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Clinical Trial Supply And Logistics Market Size Worth $5.4 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, Oct. 18, 2021 /PRNewswire/ --  The global clinical trial supply and logistics market size is expected to reach USD 5.

SAN FRANCISCO, Oct. 18, 2021 /PRNewswire/ --  The global clinical trial supply and logistics market size is expected to reach USD 5.4 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 7.1% from 2021 to 2028. The market growth is attributed to the increasing need to manage clinical trials and innovations and technology advancements in clinical trial supply and logistics services.

Key Insights & Findings:

  • The logistics and distribution service segment dominated the market in 2020 with a revenue share of over 20.0% owing to an increase in clinical trials as a result of Covid-19
  • Based on phase, the phase III segment dominated the market with a revenue share of over 40.0% in 2020
  • In terms of end-user, the pharmaceuticals segment held the largest revenue share of over 40.0% in 2020. This is due to the investment by companies and the presence of a large number of players in the market
  • By therapeutic area, the cardiovascular diseases segment dominated the market with a revenue share of over 25.0% in 2020 due to an increase in the number of cardiovascular research studies and firms focused on bringing innovative drugs to the market
  • Asia Pacific is anticipated to register the fastest growth rate of 7.8% throughout the forecast period. The region has access to a large and diversified patient pool, cheaper recruitment costs, and favorable policies that make Asia Pacific desirable for clinical trials

Read 100 page market research report, " Clinical Trial Supply And Logistics Market Size, Share & Trends Analysis Report By Service (Logistics & Distribution, Storage & Retention), By Phase, By End-user, By Therapeutic Area, By Region, And Segment Forecasts, 2021 - 2028 ", by Grand View Research

However, the COVID-19 pandemic had a negative impact on the market due to restrictions imposed by countries, which led to a 95% reduction in commercial airlines. Besides, clinical trials have increased due to the rising demand for the Covid-19 vaccine. According to the WHO, more than 80 vaccines are currently being studied in clinical trials, with over 180 in the pre-clinical stage. There would be a challenge for logistics related to timelines and access to a large population.

Digitalization tools are required to overcome these challenges for future trials. For instance, a kit with a scannable label can be monitored throughout the supply chain from the kit assembly line to the patient's home. Machine learning algorithms can take the process a step further by considering various factors across multiple supply chains, such as capacity or hours of service. Radio-frequency identification (RFID) can also aid in the management of shipments required for these clinical trials.

Grand View Research has segmented the global clinical trial supply and logistics market based on service, phase, end-user, therapeutic area, and region:

  • Clinical Trial Supply And Logistics Service Outlook (Revenue, USD Million, 2016 - 2028)
    • Logistics & Distribution
    • Storage & Retention
    • Packaging, Labeling, and Blinding
    • Manufacturing
    • Comparator Sourcing
    • Other Services (Solutions, Ancillary Supply)
  • Clinical Trial Supply And Logistics Phase Outlook (Revenue, USD Million, 2016 - 2028)
    • Phase I
    • Phase II
    • Phase III
    • Phase IV
  • Clinical Trial Supply And Logistics End-user Outlook (Revenue, USD Million, 2016 - 2028)
    • Pharmaceuticals
    • Biologicals
    • Medical Device
  • Clinical Trial Supply And Logistics Therapeutic Area Outlook (Revenue, USD Million, 2016 - 2028)
    • Oncology
    • Cardiovascular Diseases
    • Respiratory Diseases
    • CNS and Mental Disorders
    • Others
  • Clinical Trial Supply And Logistics Regional Outlook (Revenue, USD Million, 2016 - 2028)
    • North America
      • U.S.
      • Canada
    • Europe
      • U.K.
      • Germany
      • France
      • Italy
      • Spain
    • Asia Pacific
      • Japan
      • China
      • India
      • Australia
      • South Korea
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE
      • Iran
      • Israel

List of Key Players of Clinical Trial Supply And Logistics Market

  • Thermo Fisher Scientific (Patheon)
  • Catalent, Inc.
  • Parexel
  • Almac Group
  • Marken
  • Piramal Pharma Solutions
  • UDG Healthcare
  • DHL
  • FedEx
  • Movianto
  • Packaging Coordinators Inc.

Check out more studies related to clinical trials, conducted by Grand View Research:

  • Clinical Trials Market - The global clinical trials market size was estimated at USD 44.3 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.7% from 2021 to 2028. However, the market growth was hindered in 2020 due to the COVID-19 pandemic.
  • Clinical Trials Management System (CTMS) Market - The global Clinical Trials Management System (CTMS) market size was valued at USD 592.07 million in 2016. It is anticipated to expand at a CAGR of 12.1% over the forecast period. Rapid growth of healthcare IT and increasing R&D expenditure by life science and clinical research organization and increasing adoption of CTMS solutions is anticipated to drive the growth of the market.
  • COVID-19 Clinical Trials Market - The global COVID-19 clinical trials market size is valued at 5.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2027. The market is majorly driven by the rapid spread of coronavirus leading to a staggering number of deaths globally thus putting pressure on healthcare organizations to provide therapeutics/vaccines.

Browse through Grand View Research's coverage of the Global Medical Devices Industry

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry JamesCorporate Sales Specialist, USAGrand View Research, Inc.Phone: 1-415-349-0058Toll Free: 1-888-202-9519Email: sales@grandviewresearch.comWeb: https://www.grandviewresearch.comFollow Us: LinkedIn | Twitter 

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SOURCE Grand View Research, Inc.