The clinical trial supplies market was valued at US$ 1,867. 44 million in 2019 and is expected to grow at a CAGR of 7. 4% from 2020 to 2027 to reach US$ 3,298. 91 million by 2027. Driving factors of the clinical trial supplies market are increasing pharmaceutical and biopharmaceutical R&D expenditures and an increase in several clinical trials.
New York, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Trial Supplies Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Product & Service ; Stage ; Drug Type ; Application, and Geography" - https://www.reportlinker.com/p05978059/?utm_source=GNW
However, the rising cost of drug development and clinical trials and challenges for clinical trials due to the negative impact of coronavirus are expected to restrict market growth during the forecast period.
A clinical trial is a crucial and significant step in the determination of the safety and effectiveness of a medical strategy, treatment, or device for commercial usage.These studies also help understand and determine the best medical approaches for a particular therapeutic area.
Clinical trials are conducted primarily to collect data regarding the safety and efficacy of the new drug and device development.Before the approval of drug molecules or medical devices by the regulatory authorities, a series of clinical studies are conducted.
The increasing prevalence of various communicable and non-communicable diseases is triggering the demand for the development of new drugs or medical devices.The abovementioned scenario is, in turn, expected to surge the need for clinical trial supplies management in the coming years.
As per the data from the US National Library of Medicine, in 2018, there were~280,801 clinical studies ongoing in 50 states and 204 countries. The following figure shows the rise in the number of studies registered in the past couple of years until August 2018. Hence, the increasing number of clinical trials, raising the demand for supplies, is a significant factor driving the growth of the clinical trial supplies management market.
The global clinical trial supplies are segmented by product & service, stage, drug type, and application.The clinical trial supplies market, by 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 segment is also anticipated to register the highest CAGR in the market during the forecast period.
Based on stage, the market is segmented into phase III, phase II, bioequivalence studies, and phase I.The phase III segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on drug type, the clinical trial supplies market is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019. However, biologic drugs are estimated to register the highest CAGR in the market during the forecast period. Based on the application, the clinical trial supplies market is segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment holds 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.
Some of the essential primary and secondary sources included in the report are, Food and Drug Administration, World Health Organization (WHO), International Trade Administration (ITA), Canada Foundation of Innovation (CFI), Pharmaceutical Research and Manufacturers of America (PhRMA), and among others.
Read the full report: https://www.reportlinker.com/p05978059/?utm_source=GNW
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