2023-2029 is the forecast period in the market report
Clinical trial is a research study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications. Clinical trial inventory management is necessary to avoid overproduction, oversupply and expiration. As the cost of drug discovery rises, clinical trial supplies are becoming increasingly important. In addition, the implementation of more stringent handling requirements for a type of biopharmaceutical product starting clinical trials, the clinical trial delivery strategy needs to be continuously improved. The growth of the global clinical trial supply and logistics market is driven by factors such as the increase in pharmaceutical and biopharmaceutical R&D spending and the rise of various clinical trials all over the world.
The pharmaceutical and biopharmaceutical sector is one of the largest sectors that spends a large amount on R&D expenditure in the world. Over the past few years, pharmaceutical and biopharmaceutical companies' R&D spending has increased significantly. This should lead to an increase in the number of clinical trials conducted around the world. Many key players have invested significantly in drug development efforts. Market companies actively seek support for research and development efforts. A further increase in R&D spending in the coming years will significantly boost drug research and development activities, thereby driving the demand for consumables for clinical trials.
On the other side, demand for biologics and orphan drugs is anticipated to be one of the key growth drivers for the market. The development of new drugs, therapies and medical devices is increasing which will complement the growth of the market. Technological advancements in the pharmaceutical and biological fields, particularly in the areas of testing and development of new medical processes, products, drugs and experiments, are expected to be largely responsible for boosting the growth of the market during the estimated time period.
Many companies are investing heavily to integrate state-of-the-art logistics and technology into the clinical trial cycle, accelerating the supply of necessary equipment. In addition, several governments encourage the conduct of ethical clinical trial activities that will lead to the betterment of mankind. Hence, the global clinical trial supply and logistics market is expected to expand at an immense rate in the near future. At the same time, manufacturers' increasing focus on minimizing cost and avoiding shortages of essential supplies, optimizing production and packaging, and balancing shipping and delivery costs is increasing demand for supply and efficient logistics for clinical trials. These factors are expected to provide rising new growth opportunities for the market over the forecast period.
Drug discovery and development carry high costs due to the high turnover of drug candidates under development. Because research and development for some rare diseases is challenging and requires a specific group of people to conduct a clinical trial, drug research and development processes also tend to fail. Besides, the lack of a skilled workforce in low-income countries is another factor which may restrain the market growth over the projected time period.
The high cost of organizing patients, the equipment required to conduct ethical clinical trials and the lack of expertise required to conduct such activities as well as time consumption are the major factors challenging the growth of the market. Many players looking to expand into unexplored markets would likely face these issues. This is also expected to be a key challenging factor for the market growth over the forecast period.
The report provides in-depth analysis of global Clinical Trials Supply and Logistics market, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. With increasing demand for clinical trials supply and logistics in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global Clinical Trials Supply and Logistics market comprises of different market segments like services, phase, therapeutic area, end users and geography.
By services, the Clinical Trials Supply and Logistics market includes the key segments of
The logistics and distribution segment is expected to dominate the market over the forecast period. The Logistics and Distribution segment includes the physical movement and distribution of clinical trial consumables as required to ensure drug safety. This is due to the increase in the global biologics pipeline, highly regulated market structure, and increasing use of heat-sensitive drugs driving the growth of the market.
The manufacturing segment is expected to register the fastest growth during the forecast period. This is due to the growing demand for biologics and complex molecules, expanding manufacturing facilities, and increasing clinical trials, which have led to an increase in the supply of materials and a growing demand for the manufacture of high quality pharmaceutical products.
By phase, the Clinical Trials Supply and Logistics market is segmented into
The Phase III segment is expected to dominate the market. This is due to the increase in patient numbers, the high complexity and costs associated with this phase and the high failure rate at this phase which might lead to the loss of both financial and human life. The main reason for this failure is the non-compliance of the product with the safety and efficacy guidelines.
The Phase II segment is expected to grow profitably over the forecast period. This increase is expected as a result of increased outsourcing activity at this stage and increased investment from industrial and non-industrial sponsors. The growing number of drugs in Phase II is expected to lead to increased logistics and supply chain complexity, which will further fuel the demand for efficient logistics and supply chain, thus contributing to the growth of the market.
By therapeutic area, the Clinical Trials Supply and Logistics market is segmented into
The cardiovascular disease segment is expected to dominate the market due to the increased disease burden, a large number of companies focused on introducing new and innovative drugs for the treatment of diseases and on the increase of strategies to improve the reduction of the prevalence of heart attacks and myocardial infarction
The oncology segment is expected to grow at fastest CAGR during the forecast period. This is due to very complex techniques and clinical trials and the need for support services is constantly evolving. Clinical oncology trials are designed to diagnose, manage and treat cancer and associated symptoms.
