Know More About the Leading Players in Clinical Trial Supplies Market – Exclusive Report by MarketsandMarkets™

Posted on 2021-09-08 by MarketsandMarkets in Pharmaceuticals // 0 Comments

PUNE, India, 2021-Sep-08 — /EPR Network/ —

According to the new market research report “Clinical Trial Supplies Market by Services (Manufacturing, Packaging, Logistics, Distribution), Phases (I to IV), Type (Small molecule, Biologics, Medical Devices) Therapeutic Areas (Oncology, CNS, CVD, Infectious, Immunology) – Global Forecast 2026″, 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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Market growth is largely driven by the increasing R&D 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.

The global clinical trial supplies market is competitive. Prominent players operating in the global clinical trial supplies market include Catalent, Inc. (US), Thermo Fisher Scientific (US), Piramal Pharma Solutions (India), Parexel International Corporation (US), and UDG Healthcare (Ireland). The key players in this market are increasingly focusing on strategic expansions, partnerships, and product approvals to expand their manufacturing capabilities and increase market presence.

Catalent offers delivery technologies as well as development, manufacturing, and clinical supply solutions for drugs, biologics, cell and gene therapies, and consumer health products. The company operates through four business segments—Softgel and Oral Technologies, Biologics, Clinical Supply Services, and Oral and Specialty Delivery. The Clinical Supply Services segment is further categorized into Forecasting and Planning, Packaging Services, Comparator Sourcing, and Distribution and Logistics. The Clinical Supply Services segment provides manufacturing, packaging, storage, distribution, and inventory management for drugs and biologics in clinical trials. This includes encapsulation where needed, supplying placebos, comparator drug procurement, clinical packages and kits for physicians and patients, inventory management, investigator kit ordering and fulfillment, and return supply reconciliation and reporting. Catalent operates in countries across North America, Europe, Asia Pacific, and Latin America. It has a strong presence in China, Japan, Italy, the UK, France, Belgium, Germany, Argentina, Brazil, Uruguay, the US, and Canada.

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Parexel provides a suite of biopharmaceutical services that helps clients across the globe progress from scientific discoveries to new treatments. The company provides solutions for clinical development, outsourcing services, consulting, medical affairs, real-world data sciences, and medical communications. In the clinical trial supplies market, the company provides services like clinical trial supply management, laboratory logistics, biological sample lifecycle management services, ancillary supplies, and cold chain logistics. Parexel operates in the US and UK.

The Asia Pacific region is the fastest-growing region of the clinical trial supplies market in 2020.

Based on the region, the clinical trial supplies market is broadly segmented into North America, Europe, the Asia Pacific, and the Rest of the World. The huge population base, presence of less stringent and harmonized regulatory frameworks, and limited competition make patient recruitment and seeking approval for clinical trials more convenient, less time-consuming, and cost-efficient in the APAC region. This is attracting the attention of a majority of pharmaceutical, biopharmaceutical, and biotechnology giants to consider conducting their clinical trials in APAC countries. The Asia Pacific market is projected to register the highest growth during the forecast period due to the presence of many emerging players, less-stringent regulations, and the ease and cost-effectiveness of patient recruitment in APAC countries.

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