The value of the clinical trial supplies market stood at USD 4,001.1 million in 2023, and this number is projected to reach USD 7,763.9 million by 2030, advancing at a CAGR of 10.1% during the projection period.
This growth of the market can be credited to the growing demand for more-progressive treatments, like modified drugs; growing research and development investment of pharmaceutical and biopharmaceutical businesses, and increasing occurrence of illnesses, which basically leads to the development of new medicines.
In the past few years, the count of clinical trials has increased significantly. In 2023, approximately 0.4 million scientific studies were listed with the U.S. government. The increasing count of clinical trials is directly related to the demand for the needed supplies. The surge in research and development expenditure has aided in boosting the innovative drug growth process, therefore growing the count of trials carried out.
Geographically, North America held the largest clinical trial supplies market share, of 45%, in 2023, due to the rising number of clinical trials with the strengthening focus on the development of better and safer medicines.
The increasing prevalence of all kinds of diseases, the growing number of pharma and biotechnology companies, and favorable government legislations for pharma R&D essentially led to the rise in the demand for the various supplies required during the clinical studies of investigational drugs.
In 2023, the North American region had the largest clinical trial supplies market share, of 45%, mainly because of the increasing count of clinical trials with the strong emphasis on the growth of better and safer drugs.
The growing occurrence of all types of illnesses, increasing count of biotechnology and pharma companies, and supportable government regulations for pharma research and development basically led to the surge in the demand for the numerous supplies needed during the clinical studies of investigational medicines.
A count of key pharmaceutical businesses, like Hoffmann-La Roche Ltd., Pfizer Inc., Novartis AG, Sanofi, and Bristol Myers Squibb are headquartered or functional in the U.S.
