Clinical Trial Supplies Market – Future Revenue Growth Driving Factors
Major Objectives Behind This Study: # To define, describe, and forecast the global clinical trial supplies market based on type, therapeutic area, service, end user, phase, and region. # To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, and opportunities). # To forecast the size of the market segments with respect to four major regions, namely, North America, Europe, the Asia Pacific, and the Rest of the World. # To strategically analyze micromarkets1 with respect to individual growth trends, future prospects, and contributions to the overall market. # To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders. # To profile key market players and comprehensively analyze their service portfolios, market positions, and core competencies. # To track and analyze competitive developments such as acquisitions, service launches, expansions, partnerships, collaborations in the market. Recent Developments: # In April 2021, Thermo Fisher announced plans to acquire PPD for USD 17.4 billion to enhance its offerings in clinical research services and to support clinical trials. # In April 2021, Parexel collaborated with Veeva Systems to improve their clinical processes for clinical trial delivery and enhance Veeva’s cloud technology. Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=172240059 Major Growth Driving Factors: Market growth is largely driven by the increasing R&D expenditure in pharmaceutical and biopharmaceutical companies and the growing number of clinical trials conducted globally. However, the increasing cost of drug development and clinical trials is expected to restrain the growth of this market during the forecast period. RESTRAINTS: High cost of drug development Drug discovery and development involve high costs due to the high attrition rate of drug candidates in development. Since R&D for some rare diseases is very challenging and requires a specific group of people to conduct a clinical trial, drug R&D processes can be prone to failure. Only 7 out of 100 cancer drugs that reach the clinical testing phase end up gaining regulatory approval; most drugs fail long before this point. From drug discovery through FDA approval, developing a new medicine, on average, takes 10–15 years and costs USD 2.6 billion. Less than 12% of candidates that make it to Phase I clinical trials are approved by the FDA. This is a key factor limiting the growth of the market. OPPORTUNITY: R&D investments offer significant opportunities for the market North America and Europe, traditionally the major hubs for clinical trials, are facing challenges in terms of trial costs and patient pools. Recent health reforms in the US, the patent expiry of blockbuster drugs, and the global economic slowdown have affected the profitability of pharmaceutical companies. This is compelling several pharmaceutical companies to look for opportunities in emerging countries across the APAC, such as India, Singapore, South Korea, and China, which offer advantages such as reduced costs and easy access to a large heterogeneous patient population. Collaborations or expansions between companies in this market indicate that they are moving towards emerging markets to help their clients reduce the overall time consumed in clinical trials, thereby reducing their overall cost and resulting in the earlier launch of products in the market (post regulatory clearance). CROs can exploit these opportunities by supporting pharmaceutical companies to fulfill their needs for clinical trial supplies. End Users: The pharmaceutical and biotechnology companies segment accounted for the largest share in 2020 Based on end users, the clinical trial supplies market is categorized into three segments—pharmaceutical & biotechnology companies, contract research organizations (CROs), and medical device companies. The pharmaceutical and biotechnology companies accounted for the largest share of 70% of this market in 2020. This share is attributed to the rising R&D efforts by these companies. Request Sample Pages@ https://www.marketsandmarkets.com/requestsampleNew.asp?id=172240059 Geographical Growth Dynamics: North America was the largest regional market for clinical trial supplies in 2020. Geographically, the market is segmented into North America, Europe, Asia Pacific, RoW. In 2020, North America accounted for the largest share of the clinical trial supplies market, followed by Europe & Asia Pacific. The growing number of registered clinical trials and significant investments in R&D for clinical trials in this region are major factors driving the growth of the North American market. The presence of many global pharmaceutical giants, such as Pfizer, Abbott Laboratories, and Johnson & Johnson (which outsource their clinical trials to reduce the costs and time associated with completing these trials) in this region is another key driver for market growth. Projected Surge in Revenue Generation: The global clinical trial supplies market is projected to reach USD 2.9 billion by 2026 from USD 1.9 billion in 2021, at a CAGR of 8.5% during the forecast period of 2021 to 2026.