Global Clinical Trial Supplies Market: Snapshot
A safe clinical trial presupposes a robust supply chain management of the study drugs, consistent with various regional and global regulations and available infrastructures. Clinical trial supplies management is imperative for avoiding overproduction, inventory expiration, and oversupply. With the escalating costs of drug discovery, clinical trial supplies is gaining more significance. In addition, the implementation of stricter handling requirements for a variety of biopharmaceutical products entering clinical trials, clinical trial supplies strategy needs to be constantly overhauled. This also calls for integrating several third-party vendors across all stages of clinical development.
Sponsors and contract research organizations partaking drug discovery initiatives have realized the role of clinical trials logistics and end-to-end solutions for respecting the desired study timelines. Stringent handling requirements pertaining to the handling requirements such as good manufacturing practices (GMP) are essential for the manufacture, storage, and distribution of investigational medicinal products (IMPs), essentially for clinical trials being conducted in developed regions such as Europe and North America. Activities related to import and distribution of IMPs and Non Investigational Products (NIMPs) also mandate an extensive clinical trial supplies planning for adhering to require trial protocols. These also include standardized return and destruction procedures. The increasing prevalence of chronic diseases such as various cancer types and the growing popularity outsourcing of drug discovery services, in several developing and developed nations, is expected to bolster the demand for clinical trial supplies services. In addition, the rising need for determining the level of toxicity in the early stages of drug discovery is a crucial factor catalyzing the clinical trial supplies market.
Clinical trials are research studies that discover whether a medical treatment, strategy, or device is effective and safe for humans. There are four stages of clinical trials: phase Ι, phase ΙΙ, phase ΙΙΙ, and phase ΙV. Identification of pharmacological actions and tolerability is done in phase I. Phase ΙΙ evaluates drug safety and efficacy. Phase III involves the evaluation of risk benefit ratio and determination of dosage interval. Epidemiological data, efficacy, and safety within large diverse populations and pharmacoeconomics are identified in phase IV.
Clinical trials are complex activities that require synchronization of several different functions and processes. A pharmaceutical manufacturer’s primary goal in any clinical study is to optimize clinical trial supplies so that packaged investigational materials are distributed to patients enrolled in a clinical trial on time. These activities include, but are not limited to, project management, clinical packaging, randomization generation, labeling, supply chain logistics, blinding, distribution, return drug accountability, and destruction.
The clinical trial supplies market can be segmented based on products and services, therapeutic area, and region. In terms of products and services, the market can be categorized into manufacturing, packaging, logistics, and distribution. Based on therapeutic area, the clinical trial supply market can be segmented into oncology, cardiovascular diseases, neurological diseases, respiratory diseases, orthopedics, and others. In terms of end-user, the market can be segregated into contract research organizations, pharmaceutical & biotechnology companies, academic & research institutes, and others. In terms of region, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The global clinical trials supplies market is witnessing strong growth due to the increasing prevalence of chronic diseases such as cancer, epilepsy, and HIV; rising demand for outsourcing of drug discovery services, and increased emphasis on determining toxicity level in early stages of drug discovery. Additionally, increasing number of life sciences research in various countries and rising government funding for the development of new drugs are likely to propel the clinical trial supplies market. New entrants are focusing on new technologies and launch of new products in the market. However, shortage of trained professionals and lack of infrastructure are expected to hamper the growth of the market.
North America accounted for the largest share of the clinical trial supplies market due to high number of research and development activities in the area of drug discovery, advanced health care infrastructure, and presence of multinational pharmaceutical and biotechnology companies that carry out clinical trials. Europe accounted for the second largest share in terms of revenue owing to high health care investment and rising government funding. Asia Pacific is also witnessing significant growth due to rising unmet health care needs and increased government funding to research activities. Moreover, major pharmaceutical companies are outsourcing their drug development services to various countries such as China, Singapore, Malaysia, and India, which is propelling the growth of the clinical trial supplies market in the region. Middle East and Latin America are expected to be the prospective markets due growing access to information, high cancer burden, improving patient education, and access to new drugs for research centers. However, long timeline for regulatory approval, lack of training, lack of economic investment, and lack of personnel participating in clinical research in Latin America and Middle East are expected to restrain the clinical trial supplies market.
Key players operating in the clinical trial supplies market are Alamc Group Ltd., Amatsigroup, ADAllen Pharma, Durbin plc, Biocair, Catalent Pharma Solutions, Inc., KLIFO A/S, Movianto, Rubicon Research Pvt. Ltd., PCI Services, Patheon, Inc., PAREXEL International Corporation, and Sharp Packaging Services.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.