clinical trial supplies market Archives

Caused by rising R&D costs, more complex clinical trials and regulations, a thriving biotech venture capital industry, a tendency toward outsourcing, and an increase in the number of clinical studies carried out. The clinical trial supplies (CTS) market includes services like packaging and labeling services, clinical supplies logistics & distribution, comparator sourcing, and clinical supplies management. The R&D expenditure by large pharma companies totaled a record $133 billion in 2021, an increase of 44% since 2016. With the rising R&D spending and the increasing complexity of clinical trials, Pharma/Biotech is looking to outsource more non-core activities related to clinical trials. Big Pharma is usually more reluctant to outsource than biotech, which is highly reliant on external partners for clinical development activities. Get A Free Sample PDF of our Research Report : https://meditechinsights.com/clinical-trial-supplies-market/request-sample/ Increased Focus on Biologics which require Specialized Logistics Capabilities The biologics market which is growing at ~15% far exceeds the overall pharma market growth. Biologics drugs require specialized logistics, distribution, storage, and monitoring capabilities as drugs are temperature sensitive. This further provides growth opportunities for CTS providers with proven expertise and capabilities in handling biologics. Growth in Clinical Trials Conducted In 2021, new clinical trials started, across Phase I/II/III, representing a 21% increase over the previous year. Overall, the number of new clinical trials started grew by 7.1% between 2016 and 21. The growth in the clinical trials conducted would spur the demand for the clinical trial supply services like comparator sourcing, clinical logistics and supplies management, and storage and distribution. Oncology – High Growth Therapeutic Area for CTS In terms of therapeutic use, oncology is the leading and fastest-growing segment. This is mainly attributed to the presence of a huge R&D pipeline of oncology drugs. Moreover, the majority of oncology drugs require temperature-sensitive distribution, which is expected to fuel the demand for cold chain distribution. Decentralized Trials leading to Increased Demand for CTS Covid-19 has provided an impetus to clinical trials being conducted in a decentralized manner. Virtual trials have become more important than ever post-pandemic. There were hardly any M&As related to virtual trials taking place before the pandemic, but the market observed ~10 M&A deals in 2020. The growing trend toward decentralized trials and the need for direct-from-patient and direct-to-patient logistics and distribution of samples/drugs/monitoring equipment make the role of CTS providers more critical in ensuring smooth & efficient progress of clinical studies. Global Footprint and Coverage, a Key Differentiator As companies face challenges in the recruitment of patients, clinical trials are increasingly conducted across more regions and sites. CTS providers with a global footprint and/or ability to service across North America/Europe and increasingly Asia/LATAM as well, are in great demand. Competitive Landscape Analysis: Clinical Trial Supplies Market The global clinical trial supplies market is highly fragmented with the presence of large, integrated CDMOs as well as smaller players. CROs are also looking to expand their service scope to clinical trial manufacturing and also clinical trial supplies distribution & logistics as a vertical integration strategy. Some of the key/promising players in the clinical trial supplies market include Thermo Fisher Scientific, Catalent, Parexel, Almac Group, Clinigen, Marken (UPS), Piramal, UDG Healthcare, Klifo, Capsugel (Lonza), Recipharm, N-SIDE, Ancillare, Biocair, among others. Global Expansion and Acquisition Witnessed as Key Growth Strategies As a key growth strategy, companies in the clinical trial supplies market are focusing on expanding their global presence with additional office footprint and/or entering into acquisitions to broaden their existing service offerings. For instance, In June 2021, Biocair opened a new facility in Frankfurt (Germany) as part of the company’s ongoing international growth. In July 2019, Marken acquired HRTL (Italy), HETO (Austria), and Der Kurier (Hungary) to further strengthen its commitment to providing logistics services to the pharmaceutical and life sciences industries in Europe.

Tag: clinical trial supplies market

Global clinical trial supplies market is valued at $2.5 billion in 2021 and is projected to grow at a CAGR of 8% by 2026

The Global Single-use Bioreactors Market is set to surge at a high CAGR of 20% by 2029.

Global Biologics CDMO Market is set to soar at substantial CAGR of 14–16% in the next five years.

Oncology Information System Market Projected to Witness High Growth of 8% from 2024 to 2029

The Transplantation Market Expected to Grow at a 9-10% CAGR by 2029, Fueled by Advancements in Transplant Technologies

The Bioburden Testing Market Maintains Strong CAGR with Growing Demand for Sterilization Assurance

The Fluoroscopy Equipment Market is Poised to grow at a CAGR of 5–7%.

The Bionic Contact Lenses Market is poised to grow at a high CAGR of 11-13%

Global Biosimulation Market Envisions a Promising Future to Have a High 15-20% Growth by 2028

Global Intraocular Lens (IOLs) Market Expecting a Decent 5-6% CAGR in the Next 5 Years

The Cardiology Information System (CIS) Market is projected to grow at a healthy CAGR of 8-10% over the next few years.