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Clinical Trial Supply And Logistics Market Report 2024 - Clinical Trial Logistics Market Growth And Trends
Clinical Trial Supply And Logistics Market
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According to The Business Research Company's, The clinical trial supply and logistics market size has grown strongly in recent years. It will grow from $4.31 billion in 2023 to $4.69 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increase in prevalence of chronic diseases, globalization of clinical trials, rise in demand for novel therapies, growth in number of clinical trials, improved healthcare infrastructure.
The clinical trial supply and logistics market size is expected to see strong growth in the next few years. It will grow to $6.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to increasing demand for personalized medicine, growing number of clinical trials, rising prevalence of chronic diseases, increasing focus on patient-centric trials, increasing use of virtual trials. Major trends in the forecast period include strategic collaborations between clinical trial supply and logistics companies, pharmaceutical companies, and other stakeholders, rise in outsourcing of clinical trial services, ongoing technological advancements, increasing r&d expenditure, stringent regulatory compliance and quality assurance in clinical trial supply.
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Market Drivers and Trends:
The increasing number of clinical trials is expected to propel the growth of the clinical trial supply and logistics market going forward. Clinical trials are research studies conducted with human participants to evaluate the safety and effectiveness of new medical treatments, interventions, or diagnostic procedures. Clinical trial supply and logistics are used to supply materials such as the collection and delivery of biological specimens, investigational drugs and kits, expertise and assistance with all permit applications and customs clearance, and others that are needed to conduct a clinical trial smoothly and ensure the successful execution of research studies. For instance, in July 2023, according to ClinicalTrials.gov, a US-based registry of clinical trials run by the United States National Library of Medicine at the National Institutes of Health (NIH), the number of registered clinical studies increased from 399,499 in 2022 to 437,533 until July of 2023 in all 50 states of the United States and across 221 countries. Moreover, it was reported that 141,513 studies (31% of the total) are registered in the U.S. only, while 244,707 studies (53% of the total) are registered in non-U.S. locations. Therefore, the increasing number of clinical trials is driving the growth of the clinical trial supply and logistics market.
Adoption of technology is a key trend gaining popularity in the clinical trial supply and logistics market. Major companies operating in the clinical trial supply and logistics market are adopting new technologies to sustain their position in the market. For instance, in May 2021, N-SIDE, a Belgium-based software consulting company in advanced analytics, launched the N-SIDE Production App, which focuses on assisting biopharma companies in managing the challenges and risks associated with manufacturing trial material. The Production App makes use of a powerful optimization algorithm to optimize every choice made in the clinical supply chain and aids in taking critical decisions like lot sizing, stability plan, network, scale-up strategy, and lot-to-lot allocation. It also aids in the reduction of waste, money, and timeliness, as well as the notification of any changes to all stakeholders.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
United Parcel Service, DHL Group, FedEx Corporation, Thermo Fisher Scientific Inc., IQVIA, ICON plc, Eurofins Scientific, Catalent Inc., Intertek Group plc, Parexel International Corporation, UDG Healthcare PLC., Almac Group, World Courier, Piramal Pharma Solutions, Sharp Clinical Services Ltd., Clinigen Group, PCI Pharma Services, Movianto Group, Cold Chain Technologies, Biocair International Limited, QuickSTAT, Wasdell Group, Klifo A/S, TrakCel, Packaging Coordinators Inc., Biotec Services International Limited, Proventa International, Inceptua Group.
Clinical Trial Supply And Logistics Market 2024 Key Insights:
• The clinical trial supply and logistics market size is expected to see strong growth in the next few years. It will grow to $6.52 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%.
• Clinical Trials Fuel Surge In Trial Supply And Logistics Market
• Technology Adoption In Clinical Trial Supply And Logistics Market
• North America was the largest region in the clinical trial supply and logistics market in 2023
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