Rising Demand for Clinical Trials Drive the Demand for Clinical Trial Supplies Market

As per the article published by the chemistry world, the COVID-19 has created a wide demand for therapies and vaccines. The need for the fast development of vaccines is raising the growth for clinical trial supplies. Thus, the clinical trials will see an overall high growth rate in the forecast period as per the growing trends of clinical trials for efficient and better drug developments. The rising clinical trials in developing countries and the research practices will lead to high demand in the forecast period.

Data Bridge Market Research analyses that the clinical trial supplies market is expected to grow at a CAGR of 8.4% in the forecast period of 2022 to 2029 and is expected to reach USD 5,738.17 million by 2029. The government's organizations including contract research organizations also provide funds for clinical trials studies. These funds can be the biggest help for the biotechnology and pharmaceutical companies to continue clinical trials without any investment's issues. Thus, the government's initiative to provide funds is the driving factor for clinical trials supplies market.

Increasing incidence of chronic diseases is expected to drive the market's growth rate

There has been a high prevalence of chronic diseases owing to the rapidly surging population and infections among people can be seen globally. These diseases contribute a major role in clinical trial field for development of drugs. The drug has to pass all the standard clinical phases to be available in market before human consumption. Thus, for the treatment of these chronic diseases for humans, the drug has to be safe. Hence, a high number of cases leads to new drug developments that can help treat various disorders. This will create clinical trials supplies requirements in each pharm and biotech industry. The market is projected to grow due to increase in various problems related to health in forecasted timeframe.

Report Scope and Market Segmentation

Segment Analysis:

Global clinical trial supplies market is categorized based on services, clinical phase, therapeutic uses and end user.

• On the basis of services, global clinical trial supplies market is segmented into storage, manufacturing and packaging and labeling, distribution, distribution. In 2022, storage segment is expected to dominate the global clinical trial supplies market growing at the highest CAGR of 8.4% in the forecast period of 2022 to 2029. The storage segment in global clinical trial supplies market is expected to grow due to direct-to-site shipment approach, as well as mixed alternatives combining central and local depots of clinical supplies in the global clinical trial supplies market. However, the time required to perform compression and decompression for data analysis before storage may hamper the global clinical trial supplies market growth.
• On the basis of clinical phase, global clinical trial supplies market is segmented into phase I, phase II, phase III and phase IV. In 2022, phase III segment is expected to dominate the global clinical trial supplies market, growing at the highest CAGR of 8.5%

The phase III segment is expected to dominate the global clinical trial supplies market

In 2022, phase III segment is expected to dominate the global clinical trial supplies market, growing at the highest CAGR of 8.5% in the forecast period of 2022 to 2029 because it requires thousands of people to perform experiments and these experiments goes for longer period of time which further needs more supplies and services in various pharma companies and contract research organizations (CROs).

• On the basis of therapeutic uses, global clinical trial supplies market is segmented into oncology, cardiovascular diseases, dermatology, metabolic disorder, infectious disease, respiratory diseases, CNS and mental disorders, blood disorders and others. In 2022, oncology segment is expected to dominate the global clinical trial supplies market, growing at the highest CAGR of 8.5% in the forecast period of 2022 to 2029. The oncology segment in the global clinical trial supplies market is expected to grow because of the increasing number of patients with cancer. Research on cancer in clinical trials is also rising significantly.
• On the basis of end user, global clinical trial supplies market is segmented into contract research organizations, pharmaceutical and biotechnology companies. In 2022, contract research organizations segment is expected to dominate the global clinical trial supplies market, growing at the highest CAGR of 8.1%

The contract research organizations segment is expected to dominate the market, growing at the highest CAGR of 8.1%

• In 2022, contract research organizations segment is expected to dominate the global clinical trial supplies market, growing at the highest CAGR of 8.1% in the forecast period of 2022 to 2029. The contract research organizations segment in the global clinical trial supplies market is expected to grow because most of the clinical trial experiments performed for medicines such as drugs or medical devices are used to treat diseases by contract research organizations (CROs). Additionally, contract research organizations (CROs) also get government funding for the development of new drugs.

