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Global Clinical Trial Supply and Logistics Market, by Service (Manufacturing, Packaging and Labeling, and Distribution) and by End User (Pharmaceutical, Medical Devices, and Biologics) was valued at US$ 14.95 Bn in 2017 and is estimated to exhibit a CAGR of 7.1% over the forecast period (2018-2026), as highlighted in a new report published by Coherent Market Insights.
Numerous clinical trial supply and logistics management companies are focusing on offering smart tools to solve problems in delivering trial-related supplies to multiple locations, identify opportunities, reduce costs, and enhance future trials. Moreover, clinical supply management offers other supplies such as disposable products, refrigerators, centrifuges, and diagnostic, testing, and imaging medical equipment apart from the investigational medicinal products. These above mentioned factors are expected to offer lucrative growth opportunities for the manufacturers to develop drugs or technologically advanced medical devices with ease.
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Moreover, increasing shift in geographical distribution of clinical trials by various biopharmaceutical companies from regions such as Central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost-effective and quick patient recruitment is expected to propel growth of the clinical trial supply and logistics market over the forecast period. Furthermore, Asia Pacific region offers significant economic benefits to biopharmaceutical companies, as government in China and Singapore allocate funds to promote biomedical research in the region. Additionally, Asia Pacific has prevalence of various kind of different diseases, which helps in conducting clinical trials with more significant results and outcome. For instance, in April 2018, Zuellig Pharma Holdings Pte. Ltd. entered into a distribution agreement with Taiho Pharma, Singapore for their product, TS-ONE OD Tablet, which is the first anticancer agent in the form of disintegrating tablet for the patients, who face difficulty in swallowing capsules or whose water intake is restricted.
In addition, clinical trial suppliers and logistics focuses on adopting organic and inorganic growth strategies such as mergers and acquisitions, and launches of various clinical programs, which is expected to boost growth of the market over the forecast period. For instance, Bionical, global supplier of commercial pharmaceutical products, acquired a global clinical research organization named EMAS Pharma in November 2016, to expand its clinical service business footprint globally and to unify and complete Bionical’s patient-centric service portfolio.
Browse 25 Market Data Tables and 44 Figures spread through 173 Pages and in-depth TOC on “Clinical Trial Supply and Logistics Market, by Service (Manufacturing, Packaging and Labeling, and Distribution) and by End User (Pharmaceutical, Medical Devices, and Biologics) – Global Forecast to 2026”
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Key takeaways of the clinical trial supply and logistics market:
- The global clinical trial supply and logistics market is expected to exhibit a CAGR of 1%over the forecast period (2018-2026), attributed to growing number of clinical trials, increasing complexities, and rising number of biologics and biosimilar drugs in trials
- Among service, distribution segment is expected to witness significant growth over the forecast period, attributed to the rising outsourcing storage and distribution facility
- Among end user, pharmaceutical segment is expected to account for largest market share, attributed to increasing research activities for oncology therapeutic application. However, steady drop in R&D pipeline for pharmaceutical drugs has been observed and it is substituted by biological drugs, which are expected to impact the segment over the forecast period.
- 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, among others.
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