Clinical Trial Kits Market Expected to Reach US ~$2.85 Billion and CAGR 8.3% by 2030
The global clinical trial kits market is anticipated to grow up to USD 2.85 billion by 2030 according to a new study by Polaris Market Research.
The major factors driving the global market include the globalization of clinical trials and rising clinical trial complexity. Remote medical trial services are becoming an essential part of patient satisfaction, safety, and retention. At present, pharmaceutical companies are partnering with global logistics partners in order to provide direct-to-patient services.
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The logistics segment is leading the global industry in 2021. This huge market share can be attributed to the growing demand for services in order to simplify the overall logistics process in medical tests. Additionally, pharmaceutical companies are partnering up with global logistics companies in order to provide remote services. This is anticipated to drive the growth of the segment over the coming years.
Based on Phase, the phase III segment is anticipated to dominate the industry in 2021. The basic objective of Phase III is to validate the safety and efficacy of a new medicine or vaccine, confirm the dosage levels, and discover the side effects. The number of clinical tests on humans increases in Phase III. Most of the medicines that passed phase II clinical trials generally fail in Phase III due to the side effects of therapeutic effectiveness.
The growing R&D investments along with the rapid technological advancements are further anticipated to drive the market growth. Alpha Laboratories designs, manufactures, and assembles kits such as SpeciSafe packs, 95kPa pouches, absorbents, Palette, and others. These new products enable the market players to offer highly competitive pricing along with faster bespoke solutions where required. Additionally, Q2 Solutions’ offerings can help in the Covid-19 clinical trial, as they offer innovative & technologically advanced solutions such as SARS-CoV-2 virus & antibody detection, SARS-CoV-2 viral genome analysis, and immunologic profiling of humans, and vaccine neutralization testing. Thus, these innovative introductions may further support the industry demand across the globe.
Market participants such as Alpha Laboratories, Brooks Life Science, Almac Group, Cerba research, Charles River Laboratories, Clinigen, LabConnect, Labcorp Drug Development, Marken a UPS company, Patheon, Precision Medicine Group, and Q2 Solutions.
Various industry players are launching new products into the global clinical trial kit industry in order to expand. For instance, In April 2021, Parexel partnered with Veeva Systems in order to improve their medical test delivery and enhance Veeva’s cloud technology.
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Polaris Market research has segmented the clinical trial kits market report on the basis of service, phase, and region:
Clinical Trial Kits, Service Outlook (Revenue – USD Billion, 2018 – 2030)
- Kitting Solutions
- Drug kits
- Sample collection kits
- Warehousing & Storage
Clinical Trial Kits, Phase Outlook (Revenue – USD Billion, 2018 – 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
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