Major Players

Data Bridge Market Research recognizes the following companies as the major clinical trial supplies market players in clinical trial supplies market are Movianto (U.S.), Sharp (U.S.),Thermo Fisher Scientific Inc.,(U.S.), Catalent, Inc (U.S.), PCI Pharma Services (U.S.), Almac Group (U.K.), PAREXEL International Corporation (U.S.), Bionical Ltd. (U.K.), Alium Medical Limited (U.K.), Myonex (U.K.), Clinigen Group plc (U.K.), Ancillare, LP (U.S.), SIRO Clinpharm (India) CLINICAL SUPPLIES MANAGEMENT HOLDINGS, INC. (U.S.) Biocair (U.K.) and among others.

Market Development

• In June 2020, Almac Clinical Services (a division of the Almac Group) a global contract pharmaceutical development and manufacturing organization, introduced Tempod® 1000, which expands the company's Site Compliance and temperature management offering to sponsors. This product has been designed in order to remove the administrative burden for updating manual temperatures logs. This new product launch has helped in promoting the best digital practice of the company in clinical studies and ensures better patient safety.
• In February 2022, Thermo Fisher Scientific has announced partnership with Medidata to optimize clinical research site selection and speed patient enrollment in clinical trial. This improves clinical trial planning and execution to accelerate clinical trial in which datasets have been generated from 26,000 clinical trial and nearly 8 million patients in more than 140 countries across the globe.
• In April 2021, Parexel and Veeva Systems announced a strategic partnership to speed up clinical trials through technological and process innovation. The groundbreaking collaboration combines the best of each company's experience across thousands of studies worldwide – Parexel as a leading clinical research organization (CRO) and Veeva as the technology innovator powering trials – to improve study efficiency and accelerate the delivery of new therapies to patients.
• In January 2020, Catalent, Inc launched new FlexDirect for patient clinical supply services. This service provided sponsors, including site-to-patient distribution and pharmacy-to-patient service. These two services are combined with standard distribution of clinical supplies and offered a customized hybrid approach as needed. Thus, it is beneficial for overall growth for the company.
• In April 2021, PPD, Inc., a leading global provider of clinical research services to the biopharma and biotech industries, was acquired for $17.4 billion by Thermo Fisher Scientific Inc., the world leader in serving science. Thermo Fisher will assume PPD's net debt of approximately $3.0 billion as part of the acquisition. All assumed debt will be retired in conjunction with the transaction's closing.

Regional Analysis

Geographically, the countries covered in the clinical trial supplies market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

As per Data Bridge Market Research analysis:

North America is the dominant region in clinical trial supplies market during the forecast period

North America dominated the clinical trial supplies market due to major key players and well-developed healthcare infrastructure. North America will continue to dominate the clinical trial supplies market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the significant investments in research and developments for clinical trials in this region.

Asia-Pacific is estimated to be the fastest-growing region in clinical trial supplies market

Asia-Pacific is expected to grow during the forecast period due to the e increasing patient pool coupled with the rising investment in the healthcare sector in this region. In addition to this, growing government support are expected propel the market's growth rate in this region.

COVID-19 Impact Analysis

The outbreak of COVID-19 largely impacted the healthcare industry. The clinical trial supplies market was, however significantly affected by it.  The pandemic has put significant strain on the clinical research industry and is expected to have an impact on key study outcomes; these effects must be considered during data analysis and interpretation. Nonetheless, the pandemic response has resulted in advancements to improve clinical research. There is an undeniable need to reduce patient risks and make it easier for them to participate in clinical trials.

COVID-19 has highlighted an urgent need for clinical trials powered by next-generation technologies. Abandoning protocols increases the risk of missing or delaying data collection from ongoing investigations. Virtual trials are demonstrating the extraordinary potential for pharma and healthcare, raising clinical trial management to new heights. Beyond COVID-19, digital healthcare and virtual trials are expected to become more common as part of the new "normal." As a result, the clinical trials supplies market is anticipated t propel largely during the pandemic.

For more detailed information about the clinical trial supplies market report, click here – https://www.databridgemarketresearch.com/reports/global-clinical-trial-supplies-market