The Clinical Trial Supplies Market is being driven by Growth of biopharmaceutical industry
The Clinical Trial Supplies Market is expected to grow at a CAGR of 8.65% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1312.9 million. In the pharmaceutical industry, outsourcing clinical trial processes to Contract Research Organizations (CROs) has become a preferred business strategy for many product manufacturers and drug discovery companies. This trend enables these firms to allocate resources towards research and development (R&D) while minimizing operational costs. The growing preference for outsourcing has resulted in an escalating number of CROs, a trend that is anticipated to persist throughout the forecast period. In developed countries, the high operational costs associated with establishing and maintaining in-house research facilities have deterred several companies from investing in R&D. To mitigate this challenge and optimize costs, subcontract laboratories are increasingly conducting research and testing on behalf of these companies, thereby driving innovation and fostering growth in the clinical trial supplies market.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.65% |
Market growth 2024-2028 |
USD 1312.9 million |
Market structure |
fragmentation |
YoY growth 2023-2024(%) |
7.78 |
Key countries |
US, UK, Germany, China, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Clinical Trial Supplies Market is influenced by various factors including the buying behavior of key stakeholders, the prevalence of diseases, regulatory support, industrial collaborations, and drug development. With an increasing number of registered clinical trials for new drugs in therapeutic areas like Oncology, Cardiovascular disease, Biologics, Medical devices, Pharmaceutical drugs, and Biological drugs, Clinical Research Organizations play a crucial role in conducting Clinical Trials on subjects with high follow-up rates. The distribution of sensitive clinical trial supplies, such as cold chain distribution for Cancer treatments, is also a significant aspect of this market. Drug approval processes and the prevalence of diseases like Cancer drive the demand for clinical trial supplies.
The Clinical Trial Supplies Market is a significant segment of the larger Life Sciences Tools and Services Market, encompassing companies and products involved in the research and development (R&D) of various categories, including biologics, biosimilars, blood products, and consumables. This market also includes life sciences-related services such as contract research, manufacturing, and sales. According to Technavio, the global healthcare market size is determined by the consolidated revenue generated by manufacturers of equipment, pharmaceuticals, biotechnology, and life sciences tools and services. Factors driving market growth include the increasing prevalence of chronic diseases, such as cancer and cardiovascular diseases, and the rising number of cancer cases due to an aging population and increased disease awareness.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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