Dublin, June 27, 2023 (GLOBE NEWSWIRE) -- The "Clinical Trials Supply & Logistics Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027" report has been added to ResearchAndMarkets.com's offering.
The global clinical trials supply & logistics market is projected to observe impressive growth during the forecast period, 2023-2027
The major factors include growing incidences of various diseases and cancers, an upsurge in demand for personalized medicines, and extensive development in technology, which are fueling the market's growth. A clinical trial is a process in which several experiments, tests, or studies are performed on animals and humans to analyze the results.
Clinical trials are split into two types that are observational studies and interventional trials. The other factors supporting the market's growth are the rise in research and development activities, increasing research and development expenditure, a large number of clinical trials and research studies, huge demand for vaccinations, the growing aging population, and growing inorganic growth strategies such as mergers, acquisitions, collaborations, and others by pharmaceutical and biologics industries.
Rising Emphasis on Drug Development
The growing frequency of various types of diseases such as obesity, cardiovascular, diabetes, infectious, and cancer is surging the demand for drug development, which is bolstering the growth of the market globally. For instance, according to WHO, around 422 million people around the world have diabetes.
Owing to the surge in the number of people suffering from different types of diseases, the rise in demand for the development of new therapies, drugs, and medical devices is augmenting the growth of the market. According to the WHO, more than 80 vaccines are presently being analyzed in clinical trials, with over 180 in the pre-clinical stage.
Moreover, rising funding for drug development by government and non-government organizations is a contributing factor to the growth of the market. According to the Pharmaceutical Research and Manufacturers of America (PhRMA), PhRMA affiliates have invested considerably in drug development efforts.
Technological Advancements
Technological advancement and innovations in healthcare and medicine are driving the growth of the market. For instance, in South Korea, Asan Medical Center (AMC) has developed a new system capable of handling clinical trial image data from group to extraction.
The increasing adoption of new innovative technologies, such as cloud-enabled digital core, machine learning algorithms, radio-frequency identification (RFID), blockchain-based product tracking, and use of the internet of things to improve the quality management of clinical trial supply and logistics operations, are impelling the growth of the market.
Heavy investments by several companies in advanced technologies and logistics are propelling the growth of the market.
Growing Demand for Precision Medicines
The growing prominence of personalized medicines is one of the key factors supporting the growth of the market. For instance, in 2020, according to the scope and significance of the progress report, specialized medicines reported for about 39 percent of the total FDA-approved new drugs in the year.
The rising demand for precision drugs is due to their efficiency in treating unique and complex diseases. New drugs and disease therapies are being developed due to the rising need and use by doctors, researchers, and pharmaceutical firms, which facilitates the growth of the market.
Company Profiles: Detailed analysis of the major companies present in Global Clinical Trials Supply & Logistics Market
- Thermo Fisher Scientific (Patheon)
- Catalent, Inc.
- United Parcel Service (Marken)
- PARAXEL International Corporation
- Almac Group
- Piramal Pharma Solutions (Piramal Group)
- UDG Healthcare, plc
- DHL International Limited
- Packaging Coordinators Inc.
- Walden Group SAS (Movianto)
Report Scope:
Clinical Trials Supply & Logistics Market, By Service:
- Logistics & Distribution
- Storage & Retention
- Packaging
- Labeling & Blinding
- Manufacturing
- Comparator Sourcing
- Others
Clinical Trials Supply & Logistics Market, By Phase:
- Phase 0
- Phase I
- Phase II
- Phase III
Clinical Trials Supply & Logistics Market, By Therapeutic Area:
- Oncology
- Cardiovascular Diseases
- Neurological Disorders
- Others
Clinical Trials Supply & Logistics Market, By End User Industry:
- Pharmaceutical
- Medical Devices
Clinical Trials Supply & Logistics Market, By Region:
- North America
- United States
- Canada
- Mexico
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Europe & CIS
- Germany
- France
- United Kingdom
- Spain
- Italy
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
- Egypt
For more information about this report visit https://www.researchandmarkets.com/r/a7eu59
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