Global Clinical Trial Supply and Logistics Markets, 2021-2028 - Focus on Logistics & Distribution, Storage & Retention, Phase, End-user, & Therapeutic Area - ResearchAndMarkets.com
October 22, 2021 at 08:28 AM EDT
The "Clinical Trial Supply and Logistics Market Size, Share & Trends Analysis Report By Service (Logistics & Distribution, Storage & Retention), By Phase, By End-user, By Therapeutic Area, By Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical trial supply and logistics market size is expected to reach USD 5.4 billion by 2028 and is expected to expand at a CAGR of 7.1% from 2021 to 2028.
The market growth is attributed to the increasing need to manage clinical trials and innovations and technology advancements in clinical trial supply and logistics services.
However, the COVID-19 pandemic had a negative impact on the market due to restrictions imposed by countries, which led to a 95% reduction in commercial airlines. Besides, clinical trials have increased due to the rising demand for the Covid-19 vaccine.
According to the WHO, more than 80 vaccines are currently being studied in clinical trials, with over 180 in the pre-clinical stage. There would be a challenge for logistics related to timelines and access to a large population.
Digitalization tools are required to overcome these challenges for future trials. For instance, a kit with a scannable label can be monitored throughout the supply chain from the kit assembly line to the patient's home.
Machine learning algorithms can take the process a step further by considering various factors across multiple supply chains, such as capacity or hours of service. Radio-frequency identification (RFID) can also aid in the management of shipments required for these clinical trials.
Clinical Trial Supply And Logistics Market Report Highlights
Market Driver Analysis
Market Restraint Analysis
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