$41 billion Clinical Trial Supply and Logistics Forecasted from 2024 to 2028
The COVID-19 pandemic changed the way businesses operated.
Several countries imposed COVID‑19 restrictions during peak periods in 2020–2022.
What’s surprising here is that some industries are doing well despite the pandemic.
When it comes to the healthcare industry, it has undergone a drastic change over the last two years.
The need for medicines, supplements, equipment, and other related products has seen a much-needed boost in demand for their business.
The clinical trial supply and logistics markets’ forecast report for the next five years has been added to researchandmarkets.com.
The market is now projected to grow at about 7.8% CAGR from 2024 to 2028.
In 2023, the market valuation was approximately $24.3 billion.
The updated forecast suggests that the market will reach approximately US$41 billion by 2028.
The medical industry is constantly evolving with the help of new devices.
The new devices utilize the latest technologies. To develop new treatments and devices, researchers must conduct clinical trials after obtaining approval from the FDA or the relevant regulatory authority.
Clinical trials are essential for all medicines and medical devices used in the healthcare industry.
Without the data from the clinical trials, the final approval will be rejected by the authorities. Each clinical trial requires clean data, including the final results and the percentage of success.
When discussing the Clinical trial supply and logistics market, this industry provides all the necessary equipment, including raw materials, to initiate clinical trials in its research laboratory.
The service providers will manage everything well to come up with positive results.
We all have noticed that the number of diseases worldwide is rapidly increasing for unknown reasons.
This has prompted research institutions to work diligently to identify the causes and develop equipment and medicines to treat them.
The number of global clinical trials increased significantly between 2021 and 2023.
This has prompted the industry to initiate various clinical trials to develop new medicines and equipment. The clinical trials for producing new biomedical equipment are also crucial.
Besides this, the industry is opening up new channels to provide opportunities and collaborate with other sectors.
This has further expanded the research base. However, since the market is quite competitive, more companies will likely join the race, which could impact the overall outcome in the coming years.
New Research on Drugs Boosts the Industry
The market is growing rapidly just because of the rising research on new drugs to treat new diseases. This has made the team forecast growth with an impressive CAGR of 8.91%.
As we all know, the initial research stage for a particular drug is funded by the national government. The other stages, including the clinical trials and further research on humans, are funded by pharmaceutical companies.
This will allow them to produce the new drugs and set the maximum retail price and selling rights of the new medicines in the market.
Many countries have seen a drastic change in this industry. The report suggests that countries like India are also in the race as the industry is seeing good results.
Pharma R&D spending in India was 8.6% of sales in 2019, falling to about 7.2% by 2021.
In-house Trials
Some drug companies conduct their clinical trials in-house. This means they use the clinical trial supply and other medical equipment produced by themselves. They look for a cost-effective way to finish this crucial stage of their study.
If they rely on supplies from third parties, they will have to wait until the supplier fulfills their orders.
They can’t study further until they receive the supplies from the vendors. For this reason, some companies follow in-house clinical trials.
Which Countries to Dominate the Market?
North America and Europe continue to dominate the market, with Asia‑Pacific growing fastest through 2028.
Their clinical trials are projected to dominate the entire logistics market used to supply goods for clinical trials to pharmaceutical companies and other government-funded research institutes.
The Stages Associated with the Logistics Market
Manufacturing:
In this stage, the research companies and institutes develop their new medicines and products.
Packing and Labelling:
At this stage, the final packaging and labeling of the newly developed products and medicines are completed.
Distribution:
This is the last stage in which the distribution of the newly invented products is done. They will approach healthcare providers to prescribe them and it will decide the production ratio.
Which companies are involved in this Sector?
Pharmaceuticals:
Pharmaceutical companies are the backbone of the industry, as they undertake all activities independently, from conducting clinical trials to labeling and distributing new drugs and medical equipment.
Biologicals:
Biological companies provide innovative ideas for developing new drugs. The companies employ skilled engineers and scientists who design pathways for producing new medicines and drugs.
Medical Device:
The need for medical devices is also increasing day by day. Manufacturing companies of medical devices and equipment are also involved.
Researchandmarkets.com added this new report today to their official website.
Head over to their official website to learn more about their research study and the forecasted report on the Clinical Trial Supply and Logistics Markets from 2021 to 2026.
See Also
Clinical Trial Manager Responsibilities
How to Become a Clinical Trial Manager
John Hopkins Receives Grants to Develop New Tech for Healthy Aging
