Clinical trials constitute an expensive part of the new drug development process and thus pharmaceutical companies are seeking ways to reduce this expenditure. The objective of clinical trial supply chain management is to ensure the supply of sufficient drugs for volunteers while minimizing operational costs. Given the uncertainties in patient participation and completion of the treatment regimen, it is necessary to maintain some level of safety stock in the system, resulting in more drug inventories. Market Industry Reports (MIR) has published a new report titled “Clinical Trial Supplies Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the Global Clinical Trial Supplies Market was estimated to be over US$ 1900 million by 2019. The market is anticipated to grow at a CAGR of ~6.8% from 2019 to 2030.
The continual growth of the clinical trial supplies market can be attributed to several factors such as growing incidences of various diseases, rising number of clinical trials, and an increase in R&D investments. Moreover, support from governments for conducting further research is anticipated to additionally contribute to the substantial growth of the market between 2019 and 2030. However, the longer approval time for clinical trials is likely to restrain the growth of the market to a certain extent.
Major Key Players of the Clinical Trial Supplies Market are:
Almac Group, Catalent, Parexel International Corporation, Thermo Fisher Scientific, PCI Pharma Services, Sharp, Biocair, Movianto, KLIFO and MARKEN among others.
Almac Group, Catalent, Parexel International Corporation, Thermo Fisher Scientific, PCI Pharma Services, Sharp, Biocair, Movianto, KLIFO and MARKEN among others.
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