Press release
Global Clinical Trial Supplies Market valued at USD 2.5 billion in 2021, is poised to grow at a decent CAGR of 8% by 2026 - Catalent, Parexel, Almac Group, Clinigen, Marken, Piramal, UDG Healthcare, Klifo, Capsugel (Lonza), Recipharm
Growing Focus on Biologics which need Specialized Logistics Capabilities
The global biologics market which is growing at 15% far exceeds the overall pharmaceutical market growth. Biologics drugs require specialized logistics, distribution, storage, and monitoring capabilities as drugs are temperature sensitive. This further provides growth opportunities for CTS providers with proven expertise and capabilities in handling biologics.
Significant Growth in Clinical Trials Conducted
In 2021, new clinical trials started, across Phase I/II/III, representing a 21% increase over the previous year. Overall, the number of new clinical trials started grew by 7.1% between 2016 and 21. The growth in the clinical trials conducted would spur the demand for the clinical trial supply services like comparator sourcing, clinical logistics and supplies management.
Oncology Market - High Growth Therapeutic Area for Clinical Trial Supplies
In terms of therapeutic utilization, oncology is the leading and fastest-growing segment. This is mainly attributed to the presence of a huge R&D pipeline of oncology drugs. Moreover, the majority of oncology drugs require temperature-sensitive distribution, which is expected to fuel the demand for cold chain distribution.
Decentralized Trials leading to Increased Demand for Clinical Trial Supplies Market
Covid-19 has provided an impetus to clinical trials being conducted in a decentralized manner. Virtual trials have become more important than ever post-pandemic. There were hardly any M&As related to virtual trials taking place before the pandemic, but the market observed ~10 M&A deals in 2020. The growing trend toward decentralized trials and the need for direct-from-patient and direct-to-patient logistics and distribution of samples/drugs/monitoring equipment make the role of CTS providers more critical in ensuring smooth & efficient progress of clinical studies.
Competitive Landscape Analysis: Clinical Trial Supplies Market
The global clinical trial supplies market is highly fragmented with the presence of large, integrated CDMOs as well as smaller players. CROs are also looking to expand their service scope to clinical trial manufacturing and also clinical trial supplies distribution & logistics as a vertical integration strategy.
Some of the established and promising players operating in the clinical trial supplies market include Thermo Fisher Scientific, Catalent, Parexel, Almac Group, Clinigen, Marken (UPS), Piramal, UDG Healthcare, Klifo, Capsugel (Lonza), Recipharm, N-SIDE, Ancillare, and Biocair.
Global Expansion and Acquisition Witnessed as Key Growth Strategies in Clinical Trial Supplies Market
As key growth strategies, companies operating in the clinical trial supplies market are focusing on expanding their global presence with additional office footprint and/or entering into acquisitions to broaden their existing service offerings. For instance,
In June 2021, Biocair opened a new facility in Frankfurt (Germany) as part of the company's ongoing international growth.
In July 2019, Marken acquired HRTL (Italy), HETO (Austria), and Der Kurier (Hungary) to further strengthen its commitment to providing logistics services to the pharmaceutical and life sciences industries in Europe.
Get Detailed Insights on Clinical Trial Supplies Market with TOC & List of Figures @ https://meditechinsights.com/clinical-trial-supplies-market/
Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79
info@meditechinsights.com
https://meditechinsights.com/
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.
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