Market Overview and Dynamics
The Europe clinical trial supplies market is expected to reach US$ 938.54 Mn by 2027 from US$ 550.28 Mn in 2019; it is estimated to grow at a CAGR of 7.0% from 2020 to 2027. The growth of the market is attributed to some key driving factors such as increasing R&D expenditures in the pharmaceutical & biopharmaceutical companies and increase in the number of clinical trials. However, challenges for clinical trials due to negative impact of COVID-19 pandemic is expected to restraint the growth of the market during the forecast years.
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Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration. With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance. A rise in outsourcing activities by pharmaceutical companies has been witnessed during recent years. The major factors driving the outsourcing activities by companies include cost cutting, need for innovations, increased speed and agility, and access to specialized knowledge and technologies. Hence, with an increase in the R&D expenditure, the need for clinical trial outsourcing is increasing. Furthermore, the collaborative research between the research & development team of the sponsoring company as well as contract developer is a new trend being employed in the market. In addition, the emerging trend of outsourcing has led to rise in development of drug candidates and clinical trials by pharmaceutical and biotechnology companies, which is also expected to account for the growth of the market over the coming years. Also, factors such as increasing R&D expenditures in the pharmaceutical & biopharmaceutical companies and rising number of clinical trials will bolster the market growth.
Since the surge of COVID-19 cases, the pharmaceutical industry is facing a decrease in production capabilities, resulting in drug shortages. Moreover, diversion of resources from drug development to coronavirus treatment is likely to hamper overall productivity of the drug development for a short period of span. Various pharmaceutical companies made decisions to postpone the ongoing clinical trials due to disrupted supply chains and threat of the virus. However, the procedures and practices have now re-initiated due to economic losses in the commercial sector in North America. Thus, the COVID-19 pandemic had a positive as well as negative impact on the Europe clinical trial supplies market.
Europe Clinical Trials Supplies Strategic Insights
Strategic insights for the Europe Clinical Trials Supplies provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
THERMO FISHER SCIENTIFIC INC.
UDG Healthcare plc
Catalent Inc.
pci Pharma Services
Almac Group
PAREXEL INTERNATIONAL CORPORATION
Biocair
Owens & Minor Inc
Rubicon Research Pvt. Ltd
CLINICAL SUPPLIES MANAGEMENT HOLDINGS, INC.
Europe Clinical Trials Supplies Regional Insights
The geographic scope of the Europe Clinical Trials Supplies refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
Based on product & service, the Europe clinical trial supplies market is segmented into manufacturing, packaging & labelling, and logistics & distribution. The logistics & distribution segment held the largest share of the market in 2019; the same segment is anticipated to register the highest CAGR in the market during the forecast period.
In terms of stage, the Europe clinical trial supplies market is segmented into phase I, phase II, phase III, and bioequivalence studies. The phase III segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on drug type, the Europe clinical trial supplies market is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019, whereas the biologic drugs segment is estimated to register the highest CAGR in the market during the forecast period.
Based on application, the Europe clinical trial supplies market has been segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the Europe clinical trial supplies market are the European Federation of Pharmaceuticals Industries Associations (EFPIA), European Medical Association (EMA), UK Clinical Research Collaboration (UKCRC) and European CRO Federation (EUCROF).
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