Clinical Trials Supplies: The Backbone of Medical Research

The clinical trial is an investigation 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 approaches experiment 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.

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The global clinical trial supplies market, based on the product & service, is segmented into logistics & distribution, manufacturing, and packaging & labelling. The logistics & distribution segment held the largest share of the market in 2019. The same segment is estimated to register the highest CAGR in the market during the forecast period as the increasing adoption of this method due to the extended range of advantages. Moreover, the globalization of clinical trials and the growing number of clinical trials involving temperature-sensitive products are anticipated to drive the growth of the segment during the forecast period.

The clinical trial supplies market is anticipated to increase, owing to factors such as increasing pharmaceutical and biopharmaceutical R&D expenditures and an increase in the number of clinical trials. Moreover, growing opportunities in developing nations are likely to have a positive impact on the growth of the market in the coming years.

Leading companies operating in the clinical trial supplies market are Catalent, Inc., Thermo Fisher Scientific, Inc. Almac Group, Parexel International Corporation, Biocair, UDG Healthcare plc (Sharp), PCI Healthcare Services, Owens & Minor Inc., KLIFO, Rubicon Research Pvt. Ltd., among others. These companies have been executing different approaches that have helped the growth of the company and, in turn, have brought about various changes in the market. The companies have utilized strategies such as acquisition, collaboration, and partnerships for the growth of their organizations. For instance, in February 2020, PCI Pharma Services acquired Bellwyck Pharma Services as part of its global expansion in Clinical Trial Services in Canada and the Continental European region.

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