Clinical Trial Supplies Market Projected To Grow By $1.19 Billion from 2022 to 2027
The clinical trial supplies market is poised for substantial growth, with an anticipated increase of USD 1.19 billion from 2022 to 2027, and a projected Compound Annual Growth Rate (CAGR) of over 8.48% during this period, according to Technavio Research.
This surge is attributed to various factors, with a primary driver being the robust expansion of the biopharmaceutical industry. The pharmaceutical sector’s shift towards biopharmaceuticals for new drug discoveries and biosimilar introductions by global entrants has altered the dynamics of the industry significantly.
The advent of biopharmaceuticals has played a pivotal role in decreasing mortality rates related to diseases such as cancer and HIV/AIDS. This success has led to an upswing in the adoption of biopharmaceuticals worldwide. Furthermore, the expansion of the global biopharmaceutical market has given rise to parallel industries, including contract research, contract manufacturing, consumables, and pharmaceuticals, along with clinical trials. Clinical trials are integral to ensuring the safety, efficacy, and minimal side effects of drugs and biologics, making them a vital component of the biopharmaceutical industry’s growth trajectory.
The report underscores the current market scenario, highlighting the latest trends, drivers, and the overall market environment. The comprehensive analysis also covers a range of vendors, offering insights into key players such as Avantor Inc., Bionical Emas Group, Catalent Inc., Thermo Fisher Scientific Inc., and others.
The segmentation of the clinical trial supplies market includes end-users (pharmaceutical industry, biologics industry, and medical device industry), types (Phase III, Phase II, Phase IV and BE/BA studies, and Phase I), and geography (North America, Europe, Asia, and Rest of World). The pharmaceutical industry segment is projected to exhibit significant market share growth during the forecast period. This surge is attributed to the complexity of drug discovery and the necessity for clinical trials to ensure the safety and efficacy of new drugs. Stringent regulations, particularly from the FDA, further contribute to the growing need for pharmaceutical clinical trials.
Geographically, North America is anticipated to contribute 36% to the global market’s growth during the forecast period. The region’s increasing prevalence of chronic diseases is fueling a rise in clinical trials, driven primarily by pharmaceutical companies conducting extensive research to validate new drug discoveries.
In addition to the market analysis, the report delves into historic data from 2017 to 2021, providing a comprehensive understanding of market trends over time. Furthermore, an emerging trend in the market is the increased focus on studies within the pharmaceutical industry, particularly in the realm of personalized medicine. The rise in clinical research on various types of cancer, coupled with increased government funding, is driving the growth of personalized medicine. This trend necessitates a variety of interventions and, consequently, an uptick in clinical trials.
The report also outlines related markets, such as the global analytical standards market and the protein expression market, providing a holistic view of the broader life sciences landscape. The analytical standards market is expected to grow by USD 624.93 million, while the protein expression market is estimated to grow by USD 2,450.45 million, each at their respective Compound Annual Growth Rates (CAGRs).
The clinical trial supplies market is poised for substantial growth, driven by the dynamic biopharmaceutical industry, increasing prevalence of chronic diseases, and a heightened focus on personalized medicine. The comprehensive report from Technavio provides a detailed analysis of these trends, offering valuable insights for stakeholders in the pharmaceutical and life sciences sectors.
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