Market Research Report
Clinical Trial Supplies Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III), By Product & Services, By End Use, By Therapeutic Use, By Region, And Segment Forecasts, 2022 - 2030
|Clinical Trial Supplies Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III), By Product & Services, By End Use, By Therapeutic Use, By Region, And Segment Forecasts, 2022 - 2030|
Published: April 22, 2022
Grand View Research, Inc.
Content info: 123 Pages
Delivery time: 2-10 business days
The global clinical trial supplies market size is expected to reach USD 3.40 billion by 2030, registering a CAGR of 6.4% during the forecast period, according to a new report by Grand View Research, Inc. This growth can be attributed to the increasing volume of clinical trial studies coupled with the growing complexity of conducting these trials. The COVID-19 pandemic has created opportunities for local manufacturers. To enhance their foothold in the market, key companies are adopting various plans and policies to gain a higher market share. The clinical trial and pharmaceutical industry is anticipated to witness steady growth, which, in turn, will increase the demand for clinical trial supplies, thereby driving the market growth.
Canada and the U.S. are home to the majority of clinical trials. No language barrier is one of the major factors for the preference of this region for the majority of clinical trials, as the English language is widely spoken in this region. Major CROs and biopharmaceutical companies have their hub in this region, and with advancements in technology, the demand for efficient supplies is increasing and the region is expected to dominate the clinical trial supplies market over the forecast period.
The outbreak of COVID-19 has presented one major challenge, that is, the supply chain vertical of every company is facing limited movement across borders, with national export bans. Thus, companies are adopting various strategies to supply their products to the required destination. The shift toward Direct-to-Patient (DTP) deliveries may overcome the crisis to some extent. The FDA & EMA and regulatory bodies of China, Singapore, & Korea are focusing on DTP deliveries, as an alternative distribution method for investigational product supplies. DTP deliveries have ensured patient adherence and increased participation in clinical trials. For instance, in April 2020, Marken witnessed an increase in onboarded DTP trials in comparison with previous weeks.