Research Methodologies Followed:

Secondary Research:

The secondary sources referred to for this research study include publications from government sources [such as the World Bank, World Health Organization (WHO), and Centers for Disease Control and Prevention (CDC)]; sites like ClinicalTrials.gov, fiercebiotech, and annual reports; SEC filings; press releases; investor presentations; journals; expert interviews; MarketsandMarkets analysis; business magazines and research journals; press releases; and trade, business, and professional associations. Secondary data was collected and analyzed to arrive at the overall size of the global Clinical Trial Supplies Market, which was validated through primary research.

Primary Research:

After acquiring basic knowledge about the global market scenario through secondary research, extensive primary research was conducted. Several primary interviews were conducted with market experts from both the demand side (such as personnel from pharmaceutical biotechnology companies) and the supply side (such as clinical trial supply companies and pharmaceutical supply companies) across four major regions—North America, Europe, the Asia Pacific, and the Rest of the World. Approximately 80% and 20% of primary interviews were conducted with supply-side and demand-side participants, respectively. This primary data was collected through questionnaires, e-mails, online surveys, personal interviews, and telephonic interviews.

Major Growth Driving Factors:

Market growth is largely driven by the increasing RD 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.

Expected Revenue Growth:

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.

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Data Triangulation:

After arriving at the overall market size from the market size estimation process, the total market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

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.

OPPORTUNITY: RD 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 RD efforts by these companies.

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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 RD 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.