The Clinical Trials Supply and Logistics market has major end users like
The pharmaceuticals segment is expected to lead the market over the forecast period. This is due to the increase in number of clinical trials around the globe, the increase in research and development by pharmaceutical companies, and a large number of clinical trial studies conducted by them.
The biologicals segment is expected to grow at the fastest growth rate over the forecast period. The main driver of the market is the increase in demand for biological products such as vaccines, cell and gene therapies and the increase in investments in the production and development of products. Furthermore, the demand for global vaccination to prevent the infection due to COVID-19 is further expected to stimulate the growth of the market.
The global Clinical Trials Supply and Logistics market is studied for the following regions
North America is expected to lead the market over the forecast period. The growing number of registered clinical trials and significant investment in research and development for clinical trials in this region are key factors driving the growth of the North American market. The presence of many global pharmaceutical giants, such as Pfizer, Abbott Laboratories, and Johnson & Johnson (which outsource their clinical trials to reduce the costs and time associated with completing these studies) in this region is another key driver of market growth.
The Asia-Pacific region is expected to grow at a fast pace over the forecast period as a result of significant growth in clinical research, which is expected to drive the growth of the region, thus contributing to the growth of the market. The entry of Almac Group, a global clinical research and manufacturing organization, into the Asia Pacific region is a clear indication of the growth of the market in this region.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global Clinical Trials Supply and Logistics market. In addition, complete analysis of changes on the global Clinical Trials Supply and Logistics market expenditure, economic and international policies on supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The ongoing COVID-19 pandemic has impacted multiple sectors including clinical trials supply and logistics sector.
Logistical hurdles in the clinical trial market were caused by the COVID-19 pandemic, and sponsors faced many challenges during the pandemic. The rapid and widespread adoption of the remote testing strategy has led to important changes in the traditional supply chain. The various logistical challenges of remote investigations were addressed using patient-directed strategies. Decentralized trials allow sponsors to more easily reach a global audience. Although the pandemic has increased the adoption of such studies, there will be a significant need even after the COVID-19 pandemic.
The competitive landscape analysis of Clinical Trials Supply and Logistics market is primarily focused on expanding the global growth of clinical trials supply and logistics industry with new product innovation, business expansion, increasing presence of a range of providers operating in the clinical trial supply and logistics sectors have led to growing demand for the market. Besides, the market offers a range of products in different application to fulfil the required demand of consumers, which is further contributing to healthy growth in the market.
The key players studied in market are
June 2023: Catalent had announced that it would expand its primary packaging abilities by installing an elevated blister packaging line to enhance its already automated bottling line at its clinical supply facility in Shiga, Japan.
April 2022: Parexel had collaborated with Veeva Systems to improve their clinical processes for clinical trial delivery and enhance their cloud technology.
By services, the Clinical Trials Supply and Logistics market includes the key segments of logistics and distribution, storage and retention, packaging, labeling and blinding, manufacturing, comparator sourcing, and others. The logistics and distribution segment is expected to dominate the market over the forecast period. By phases, the Clinical Trials Supply and Logistics market is segmented into phase 1, phase 2, phase 3, phase 4 and BA/ BE studies. Phase 3 is expected to maintain its dominance over the estimated time period. By therapeutic area, the Clinical Trials Supply and Logistics market is segmented into oncology, cardiovascular diseases, respiratory diseases, CNS and mental disorders, digestive disorders, infectious diseases, metabolic disorders, blood disorders and others. Cardiovascular disease segment is expected to find increasing demand in the market over the forecast period. The Clinical Trials Supply and Logistics market has major end users like pharmaceuticals, biologicals, medical devices and others. The pharmaceuticals segment is expected to lead the market over the forecast period. The global Clinical Trials Supply and Logistics market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). North America is expected to lead the market over the forecast period.
|Market Sizing for Year:||2019-2029|
|Market Segment studied:|
|Market Players and its Competitors:|
Thermo Fisher Scientific
Catalent Pharma Solutions, Inc.
Packaging Coordinators Inc.
Piramal Pharma Solutions
Sharp Packaging Distribution
PRA Health Sciences
What would be forecast period in the market report?
2023-2029 is the forecast period in the market report
What are the drivers for Clinical Trials Supply and Logistics market?
The key driving factors of the market are an increase in number of clinical trials and an increasing R&D expenditure of pharmaceutical and biopharmaceutical companies.
Which region is gaining majority of market share during the forecast period (2023-2029)?
North America is expected to gain major market share during the forecast period (2023-2029).