Report : Asia Pacific Clinical Trials Supplies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product & Service (Manufacturing, Packaging & Labelling, and Logistics & Distribution), Stage (Phase I, Phase II, Phase III, and Bioequivalence Studies), Drug Type (Small-Molecule Drugs and Biologic Drugs), and Application (Oncology, Cardiovascular Diseases, Neurological Disorders, Respiratory Disorders, and Others)
The logistics & distribution segment by product and service is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Clinical Trial Supplies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product & Service, Stage, Drug Type, Application and Country.” The Asia Pacific clinical trial supplies market is expected to reach US$ 735.66 Mn by 2027 from US$ 397.66 Mn in 2019; it is estimated to grow at a CAGR of 8.1% from 2020 to 2027. The report highlights trends prevailing in the Asia Pacific clinical trial supplies market and the factors driving market along with those that act as hindrances.
Based on product & service, the Asia Pacific 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 segment is anticipated to register the highest CAGR in the market during the forecast period. 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. The growing healthcare sector in developing countries of Asia-Pacific creates better opportunities for the clinical trial supplies management market players to expand their business. The huge patient population in these countries is generating demand for more clinical trials. The increasing number of clinical trials conducted in Asia Pacific is ascribed to low operational costs, large patient recruitment potential, growth of contract research organizations (CROs), favorable regulatory environment, and better clinical trials capacity and quality. Increase in incidence of chronic diseases in Asia is a key factor that is likely to contributing to the surge in the number of clinical trials in Asia. Moreover, the clinical trials in Asia cost ~30–40% lower than the US and the EU, as the doctor visits, medical treatments, and procedures are less expensive in Asian countries. Also, higher cost of drug development process in developed countries will help propel 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, several contract research organizations based in Asia Pacific are engaged in a large number of clinical trials for different therapeutics. The outbreak has forced many CROs to close their manufacturing and development plants to avoid the increase in cases. Thus, the COVID-19 pandemic had a positive as well as negative impact on the Asia Pacific clinical trial supplies market.
The growth of the market is attributed to some key driving factors such as increasing prevalence of chronic diseases, low cost of conducting a clinical trial compared to western region and increasing government initiatives to conduct clinical trials. However, changing regulatory landscape and regulatory complexities across Asia Pacific is restricting the growth of the clinical trial supplies market.
THERMO FISHER SCIENTIFIC INC., UDG Healthcare plc, Catalent Inc., pci Pharma Services, Almac Group, PAREXEL INTERNATIONAL CORPORATION, Biocair, Owens & Minor Inc, and Rubicon Research Pvt. Ltd, are among the leading companies operating in the Asia Pacific clinical trials supplies market.
The report segments in Asia Pacific Clinical Trial Supplies Market as follows:
By Product & Service
- Packaging & Labelling
- Logistics & Distribution
- Phase I
- Phase II
- Phase III
- Bioequivalence Studies
By Drug Type
- Small-molecule Drugs
- Biologic Drugs
- Cardiovascular Diseases
- Neurological Disorders
- Respiratory Disorders
- South Korea
- Rest of Asia Pacific
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