Published Date: 31-Jan-2023
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According to a new report, published by KBV research, The Global Clinical Trial Supply & Logistics Market size is expected to reach $5.5 billion by 2028, rising at a market growth of 7.8% CAGR during the forecast period.
The Pharmaceuticals segment acquired maximum revenue share in the Global Clinical Trial Supply & Logistics Market by End-user in 2021 thereby, achieving a market value of $2.5 billion by 2028. The globalization of clinical trials, a surge in research and development by pharmaceutical corporations, and a considerable number of clinical trials done by these companies. ClinicalTrials.gov, for example, presently lists 18,289 functional studies conducted in 208 countries. Hence, the globalization and increasing R&D will propel the segment’s expansion.
The Cardiovascular Diseases segment is showcasing a CAGR of 6.9 % during the (2022 - 2028). This is due to the increased disease burden; many companies are concentrating on developing unique and creative medicines to treat heart illnesses and ways to minimize the prevalence of heart attacks and strokes. According to the Centers for Disease Control and Prevention, in 2020, there will be 697 000 heart disease deaths in the United States. In the United States, there are 805,000 heart attacks annually. The increasing cases of heart attacks and the rising concentration towards its treatment will boost the segment’s growth.
The Phase III segment is generating highest revenue share in the Global Clinical Trial Supply & Logistics Market by Phase in 2021 thereby, achieving a market value of $2.5 billion by 2028. This is owing to the increase in the number of patients, the high complexity and cost of this phase, and the high failure rate in this phase, which results in both financial and human loss. The primary cause of this failure is the product's noncompliance with safety and efficacy requirements. The increasing number of patients joined with other factors will boost the segment’s expansion.
The Comparator Sourcing segment has shown the growth rate of 8.6% during (2022 - 2028). This is because comparator sourcing from a direct manufacturer through a sourcing expert decreases the danger of unforeseen expenses. Comparator sourcing from direct manufacturers through specialized suppliers is currently the most popular method of sourcing. These suppliers comprehend a company's requirements for comparators, can collaborate with the manufacturer on demand planning, and provide the lowest possible total cost of acquisition. The benefits provided by the comparator sourcing will aid in the growth of the segment.
The North America market dominated the Global Clinical Trial Supply & Logistics Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $2.1 billion by 2028. The Europe market is exhibiting a CAGR of 7.1% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 8.8% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/clinical-trial-supply-logistics-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Thermo Fisher Scientific, Inc., Catalent, Inc., Marken (United Parcel Service of America, Inc.), Piramal Enterprises Limited, FedEx Corporation, Inizio Group Limited (Clayton, Dubilier & Rice), Parexel International Corporation (Phoenix Parentco, Inc.), Almac Group, Movianto (Walden Group SAS), and Deutsche Post DHL Group (The Deutsche Post AG)
By Therapeutic Area
Unique Offerings from KBV Research
North America Clinical Trial Supply & Logistics Market Future Scope & Opportunities 2022-2028
Europe Clinical Trial Supply & Logistics Market Size & Growth Forecast 2022-2028
Asia Pacific Clinical Trial Supply & Logistics Market Size, Share & Industry Outlook to 2028
LAMEA Clinical Trial Supply & Logistics Market Growth, Trends & Forecasts 2022-2028