Market Size of Global Clinical Trial Supply Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Clinical Trial Supply Market Analysis
The clinical trial supply market is expected to register a CAGR of 6.5% over the forecast period, 2022-2027.
COVID-19 has affected almost every sector and so had a substantial effect on clinical research activities across the globe. The lockdown imposed by the government has created challenges and obstacles for clinical research studies as many clinical research organizations were not able to initiate new trials, which led to difficulties in recruiting new subjects and experiencing lower follow-up rates in the ongoing clinical trials. However, over a few months, the trials which had been pushed aside due to COVID-19 had gained significant traction. For instance, in the journal Clinical Pharmacology and Therapeutics 2022 an article titled, 'The impact of COVID-19 in the initiation of clinical trials in Europe and the United States' summarizes that the United States reported a 3% increase in overall clinical trials studies while European countries showed the overall increase of 10% in clinical trials studies. Although COVID-19 has affected the non-COVID-19 clinical trials in the United States and Europe, the emergence of COVID-19 led to the development of many new vaccines launched by various companies, which directly increased the overall number of clinical trials in the year 2020 as compared to 2019.
Increasing R&D expenditure of pharmaceutical and biopharmaceutical companies, increasing number of registered clinical trials, and increasing decentralization of clinical trials are some of the key factors driving the market growth. The spending on the R&D market and the introduction of new drugs have increased in the past two decades. For instance, an article published in Congressional Budget Office, 2021 reports that in the year 2019, the pharmaceutical industry spent 83 billion dollars on R&D, this amount was 10 times what the industry used to spend in the 1980s. Additionally, the number of new drug approval increased up to 60% between 2010 to 2020, with a peak of 50 novel approval of drugs by the Food and Drug Administration (FDA) in 2021.
The increasing number of registered clinical trials had a direct impact on driving the clinical trial supply market. For instance, as per the data reported on the clinicaltrials.gov site, in June 2022, the total number of clinical trial studies globally reported was 419,487 while 2,119 were registered clinical trials in 2000. The increase in expenditure in the R&D market has boosted the novel drug development process, which has boosted the number of clinical trials, thereby driving the clinical trials supply market.
Due to the high cost of the drug development market and research for some rare diseases are very challenging and requires a specific group of people to conduct a clinical trial, the chances for the failure of clinical trials for such studies are quite high, which may slow down the growth of this market.
