Dublin, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The "Clinical Trial Supply and Logistics Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global clinical trial supply and logistics market is projected to grow at a CAGR of 8.91% during the forecast period to reach US$29.176 billion by 2026, from US$16.050 billion in 2019.
In the medical industry, the phase of research that requires a trial of the end product to measure the safety of the drug is known as a clinical trial. Each clinical trial requires distinguished and clean equipment to derive results.
Clinical trial and logistic service providers aim at providing support and equipment for clinical trials to the research institute to yield fruitful results. The service providers also manage the trial sits and contacting the patients on which the drug can be tested. The prime reason driving the growth of the market is rising cases of diseases and problems and the need to develop drugs to cure the infected patient.
Further, robust growth in the industry through the launch of new channels to deliver the services is predicted to open up new opportunities in the market. However, the high initial cost and requirement of a skilled workforce limit the scope of new entrants. The players in the industry offer similar products face threat and hence is highly competitive.
Rising drug research is projected to increase the demand in the market
One of the prime reasons supporting the market growth during the forecasted period is the surging investment in drug research and the rise in drug research projects globally.
While the initial drug research is funded by the nation's government, the later stage, precisely, the clinical trial and following stage research is funded by pharmaceutical companies or through a venture capitalist. Increasing complicities of diseases accompanied by rising diseases instance and surging investment in the drug development industry is projected to support the market growth during the forecasted period.
In India, R&D spending by pharmaceutical companies has been increasing significantly. The spending increased from 7% of sales in 2015 to 8.6% of sales in 2019. Furthermore, considerable growth in sales of the Indian pharmaceutical industry is expected to further increase the market.
Lack of substitutes is an advantage for the players in the market
The vendors in the global clinical trial supply and logistics market are enjoying a significantly high power attributable to the lack of substitutes in the landscape.
Although some drug development companies may choose to keep this part of the overall drug research and development process in-house, very low cost-efficiency and very high risks associated with the unavailability of the right supplies in the right quantity and quality where and when required have, for long, kept them at bay.
The increasing focus of drug development companies towards reducing costs and minimizing risks has nearly driven them out of this market. As a result of the lack of substitutes in the market, the suppliers hold an upper position.
The North America and Europe clinical trial and logistics supply market is projected to dominate the market
It is expected that the North America and Europe clinical trial and the logistic market will dominate the global industry owing to the larger concentration of pharmaceutical research industries. The Asia Pacific market is forecasted to grow at a significant rate.
Covid Impact
The coronavirus pandemic initially had an adverse impact on clinical trial supply and logistics owing to the concentration of developing a drug for the covid virus, which significantly trimmed the investment in drug development of other diseases. However, increased investment in the pharmaceutical industry supported the market.
Key Developments:
- July 2021, Merger. Parexel was merged with EQT IX fund and private business within Goldman Sachs Asset Management for US$8.5 billion based on the company's strong growth trajectory.
- September 2020, Launch. PCI Pharma also launched PCI Bridge, which is a digital platform that operates to increase the clinical and commercial supply chain visibility. The company is a leading firm working in the industry as a pharma and biopharma supply chain outsourcing service provider. The aim is to increase the visibility of supply chain logistics through generating insights.
- September 2020, Launch. Sharp introduces a clinical trial inventory management system (IMS) in its supply chain to provide the user with a clear and traceable picture of stock levels at the company's sites. The technology is expected to enable the client to obtain a real-time observation of the trial.
- June 2020, Enhancement. FedEx enhances its clinical trial and logistic supply chain solution for delivering better responses against the covid pandemic.
- December 2019, Improvement. To gain a competitive edge and increase its share in the global clinical trial and logistic market, FedEx renovated its TNT Life Sciences Centre situated in Tokyo, Japan. With the renovation, the center received an enhanced storage capacity, that surged by 80%. Expansion of the chiller room and the ambient room also helped FedEx enhance effectiveness.
- July 2019, Expansion. Marken expanded its presence in Italy through the acquisition of HRTL, and in Austria and Hungary through the acquisition of two additional market players in these countries.
- March 2019, Launch. Almac group announced the launch of Almac OneTM, a unified clinical trial, and logistic supply solution. Almac One is expected to enhance the clinical supply chain experience of the customer, providing a responsive end-to-end chain.
Company Profiles
- DHL International GmbH
- Marken
- Parexel International Corporation
- Movianto
- Catalent Inc.
- Thermo Fisher Scientific Inc.
- Almac Group
- FedEx
- PCI Pharma Service
- Sharp
Market Segmentation:
By Component
- Manufacturing
- Packaging and Labelling
- Distribution
By End-User Industry
- Pharmaceuticals
- Biologicals
- Medical Device
For more information about this report visit https://www.researchandmarkets.com/r/4d1cvs
