Clinical Trial Supply And Logistics Market Size Is Anticipated To Reach USD 27.59 Billion at a CAGR of 7.1% By 2026 – Finds, Coherent Market Insights
Impact Analysis of Covid-19
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Clinical Trial Supply and Logistics Market – Insights
Clinical trial supply and logistics deals after offering clinical supplies required in clinical studies of drugs or medical devices in accordance with protocol and applicable regulatory requirements. The process focuses on planning, packaging, forecasting, labeling, sourcing, distribution, and clinical supplies for government and commercial sponsors that are involved in phase 1-4 clinical trials. The suppliers in the market partner with third party vendors and technicians to verify whether study drugs available are in sufficient quantity and quality at various stages of clinical distribution. The process offers full traceability from manufacturing to dispensation and destruction in terms of drug supply in order to mitigate risks such as expiration or out of stock of products.
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The global clinical trial supply and logistics market size was valued at US$ 14.95 Bn in 2017 and is expected to witness a CAGR of 7.1% over the forecast period (2018 – 2026).
Clinical Trial Supply and Logistics Market Drivers
Increasing demand for development and production of clinical supplies from end user manufacturers or investigators for global studies in a cost-efficient manner leads to high demand for quantity of ancillary supplies and diverse vendors to produce those supplies. According to an article published in the Applied Clinical Trials website, 2016, there are around 40,000 unique investigators worldwide conducting at least one FDA-regulated clinical trial.
Moreover, increasing prevalence of cancer offers lucrative opportunities for the market players to enhance their market share. According to the World Health Organization (WHO), there were around 555,318 new cases of cancer in 2012 in the Middle East. The region is expected to witness around 961,098 cases by 2030, which will be the highest number of cancer cases among other regions in the world.
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Increasing change in regulations related to clinical trials is also expected to influence the market growth. For instance, in 2013, the European Union enacted good distribution practices (GDPs), which are now becoming a globally adopted guidance. Although the timeline is still under discussion, new regulations for clinical trials that are conducted in the European Union will be revealed in 2019. The new regulations could potentially impact the supply chain, although it is primarily geared to existing good manufacturing practices (GMPs) for products covered by an existing directive.
Increasing adoption of biologics is expected to lead to high demand research and development activities such as development of nanoparticle-based drug delivery systems in the field of genetics and biotechnology. For instance, in May 2018, Catalent Pharma Solutions collaborated with Valerius Biopharma AG, a Switzerland-based biopharmaceutical company, for the development and manufacturing of Valerius’ biosimilar products, as alternatives to high-priced biologics. Such activities are expected to boost growth of the market over the forecast period.
Clinical Trial Supply and Logistics Market Regional Outlook
On the basis of region, the global clinical trial supply and logistics market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is expected to hold a dominant position in this market. This is owing to increasing use of technologically advanced products, established regulatory agencies, and presence of major Contract Research Organizations (CRO’s) and biopharmaceutical companies in the region. Significant improvement in the healthcare sector and favorable reimbursement scenario is also expected to boost the market growth in North America.
Increasing number of new companies entering in the healthcare sector and focused on drug development is also expected to industry are expected to contribute to the market growth over the forecast period. Clinical trial supply management helps to reduce costs across all aspects of the business, by reducing internal capacity – in terms of site maintenance and employee headcount. Such advantages are expected to increase demand for clinical trial supply and logistics.
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Key players operating in the global clinical trial supply and logistics market include, Catalent Pharma Solutions, Inc., Almac Group, Movianto, Patheon, Inc., PCI Pharma Distribution, Sharp Packaging Distribution, PAREXEL International Corporation, Marken, KLIFO A/S, and Biocair.
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