DUBLIN, Oct. 22, 2021 /PRNewswire/ -- The "Clinical Trial Supply and Logistics Market Size, Share & Trends Analysis Report By Service (Logistics & Distribution, Storage & Retention), By Phase, By End-user, By Therapeutic Area, By Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical trial supply and logistics market size is expected to reach USD 5.4 billion by 2028 and is expected to expand at a CAGR of 7.1% from 2021 to 2028.
The market growth is attributed to the increasing need to manage clinical trials and innovations and technology advancements in clinical trial supply and logistics services.
However, the COVID-19 pandemic had a negative impact on the market due to restrictions imposed by countries, which led to a 95% reduction in commercial airlines. Besides, clinical trials have increased due to the rising demand for the Covid-19 vaccine.
According to the WHO, more than 80 vaccines are currently being studied in clinical trials, with over 180 in the pre-clinical stage. There would be a challenge for logistics related to timelines and access to a large population.
Digitalization tools are required to overcome these challenges for future trials. For instance, a kit with a scannable label can be monitored throughout the supply chain from the kit assembly line to the patient's home.
Machine learning algorithms can take the process a step further by considering various factors across multiple supply chains, such as capacity or hours of service. Radio-frequency identification (RFID) can also aid in the management of shipments required for these clinical trials.
Clinical Trial Supply And Logistics Market Report Highlights
- The logistics and distribution service segment dominated the market in 2020 with a revenue share of over 20.0% owing to an increase in clinical trials as a result of Covid-19.
- Based on phase, the phase III segment dominated the market with a revenue share of over 40.0% in 2020.
- In terms of end-user, the pharmaceuticals segment held the largest revenue share of over 40.0% in 2020. This is due to the investment by companies and the presence of a large number of players in the market.
- By therapeutic area, the cardiovascular diseases segment dominated the market with a revenue share of over 25.0% in 2020 due to an increase in the number of cardiovascular research studies and firms focused on bringing innovative drugs to the market.
- Asia Pacific is anticipated to register the fastest growth rate of 7.8% throughout the forecast period. The region has access to a large and diversified patient pool, cheaper recruitment costs, and favorable policies that make Asia Pacific desirable for clinical trials.
Market Driver Analysis
- Technological advancements in supply chain
- Increasing R&D investment by pharmaceutical and biopharmaceutical firms
Market Restraint Analysis
- Stringent regulations pertaining to Logistics
- Catalent Inc
- Thermo Fisher Scientific (Patheon)
- Almac Group
- Piramal Pharma Solutions
- UDG Healthcare
- Packaging Coordinators Inc.
For more information about this report visit https://www.researchandmarkets.com/r/6neu0q
Research and Markets
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SOURCE Research and Markets