that promise to streamline and enhance the drug development process. Rapid advancements in precision medicine, coupled with the growing demand for personalized therapies, will necessitate a more agile and adaptable supply chain. Additionally, the integration of technologies such as blockchain for secure data management and 3D printing for on-demand production of investigational products is set to revolutionize the way clinical trial supplies are sourced, manufactured, and distributed. With an increased focus on patient-centric trials and the incorporation of virtual elements, the industry is on the cusp of a transformation that will prioritize efficiency, patient safety, and data integrity as never before.
Clinical Trial Supplies Market in terms of revenue was estimated to be worth $3.9 billion in 2023 and is poised to reach $6.3 billion by 2028, growing at a CAGR of 9.9% from 2023 to 2028 according to a new report by MarketsandMarkets™.
The growth of the market is projected to be driven by factors such as collaborations & partnerships among market players for clinical trial outsourcing service, increasing R&D expenditure by biopharmaceutical and pharmaceutical companies and the growing the number of clinical trials conducted across the globe.
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The logistics and distribution segment is expected to have the dominant share of the clinical trial supplies market in 2022.
Based on services, the global clinical trial supplies market is segmented into logistics & distribution, storage & retention, packaging, labeling & blinding, manufacturing, comparator sourcing, others services (solutions and ancillary supplies). In 2022, the logistics & distribution segment accounted for largest share of the clinical trial supplies market. The presence of prominent players offering clinical trial services is the driving factor for the growth of the logistics & distribution segment during the forecast period.
The oncology segment accounted for the largest share of the disease type segment in the clinical trial supplies market in 2022.
The oncology segment is the fastest growing segment and accounted for the largest share of the clinical trial supplies market in 2022. The large share of this segment can be attributed to rising demand for cancer medicines subsequently uplifting the number of research for innovative drugs and development and increasing R&D for new drug development by pharmaceutical and biotechnology companies.
The Asia Pacific region is the fastest-growing region of the clinical trial supplies market in 2022.
The Asia Pacific is accounted to be the fastest-growing segment of the market. The growth of the clinical trial supplies markets on the region is driven by rising emphasis on strategic initiatives such as partnerships, collaborations & expansion and growing influx of investments in the life sciences sector. Large number of clinical trials in the region is further likely to upsurge the segmental growth. For instance, according to WHO, around 9,954 clinical trials were registered in India highest in Asia Pacific and global level, China registered around 5,465 leading to third largest in the world.
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Clinical Trial Supplies Market Dynamics:
1. Increasing the number of registered clinical trials
1. High cost of drug development
1. Growth opportunities in emerging markets
1. The high cost of clinical trials is a major hindrance to the clinical trial supplies market growth
Key Market Players of Antibody Drug Conjugates Industry:
The clinical trial supplies market is consolidated, with a small number of players competing for market shares. Thermo Fisher Scientific Inc. (US), Catalent, Inc. (US), Eurofins Scientific (France), Piramal Pharma Solutions (India), PRA Health Sciences (US), Marken (A Subsidiary of UPS) (US), Parexel International (MA) Corporation (US), Biocair (UK), AlmacGroup (UK), Sharp Services, LLC (US), PCI Pharma Services (US), Nuvisan (Germany), Lonza Group (Switzerland), are some of the leading players in this market. Most companies in the market focus on organic and inorganic growth strategies, such as service launches, expansions, acquisitions, partnerships, agreements, and collaborations, to increase their service offerings, cater to the unmet needs of customers, increase their profitability, and expand their presence in the global market.
- In July 2023, Thermo Fisher Scientific Inc. (US) has entered into collaboration with the national minority quality forum (NMQF), an independent non-profit dedicated to research and education. This collaboration facilitated through NMQF's Alliance for Representative Clinical Trials (ARC), aims to improve the inclusion of historically underserved patient groups in clinical research.
- In April 2023, Almac Group (UK), has introduced the IXRS®3 Partnership Network, designed to expedite the creation and deployment of advanced eClinical solutions for biopharmaceutical sponsors.
- In March 2023, Icon Plc (Ireland) has entered into a strategic partnership with LEO Pharma (Denmark), and This collaboration aims to enhance LEO Pharma's clinical trial operations, focusing on patient-centricity and cost-efficiency. The goal is to strengthen LEO Pharma's
- In August 2022, Marken (US) has acquired Bomi Group to support the growth in healthcare logistics by expanding the company's international presence and increasing cold chain capabilities in major European and Latin American markets.
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