- July 2020 |
- Supply Chain and Logistics / Logistics
Global Clinical Trial Supplies Market Size, by Products & Services (Manufacturing, Packaging, Logistics, Storage & Distribution), By Phase (I, II, III, IV), By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa), Trend Analysis, Market Competition Scenario & Outlook, 2020-2026
Global Clinical Trial Supplies Market – Market Outlook & Trends
The Aggregate Revenues of Global Clinical Trial Supplies Market stood at USD 1867.44 million in 2019, and the same is anticipated to grow at a CAGR of 7.40 % and reach USD 3078.06 million by 2026. Globalization, rising clinical trials, and many biologics and biosimilar drugs in trials are the major factors driving the expansion and growth of this market. The innovations in supply chain management technology also enhance market growth. Increasing acceptance of the supply chain management system helps reduce the growing burden of R&D costs as the supplies entail a high cost in the total R&D expense of biopharmaceutical companies besides increasing functional competences. Biopharmaceutical companies outsource their supply provisions to global and regional supply players to cut down the cost. Outsourcing also helps them focus more on the trial procedure.
The global clinical trial supplies market depends on the extent of therapeutic and biopharmaceutical R & D expenses and the number of clinical trials. The escalating costs of drug development and clinical trials are the significant challenges for clinical trials due to the adverse impact of coronavirus limiting market development during the prediction period.
Global Clinical Trial Supplies Market – Overview
A safe clinical trial needs an agile supply chain management of the drugs under study, smooth compliance of many local and global practices, and accessible infrastructure. Clinical trial supplies management is necessary for avoiding overproduction, inventory expiration, and oversupply. With the increasing expenses of drug development, clinical trial supplies have gained more significance. Besides, the stringent guidelines for carrying clinical trials of various biopharmaceutical products shift the emphasis on the right clinical trial supplies strategy. It needs to be continuously revised, and it also calls for assimilating numerous third-party vendors across all phases of clinical growth.
Increasing Pharmaceutical and Biopharmaceutical R&D Expenditures
Research and development (R & D) is an essential and vital part of medicines and biopharmaceuticals companies. R & D enables them to develop new molecules for various therapeutic applications with considerable medical and market potential. R&D spending by biopharmaceutical companies has also...