Global $4.1 Billion Clinical Trial Supplies Market Report 2024-2034 - Emerging Markets Catalyzing Growth in Clinical Trial Supplies
DUBLIN, March 26, 2024 /PRNewswire/ -- The "Clinical Trial Supplies Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.
World revenue for the Clinical Trial Supplies Market is forecast to surpass US$ 4.10 billion in 2024, with strong revenue growth through to 2034.
Opportunities in Emerging Markets Projected to Boost Industry Growth
Clinical trials are increasingly moving to developing economies like China, India, and Japan in the Asia Pacific region, with significant growth in patient recruitment in countries such as China, South Korea, and India due to lower costs compared to developed nations. Early phase clinical trials in developing nations are notably cheaper, making them an attractive option for pharmaceutical companies. For instance, in November 2023, AstraZeneca forged a partnership with a Chinese biotechnology company to secure a position in the competitive KRAS G12D field, exchanging $24 million upfront. The agreement grants AstraZeneca a worldwide license to UA022, a small molecule inhibitor targeting the historically challenging oncogene, which was undergoing preclinical development at Usynova. The Chinese biotech, in collaboration with partners such as WuXi AppTec, spearheaded the discovery and advancement of the molecule, ultimately determining that AstraZeneca's offer, which includes potential milestone payments totalling up to $395 million, was highly compelling and thus opted to accept it.
Also, in November 2023, Novartis entered into an agreement with Chong Kun Dang Pharmaceutical, a biotechnology company based in Korea, for an early-stage HDAC6 Inhibitor. As per the contract terms, Novartis will provide an initial payment of $80 million and commit to additional development and regulatory milestone payments amounting to nearly $1.23 billion. These trends reflect a strategic shift towards countries offering lower operational expenses for clinical trials.
Challenges Posed by Lack of Comparator Sourcing
The clinical trial supplies market faces significant hurdles due to restrictions imposed by pharmaceutical manufacturers on procuring their products as comparators for clinical trials. These limitations typically encompass quantity constraints, prolonged approval procedures, and additional disclosure requirements, posing challenges for researchers and clinical trial supply chain management. Biologics, in particular, accentuate these difficulties as the lack of internal protocols and procedures from manufacturers exacerbates the situation.
For instance, Sharp Clinical Services specializes in offering solutions for clinical trial supply chains, with a focus on comparator sourcing and supply. They cater to pharmaceutical companies conducting clinical trials, aiming to streamline the procurement process. Such firms play a pivotal role in addressing the challenges linked to comparator sourcing, thereby enhancing the efficiency of the clinical trial supply chain. Pharmaceutical manufacturers often impose strict quantity limits on procuring their products for use as comparators in clinical trials. Additionally, obtaining approval for these products can be time-consuming.
Key Market Dynamics
Market Driving Factors
- Growing Decentralisation of Clinical Trials
- Increasing Number of Clinical Trials
- Rising Demand for Biologics Propelling Growth of Cold Chain Distribution Supplies
- Integration of Technical Solutions
- Increasing Investments in the Development of Novel Pharmaceuticals
- Technology Advancements are Propelling Market Expansion
Market Restraining Factors
- Unavailability of Storage Facilities
- Lack of Comparator Sourcing
- High Costs Associated with Drug Developments
Market Opportunities
- Emerging Economies Expansion and Prioritisation of R&D
- Increasing Opportunities for Emerging Markets
- Reduction in Clinical Trials Cost by using Supply Chain is Expected to Propel Market Growth
- Collaboration and Partnerships among Clinical Trial Supplies Companies
Forecasts to 2034 and other analyses reveal commercial prospects
- In addition to revenue forecasting to 2034, this new study provides you with recent results, growth rates, and market shares.
- You will find original analyses, with business outlooks and developments.
- Discover qualitative analyses (including market dynamics, drivers, opportunities, restraints and challenges), cost structure, impact of rising clinical trial supplies prices and recent developments.
Segments Covered in the Report
Location
- Offshore Clinical Site
- Domestic Clinical Site
Type
- Small Molecule Products
- Biologic Products
- Medical Devices
Services
- Manufacturing
- Assays and Test Kits
- IMPs and INDs
- Placebos
- Others
- Packaging and Labelling
- Logistics & Distribution
- Cold Chain Distribution
- Non-cold Chain Distribution
- Storage & Retention
- Comparator Sourcing
- Other CTS Services
Therapeutic Areas
- Oncology
- CNS and Mental Disorders
- Cardiovascular Disease (CVD)
- Infectious Disease
- Immunology Disease
- Blood Disorders
- Metabolic Disorders
- Digestive Disorders
- Other Therapeutic Areas
Phase
- Phase I
- Phase II
- Phase III
- Phase IV
End-users
- Pharmaceutical and Biotechnology Companies
- Contract Research Organizations (CROs)
- Medical Device Companies
- Other End-users
In addition to the revenue predictions for the overall world market and segments, you will also find revenue forecasts for five regional and 22 leading national markets.
The report also includes profiles and for some of the leading companies in the Clinical Trial Supplies Market, 2024 to 2034, with a focus on this segment of these companies' operations.
Leading companies profiled in the report
- Biocair
- Bionical Limited
- Catalent Inc.
- Eurofins Scientific
- ICON plc
- IQVIA Holdings
- KLIFO
- Lonza Group
- Marken
- Parexel
- PCI Pharma Services
- Sharp Services
- Thermo Fisher Scientific
- Walden Group SAS
The report provides you with the following knowledge:
- Revenue forecasts to 2034 for Clinical Trial Supplies Market, 2024 to 2034, with forecasts for location, type, services, therapeutic areas, phase, and end-users, each forecast at a global and regional level - discover the industry's prospects, finding the most lucrative places for investments and revenues.
- Revenue forecasts to 2034 for five regional and 22 key national markets - See forecasts for the Clinical Trial Supplies Market, 2024 to 2034 market in North America, Europe, Asia Pacific, Latin America, and MEA. Also includes forecast for the market in the U.S., Canada, Mexico, Brazil, Germany, France, UK, Italy, China, India, Japan, and Australia among other prominent economies.
- Prospects for established firms and those seeking to enter the market - including company profiles for 14 of the major companies involved in the Clinical Trial Supplies Market, 2024 to 2034.
For more information about this report visit https://www.researchandmarkets.com/r/cc341v
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