The global clinical trial supplies market is expected to advance at a CAGR of 10.1% during 2024–2030, to reach USD 7,763.9 million by 2030. The market is expected to be driven by the rising number of clinical trials across the world, surging prevalence of diseases, and increasing investment in cancer research. Furthermore, the rising cost of drug development in advanced economies fuels the market growth in emerging economies.
Essentially, the rising R&D activities lead to an increase in clinical trial registrations, thus having a positive impact on the market. For instance, as per government websites, in April 2023, the total number of clinical trial studies registered across the world was 448,250; whereas, in 2005, this number was merely 8,900. The data clearly shows an increase in the focus on drug development in recent years, which further reflects a rise in the demand for the supplies required to carry out clinical drug studies.
The rising prevalence of cancers of the breasts, lungs, colon and rectum, and prostate and the resulting increase in the number of oncology-related clinical trials are driving the market. For instance, as per government organizations, in 2023, around 1,958,400 new cases of cancer and approximately 609,880 related deaths are expected to be registered in the U.S.
Additionally, diabetes has one of the highest occurrences amongst all chronic diseases across the globe. According to the government’s statistics, 6,250 new cases of diabetes were reported in Germany in 2022, while, in 2000, the cases numbered around 2,500. The increasing number of drug discoveries, driven by the rising need for the treatment for this disease, leads to the growth of the market.
Moreover, as diabetes cases are burgeoning, pharma companies are likely to increase their focus on clinical trials. In addition, the increasing government funding to conduct such studies is likely to propel the growth of the market.
Globally, North America held the largest share in the clinical trial supplies market in 2023. This is due to the increasing number of pharmaceutical and biotech companies and CROs, majorly due to the government funding for R&D and the rising prevalence of cardiovascular diseases, cancer, and infectious diseases. Because of the presence of a large number of biopharma companies, many CROs are based in this region, to leverage the clinical trials conducted on a large scale in Canada and the U.S.
Moreover, APAC is one of the fastest-growing regions due to the massive rise in drug development activities. The key factors that are responsible for the advance of the market are the presence of a large patient pool to participate in clinical studies and lower cost of such activities compared to Europe and the U.S.
Apart from that, Europe also holds a significant share due to the increasing government funding for clinical studies and the vast unmet healthcare requirements. The latter factor impels governments and private-sector players to invest more in drug R&D than before, thus driving the demand for the supplies used during clinical studies.
Moreover, the key players in the market have been actively involved in expansions and investments in order to gain a competitive edge. For instance, in April 2023, Catalent announced that it has begun a USD-20 million expansion project at its clinical supply facility in Schorndorf, Germany, to accelerate drug development. The extended footprint will provide the much-needed capacity and capability to meet the growing need of customers.
The most-significant clinical trial supplies market players are Thermo Fisher Scientific Inc., Marken, Catalent Inc., Parexel International, Almac Group Limited, Biocair International Limited, Sharp Services LLC, Movianto International BV, PCI Pharma Services, and Eurofins Scientific.