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Clinical Trial Supply & Logistics Market Size, Share & Trends Analysis Report By Service, By Phase, By Region And Segment Forecasts, 2023 - 2030
Clinical Trial Supply & Logistics Market Size, Share & Trends Analysis Report By Service (Logistics & Distribution, Storage & Retention), By Phase, By Region, And Segment Forecasts, 2023 - 2030.
New York, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Clinical Trial Supply & Logistics Market Size, Share & Trends Analysis Report By Service, By Phase, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06423470/?utm_source=GNW
Clinical Trials Supply & Logistics Market Growth & Trends
The global clinical trials supply & logistics market is expected to reach USD 6.3 billion by 2030, expanding at a CAGR of 7.5% from 2023 to 2030. The rise in advanced technology and innovations in the clinical trial supply & logistics market, implementation of stringent regulations, and the rising demand for clinical trials due to the increasing prevalence of diseases such as the COVID-19 pandemic.
Initially, the COVID-19 pandemic negatively impacted the market due to disruption in the supply chain and a reduction in commercial airlines by the government to prevent the spread of the virus.However, the market soon recovered and started to grow significantly due to rising demand for the COVID-19 vaccine to prevent this disease.
For instance, according to WHO, as of August 2, 2022, there are 169 vaccines in the clinical development stage and 198 vaccines in the preclinical phase.
There has been significant investment in supply chain management software by clinical trial supplies providers.Growing complexity in clinical trials and increased competition among market players are factors responsible for the adoption of new technologies in supply chain management.
The need for software for inventory management, supply chain planning, and ancillary supply chain management is expected to grow, owing to the increasing adoption of new technologies by industry players.
Clinical Trials Supply & Logistics Market Report Highlights
• In service segment, logistics & distribution dominated the market in 2022 with a share of 25.3%. This is due to the rise in clinical trials due to COVID- 19 pandemic
• Based on phase, phase III segment dominated the market with a market share of 43.4% in 2022
• Based on therapeutic area, cardiovascular diseases accounted for the fastest CAGR of 8.0% during the forecast period. This is due to the rise in the number of investments by market players for bringing novel and innovation to the market
• Asia Pacific is anticipated to register the fastest growth rate of 8.1% during the forecast period. This is due to low recruitment cost, region has access to a large and diversified patient pool, and favorable policies that make the region desirable for clinical trials
Read the full report: https://www.reportlinker.com/p06423470/?utm_source=GNW
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