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Clinical Trial Logistic Market Size Expected to Reach US$ 9.98 Billion by 2034: Fact.MR Report
Clinical Trial Logistic Market
Growing demand for new medicines and medical devices is fueling the demand for effective logistics solutions to handle intricate trial supplies and maintain regulatory compliance. With clinical trials going global, sophisticated logistical solutions are needed to navigate varying regulatory environments.
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Clinical trial logistics is the process of managing logistics necessary for the conduct of clinical studies on pharmaceuticals or medical devices, maintaining compliance with protocols and regulatory requirements. Clinical trial logistics entails planning, packaging, labeling, forecasting, sourcing, and distribution for Phase 1-4 clinical trial studies.
It also includes coordination with third-party vendors and technicians to facilitate the availability and quality of study drugs at different stages of distribution. Clinical trials are supported and funded by government agencies, hospitals, physicians, biotechnology companies, advocacy organizations, and other organizations.
Major Trends Fueling the Growth of the Clinical Trial Logistics Market
The growing number of pharmaceutical companies conducting clinical trials is a primary driver in fuelling growth in the market. As per ClinicalTrials.gov, the U.S. is ahead when it comes to the number of clinical trials performed annually. Moreover, the growth of Contract Research Organizations (CROs) and healthcare providers is also driving market growth.
Increasing demand for Over-the-Counter (OTC) drugs, such as Vitamins, Minerals, Supplements (VMS), cold and flu products, gastrointestinal medications, and dermatology drugs, is also driving market growth. In addition, the growing focus on fast-track support in healthcare is increasing demand for effective clinical trial logistics solutions.
Key Challenges Restraining the Growth of the Clinical Trial Logistics Market
The market is also confronted with various challenges such as high expenses for managing patients, equipment that is highly specialized, and ethical adherence in clinical trials. Also, more prolonged trials and complicated regulation systems impede market growth.
Site identification delays, budget negotiations, and contract approval contribute to the slowing of the clinical trial process. Additionally, recruitment of volunteers is also made more difficult. What is more, a deficiency of experience in emerging markets with severe healthcare demands is still a major hurdle to market expansion.
Browse Full Report: https://www.factmr.com/report/clinical-trial-logistics-market
Competitive Landscape
The major players operating in the Clinical Trial Logistic market include
Alamc Group
Catalent Inc.
PCI Services
Parexel International Corporation
Sharp Packaging Services
Biocair
O&M Movianto
KLIFO A/S
Thermo Fisher Scientific Inc.
Capsugel
UDG Healthcare Plc.
DHL International GmbH
Bilcare Limited
PRA Health Sciences Inc.
Eurofins Scientific
Marken
Seveillar Clinical Trial Supplies Pvt. Ltd.
N-SIDE
Crown Couriers
AIT Worldwide Logistics, Inc.
FedEx
Movianto
Patheon
Fisher Clinical Services
Royal Cargo
Fet Logistics.
Avantor Clinical Services
Regional Outlook: Clinical Trial Logistics Market
The global clinical trial logistics market is divided into North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa.
North America is the largest market with advanced healthcare infrastructure, a high level of R&D activities, and the presence of top pharmaceutical and biotechnology companies conducting clinical trials.
Europe stands as the second-largest market with high healthcare investments and increasing government funding.
Asia Pacific (East & South Asia) is witnessing accelerated growth owing to unmet medical needs, growing government-sponsored research activities, and an aging population. Moreover, leading pharmaceutical companies are outsourcing drug development to nations such as India, Malaysia, China, and Singapore, driving market growth further.
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