Global Clinical Trial Supplies Market valued at $2.5 billion in 2021, is poised to grow at a decent CAGR of 8%
The global clinical trial supplies market includes services like packaging and labeling services, clinical supplies logistics & distribution, comparator sourcing, and clinical supplies management. The R&D expenditure by large pharma companies totaled a record $133 billion in 2021, an increase of 44% since 2016. With the rising R&D spending and the increasing complexity of clinical trials, Pharma/Biotech is looking to outsource more non-core activities related to clinical trials. Big Pharma is usually more reluctant to outsource than biotech, which is highly reliant on external partners for clinical development activities. Increased Focus on Biologics which require Specialized Logistics Capabilities The worldwide biologics market which is growing at ~15% far exceeds the overall pharmaceutical market growth. Biologics drugs require specialized logistics, distribution, storage, and monitoring capabilities as drugs are temperature sensitive. This further provides growth opp...