Clinical Trial Supplies Industry Expansion: Key Drivers and Market Trends Through 2030

NEW YORK - Aug. 9, 2024 - PRLog -- According to P&S Intelligence, the worldwide clinical trial supplies industry was valued at USD 4,369.2 million in 2024, and the industry size is projected to attain USD 7,763.9 million by the end of 2030, growing at a CAGR of 10.1% over the projection period.

The major reasons propelling the development of the industry are the growing demand for more-enhanced treatments, like tailored medicines; growing research and development expenditure of pharmaceutical and biopharmaceutical businesses, and increasing occurrence of diseases, which leads to the development of new drugs.

In the past few years, the count of clinical trials has increased significantly. In 2023, approximately 0.4 million clinical studies were registered with the U.S. government. The increasing count of clinical trials is directly proportional to the need for the needed supplies. The surge in research and development spending has helped fuel the innovative drug growth procedure, thus growing the count of trials carried out.

Furthermore, Japan is the second-largest medicinal industry and accounts for around 12% of the medicine sales globally. Therefore, its clinical trial supplies industry revenue is growing rapidly as researchers are conducting a wide number of drug and medical device investigational studies. Apart from that, Japan has a sizeable population, of around 125 million, which generates a high demand for numerous kinds of enhanced therapeutics.

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Key Insights

• The phase 3 trial category held the largest share (around 40%) in 2023 due to the high costs and larger patient populations required.
• The increasing complexity of cancer prognosis is driving the usage of enhanced technologies and data-driven approaches in oncology drug R&D.
• In 2023, around 1.8 million cancer cases were diagnosed in the U.S., with lung cancer being one of the most common and leading causes of death.
• Cardiovascular diseases are a leading cause of death in Germany, affecting around 53% of the adult population.
• Pharmaceutical and biotechnology companies held the largest end-user share in 2023, driven by the increasing occurrence of chronic diseases and expanding R&D pipelines.
• Thermo Fisher Scientific has expanded its services to pharmaceutical and biotech companies through the acquisition of PPD Inc.
• North America held the largest clinical trial supplies market share (45%) in 2023 due to the increasing number of clinical trials and favorable government legislation for pharma R&D.
• APAC is projected to witness the fastest growth due to expanding R&D pipelines in China, India, and Australia and the availability of a large patient pool for clinical trials.