Clinical Trial Supplies Market Projected to Reach USD 3000 Million by 2026
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Globalization, the increasing number of clinical trials, and several biologics and biosimilar drugs in trials are anticipated to propel the development of this market. Advancements in supply chain management technology are further likely to push the supply market growth. Biopharmaceutical companies increasingly opt for the supply chain management system to reduce cost, increase functional efficiency, and save for R & D's growing burden. They outsource their supply provisions to cut down the costs of supplies and focus more on the trial procedure.
The storage and distribution segment of Clinical Trial Supplies is likely to notice robust growth due to the increasing expansion in outsourced storage and delivery facility. As part of logistics, supply chain management is gaining importance and, in turn, is anticipated to witness growth due to growing pressure to curb R & D costs and technology progression. Cold chain distribution is predicted to record the most accelerated growth due to a mounting number of biologics and temperature-sensitive drugs. However, non-cold chain distribution seems to maintain control over this segment over the prediction period.
Research and development (R & D) is an essential and vital part of medicines and biopharmaceuticals companies. R & D enables them to develop new molecules for various therapeutic applications carrying considerable medical and profitable potential. R&D spending by biopharmaceutical companies has also increased over the years as the companies cannot compromise with R & D efforts. They are increasingly adopting the innovative supply chain management system to improve operational efficiencies and save to invest in R & D cost.
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North America and Europe are the prime contributors to the global clinical trial supplies market due to the highest number of clinical trials conducted in this region. Many companies with the most progressive technology are engaged in clinical trial supply in the region. The clinical trials in the Asia Pacific entail high costs due to insufficient development. However, it is likely to register high growth due to its varied population, easy access to patients, nearness to North America, and low conversion cost. Latin America and MEA are also anticipated to see significant growth due to an increase in the number of clinical trials initiated in this region.
Alamc Group (UK), Catalent, Inc. (US), PCI Services (US), Parexel International Corporation (US), Sharp Packaging Services (US), Biocair (UK), O&M Movianto (US), KLIFO A/S (Denmark), and Thermo Fisher Scientific, Inc. (US) and other prominent players.
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