Clinical Trial Supplies Market - Increasing R&D Expenditure in the Pharmaceutical & Biopharmaceutical Industry
Overview of This Study:
This study involved four major activities in estimating the current size of the Clinical Trial Supplies Technique Market. Exhaustive secondary research was carried out to collect information on the market, its peer markets, and its parent market.
The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
Expected Revenue Growth:
The clinical trial supplies market is projected to reach USD 2.5 billion by 2025 from USD 1.7 billion in 2020, at a CAGR of 7.8%. The growth of this market is majorly driven by the increasing R&D expenditure in pharmaceutical and biopharmaceutical companies and the globalization of clinical trials & harmonization of regulations.
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Research Methodologies Followed for This Study:
In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify the critical qualitative and quantitative information as well as assess future prospects of the market. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Secondary research was mainly used to identify and collect information for this study of the market. The secondary sources used for this study include the Association of International Contract Research Organizations (AICRO), American Association of Pharmaceutical Scientists (AAPS), Clinical and Contract Research Association (CCRA), Association of Clinical Research Organizations (ACRO), Food and Drug Administration (FDA), Committee for Medicinal Products for Human Use (CHMP), ClinicalTrials.gov, Association of Clinical Research Professionals (ACRP), Society for Clinical Trials (SCT), American Association for Cancer Research (AACR), American Federation for Medical Research (AFMR), Indian Society for Clinical Research (ISCR), Annual Reports, Press Releases, SEC Filings, Expert Interviews, and Investor Presentations.
These sources were also used to obtain key information about major players, market classification, and segmentation according to industry trends, regional/country-level markets, market developments, and technology perspectives.
Geographical Growth Scenario:
North America is the largest regional market for clinical trial supplies
The global Clinical Trial Supplies Technique Market is segmented into North America, Europe, the Asia Pacific, and the Rest of the World. North America is the largest regional market for clinical trial supplies, followed by Europe. The large share of the North American market can primarily be attributed to the presence of well-established CROs and the high and growing R&D expenditure by pharmaceutical and biopharmaceutical companies in the region.
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The prominent players operating in the global clinical trial supplies market include Alamc Group (UK), Catalent, Inc. (US), PCI Services (US), Parexel International Corporation (US), Sharp Packaging Services (US), Biocair (UK), O&M Movianto (US), KLIFO A/S (Denmark), and Thermo Fisher Scientific, Inc. (US).