The Global Clinical Trial Supply and Logistics Market, By Service (Manufacturing, Packaging and Labeling, and Distribution), By End User (Pharmaceutical, Medical Devices, and Biologics) was valued at US$ 14.95 Bn in 2017 and is projected to exhibit a CAGR of 7.1% over the forecast period (2018 - 2026), as highlighted in a new report published by Coherent Market Insights.
Various clinical trial supply and logistics management companies are indulged in offering smart tools to solve problems in delivering trial-related supplies to multiple locations, identify opportunities, reduce costs, and enhance future trials. Clinical supply management provides other supplies such as disposable products, refrigerators, centrifuges, and diagnostic, testing, and imaging medical equipment apart from the investigational medicinal products. These factors are expected to create lucrative opportunities for the manufacturers to develop drugs or technologically advanced medical devices with ease.
The 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 drive growth of the clinical trial supply and logistics market. Furthermore, Asia Pacific region provides greater economic benefits to biopharmaceutical companies, as government in China and Singapore allocate funds to promote biomedical research in the region. Also, Asia Pacific possess various kind of different diseases, which helps in conducting clinical trials with more significant results and outcome. 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 are facing difficulty in swallowing capsules or whose water intake is restricted.
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Clinical trial suppliers and logistics focuses on organic and inorganic growth strategies such as mergers and acquisitions, and launch of various clinical programs, which in turn is expected to augment growth of the market during the forecast period. For instance, in November, 2016, Bionical, global supplier of commercial pharmaceutical products, acquired a global Clinical Research Organisation named EMAS Pharma to expand its clinical service business footprint globally and to unify and complete Bionical’s patient-centric service portfolio.
Key takeaways of the clinical trial supply and logistics market: