June 08, 2020
According to the research report titled ‘Global Clinical Trial Supply and Logistics Market Size study, by Component (Manufacturing, Packaging and labeling and Distribution), End-User (Pharmaceutical, Biologics and Medical Device) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global clinical trial supply and logistics market is expected to register a growth rate of more than 8.2% during the period of 2020-2026.
For the record, the global clinical trial supply and logistics market accounted for USD 13.3 billion in 2019. In a clinical trial, the volunteers receive specific treatment, interventions or tests to find ways to prevent, identify, diagnose or manage diseases. The advancement in the field of medicine and healthcare in terms of development of new medical practices and experiments and medication is propelling the market outlook, claim market analysts.
Additionally, the increasing research & development expenses in the biopharmaceutical & pharmaceutical industry, globalization of clinical trials, and streamlining of regulations has led to outsourcing of clinical trials which in turn is stimulating the growth of global clinical trial supply and logistics market. Although, the increasing cost of clinical trials and drug development may act as a restraint to the market growth over the estimated timeframe.
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As per Statista, the overall expenditure on pharmaceutical research and development accounted for USD 129 billion in 2010 which popped to reach USD 182 billion in 2019.
Based on component type, the market is split into distribution, packaging & labeling, and manufacturing component. In terms of end-user, the market is segmented into medical device, biologics, and pharmaceutical.
Citing the regional scope, Asia-Pacific is likely to register a high CAGR through 2026. The presence of recognized CROs and increasing investments in the research and development by biopharmaceutical and pharmaceutical companies are the factors which contribute to Asia-Pacific market share.
The leading organizations in global clinical trial supply and logistics market are Biocair, Marken, PAREXEL International Corporation, Sharp, PCI Pharma, Patheon, N.V., Movianto, Almac Group, and Catalent, Inc. among others.