Clinical Trial Supplies Market: Size, Growth Projections, and Industry Forecast 2033

The Business Research Company recently released a comprehensive report on the Global Clinical Trial Supplies Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The clinical trial supplies market size has grown strongly in recent years. It will grow from $2.52 billion in 2023 to $2.75 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to rising prevalence of chronic diseases, stringent regulatory requirements, increasing demand for clinical trials to develop new treatments, increasing complexity of clinical trials.

The clinical trial supplies market size is expected to see strong growth in the next few years. It will grow to $3.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to globalization of clinical trials, expansion of cell and gene therapy trials, increased focus on patient-centric trials, growing number of biologics and biosimilar drugs in trials, rise of virtual and decentralized trials. Major trends in the forecast period include integration of artificial intelligence (ai) and predictive analytics, 3d printing, increasing focus on sustainability and eco-friendliness in clinical trial supply management, growing r&d investments by biopharmaceutical and pharmaceutical companies, blockchain technology advancements.

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Market Drivers and Trends:

The increasing number of registered clinical trials is expected to propel the growth of the clinical trial supplies market going forward. Clinical trials are research studies conducted with human participants to evaluate the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures. Clinical trial supplies, including pharmaceuticals, medical devices, and other essential materials, are crucial for conducting successful clinical trials, supporting the research process, ensuring accurate data collection, and maintaining the patients' safety. For instance, in May 2023, according to ClinicalTrials.gov, a part of the National Institutes of Health (NIH), a US-based government agency responsible for conducting and supporting medical research, in 2023, around 437,533 clinical trials were registered, compared to 399,499 registered studies in 2022 in all 50 states of the United States and across 221 countries. Therefore, the increasing number of registered clinical trials is driving the growth of the clinical trial supplies market.

Advancements in real-world evidence platforms are a key trend gaining popularity in the clinical trial supplies market. Major companies operating in the clinical trial supplies market are adopting innovative technologies to transform healthcare decision-making, drug development, and patient care by leveraging real-world data to generate evidence-based insights and sustain their position in the market. For instance, in April 2023, Komodo Health, a US-based healthcare technology company that specializes in services related to patient recruitment, site selection, and real-time data monitoring for clinical trials, launched MapEnhance, a network of specialty data partners integrated into a real-world evidence (RWE) technology platform. MapEnhance empowers customers with a comprehensive and detailed real-world perspective on clinical events and patient populations, enabling unprecedented insight. MapEnhance includes precision molecular diagnostics for various therapeutic areas, high-volume standard laboratory diagnostics for earlier disease visibility, and electronic medical records capturing clinical encounters. It also offers inpatient and outpatient facility chargemasters for detailed cost and utilization insights across different hospital settings.

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Major Key Players of the Market:

Thermo Fisher Scientific Inc., IQVIA, Eurofins Scientific SE, Parexel International Corporation, ICON PLC, Catalent Inc., Intertek Group PLC, Recipharm AB, World Courier, Almac Group Ltd., Piramal Pharma Solutions, Clinigen Group PLC, Movianto GmbH, Marken Limited, PCI Pharma Services, Rubicon Research Private Limited, Bionical Ltd., Durbin PLC, SIRO Clinpharm Pvt. Ltd., Biocair International Ltd., Ancillare LP., Myonex, Klifo A/S, Alium Medical Limited, ADAllen Pharma, Sharp Services LLC

Clinical Trial Supplies Market 2024 Key Insights:

• The clinical trial supplies market size is expected to see strong growth in the next few years. It will grow to $3.72 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• The Surge In Registered Clinical Trials Driving Growth In The Clinical Trial Supplies Market
• The Integration Of Real-World Evidence Platforms Shapes The Landscape Of The Clinical Trial Supplies Market
• North America was the largest region in the clinical trial supplies market in 2023

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