The North America clinical trial supplies market is expected to reach US$ 1,364.10 million by 2027 from US$ 758.95 million in 2019; it is estimated to grow at a CAGR of 7.7% from 2020 to 2027. The growth of the market is attributed to some key driving factors such as increase in R&D expenditures by the pharmaceutical & biopharmaceutical companies, rise in number of clinical trials, and higher costs of drug development in developed nations. However, challenges for clinical trials due to the negative impact of COVID-19 pandemic are expected to restrain the growth of the market during the forecast years.
The clinical trial is an investigational study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. These studies help to find which therapeutic approach is best for certain diseases. Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. Research and development (R&D) is a significant and essential part of the business of pharmaceuticals and biopharmaceuticals companies. R&D spending by biopharmaceuticals companies has increased over the years. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of these companies has increased from US$ 59.6 billion in 2015 to US$ 79.6 billion in 2018. Drug development and discovery is a time-consuming and expensive process. The process stages range from early detection or design to development and regulatory approval, and the entire process can take more than 10–15 years. Throughout the drug development phase, various testing services are required to check the quality and efficacy of the drug substance. Several manufacturers are investing in clinical supplies in the pharmaceutical industry. Therefore, the pharmaceutical and biotech companies are dependent on the supplies for the services to the clinical trials, which is expected to drive the market. Also, advanced health care infrastructure and presence of multinational pharmaceutical and biotechnology companies that carry out clinical trials in North America will bolster the market growth.
Based on product & service, the North America clinical trial supplies market is segmented into manufacturing, packaging & labelling, and logistics & distribution. The logistics & distribution segment held the largest share of the market in 2019; the segment is anticipated to register the highest CAGR in the market during the forecast period.
In terms of stage, the North America clinical trial supplies market is segmented into phase I, phase II, phase III, and bioequivalence studies. The phase III segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on drug type, the North America clinical trial supplies market is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019, whereas the biologic drugs segment is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the North America clinical trial supplies market has been segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period.
A few of the primary and secondary sources associated with this report on the North America clinical trial supplies market are the Canada Foundation of Innovation (CFI), Pharmaceutical Research and Manufacturers of America (PhRMA), and Association of Clinical Research Organizations (ACRO), among others.
Reasons to Buy
The clinical trial is an investigational study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. These studies help to find which therapeutic approach is best for certain diseases. Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. Research and development (R&D) is a significant and essential part of the business of pharmaceuticals and biopharmaceuticals companies. R&D spending by biopharmaceuticals companies has increased over the years. According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of these companies has increased from US$ 59.6 billion in 2015 to US$ 79.6 billion in 2018. Drug development and discovery is a time-consuming and expensive process. The process stages range from early detection or design to development and regulatory approval, and the entire process can take more than 10–15 years. Throughout the drug development phase, various testing services are required to check the quality and efficacy of the drug substance. Several manufacturers are investing in clinical supplies in the pharmaceutical industry. Therefore, the pharmaceutical and biotech companies are dependent on the supplies for the services to the clinical trials, which is expected to drive the market. Also, advanced health care infrastructure and presence of multinational pharmaceutical and biotechnology companies that carry out clinical trials in North America will bolster the market growth.
Based on product & service, the North America clinical trial supplies market is segmented into manufacturing, packaging & labelling, and logistics & distribution. The logistics & distribution segment held the largest share of the market in 2019; the segment is anticipated to register the highest CAGR in the market during the forecast period.
In terms of stage, the North America clinical trial supplies market is segmented into phase I, phase II, phase III, and bioequivalence studies. The phase III segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on drug type, the North America clinical trial supplies market is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019, whereas the biologic drugs segment is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the North America clinical trial supplies market has been segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period.
A few of the primary and secondary sources associated with this report on the North America clinical trial supplies market are the Canada Foundation of Innovation (CFI), Pharmaceutical Research and Manufacturers of America (PhRMA), and Association of Clinical Research Organizations (ACRO), among others.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America clinical trial supplies market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the North America clinical trial supplies market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
Table of Contents
1. Introduction
3. Research Methodology
4. North America Clinical Trial Supplies Market - Market Landscape
5. Clinical Trial Supplies Market- Key Market Dynamics
6. Clinical Trial Supplies Market - North America Analysis
7. Clinical Trial Supplies Market Analysis - By Product and Service
8. Clinical Trial Supplies Market - By Stage
9. Clinical Trial Supplies Market - By Drug Type
10. Clinical Trial Supplies Market - By Application
11. Clinical Trial Supplies Market - North America Analysis
12. Impact of COVID-19 Pandemic on North America Clinical Trial Supplies Market
13. Clinical Trials Supplies Market - Industry Landscape
14. Clinical Trial Supplies Market - Key Company Profiles
15. Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- THERMO FISHER SCIENTIFIC INC.
- UDG Healthcare plc
- Catalent Inc.
- pci Pharma Services
- Almac Group
- PAREXEL INTERNATIONAL CORPORATION
- Biocair
- Owens & Minor Inc
- Rubicon Research Pvt. Ltd
- CLINICAL SUPPLIES MANAGEMENT HOLDINGS, INC.
Table Information
Report Attribute | Details |
---|---|
Published | May 2021 |
Forecast Period | 2019 - 2027 |
Estimated Market Value ( USD | $ 758.95 Million |
Forecasted Market Value ( USD | $ 1364.1 Million |
Compound Annual Growth Rate | 7.7% |
Regions Covered | North America |