Clinical Trials Supply & Logistics Market Growth & Trends
The global clinical trials supply & logistics market is expected to reach USD 6.23 billion by 2030, according to a new report by Grand View Research, Inc. . The market is expected to expand at a lucrative CAGR of 7.4% from 2022 to 2030. This is due to the rise in advanced technology and innovations in the clinical trial supply & logistics market, implementation of stringent regulations, and rising demand for clinical trials due to the increasing prevalence of diseases such as the COVID-19 pandemic.
Initially, the COVID-19 pandemic negatively impacted the market due to disruption in the supply chain and a reduction in commercial airlines by the government to prevent the spread of the virus. However, during the second half of the pandemic, the market started recovering due to rising demand for COVID- 19 vaccines. For instance, according to WHO, as of August 2, 2022, there are 169 vaccines in the clinical development stage and 198 vaccines in the preclinical phase.
Outsourcing of clinical trials is also increasing due to the growing demand for efficient logistics and supply chain management, which includes temperature control management as well as cold chain management. There has been a significant rise in global biopharmaceutical spending on cold chain logistics, and this trend is expected to continue, which is expected to drive the clinical trial supply and logistics market. For instance, in February 2022, Catalent announced plans to build its Waigaoqiao Free Trade Zone (FTZ) facility in Shanghai, China to enhance capacity for the distribution and storage of clinical supplies under temperature control as well as add more packaging capabilities which are secondary.
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Clinical Trials Supply & Logistics Market Report
Clinical Trials Supply & Logistics Market Report Highlights
- In service segment the logistics & distribution dominated the market in 2021. This is due to the rise in clinical trials due to COVID- 19 pandemic
- Based on phase, phase III segment dominated the market with a market share of 43.3% in 2021
- Based on therapeutic area, cardiovascular diseases accounted for the fastest CAGR during the forecast period. This is due to rise in number of investments by market players for bringing novel and innovative to the market
- Asia Pacific is anticipated to register the fastest growth rate during the forecast period. This is due to low recruitment cost, region has access to a large and diversified patient pool, and favorable policies that makes the region desirable for clinical trials
