The Middle East and Africa clinical trial supplies market is expected to reach US$ 96. 33 million by 2027 from US$ 60. 93 million in 2019; it is estimated to grow at a CAGR of 5. 9% from 2020 to 2027. The growth of the market is attributed to key driving factors such as increase in number of clinical trials, low cost of conducting a clinical trial compared to western region and rise in government initiatives to conduct clinical trials.
New York, May 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Middle East & Africa Clinical Trials Supplies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product & Service, Stage, Drug Type, and Application" - https://www.reportlinker.com/p06075704/?utm_source=GNW
However, long timeline for regulatory approval and the lack of personnel participating in clinical research in the Middle East are expected to restrain the clinical trial supplies market.
The clinical trial is an investigational study that defines whether a medical approach, therapy, or device is effective, safe, and useful for human applications.These studies help to find which therapeutic approach is best for certain diseases.
Clinical trial supplies management is necessary for evading overproduction, oversupply, and inventory expiration.With the increasing costs of drug discovery, clinical trial supplies are obtaining more importance.
A rise in outsourcing activities by pharmaceutical companies has been witnessed during recent years.The major factors driving the outsourcing activities by companies include cost cutting, need for innovations, increased speed and agility, and access to specialized knowledge and technologies.
Hence, with an increase in the R&D expenditure, the need for clinical trial outsourcing is increasing. Furthermore, the collaborative research between the research & development team of the sponsoring company as well as contract developer is a new trend being employed in the market. In addition, the emerging trend of outsourcing has led to rise in development of drug candidates and clinical trials by pharmaceutical and biotechnology companies, which is also expected to account for the growth of the market over the coming years. Also, rising prevalence of chronic diseases such as various cancer types and increasing pharmaceutical and biopharmaceutical R&D expenditures in several developing nations are expected to bolster the demand for clinical trial supplies & services.
Since the surge of COVID-19 cases, the pharmaceutical industry is facing a decrease in production capabilities, resulting in drug shortages.Moreover, diversion of resources from drug development to coronavirus treatment is likely to hamper overall productivity of the drug development for a short period of span.
Various pharmaceutical companies made decisions to postpone the ongoing clinical trials due to disrupted supply chains and threat of the virus.The Middle East is struggling to control the crisis due to limited healthcare supplies owing to imposed US sanctions on the country.
Such restrictions are likely to have a negative impact on the research and development activities, which will directly restrain the growth of the clinical trial supplies market in the Middle East & Africa.
Based on product & service, the Middle East and Africa clinical trial supplies market is segmented into manufacturing, packaging & labelling, and logistics & distribution. The logistics & distribution segment held the largest share of the market in 2019; the same segment is anticipated to register the highest CAGR in the market during the forecast period.
In terms of stage, the Middle East and Africa clinical trial supplies market is segmented into phase I, phase II, phase III, and bioequivalence studies. The phase III segment held the largest share of the market in 2019 and is estimated to register the highest CAGR in the market during the forecast period.
Based on drug type, the Middle East and Africa clinical trial supplies market is segmented into small-molecule drugs and biologic drugs. The small-molecule drugs segment held the largest share of the market in 2019, whereas the biologic drugs segment is estimated to register the highest CAGR in the market during the forecast period.
In terms of application, the Middle East and Africa clinical trial supplies market has been segmented into oncology, cardiovascular diseases, neurological disorders, respiratory disorders, and others. The oncology segment held the largest share of the market in 2019 and is estimated to register the highest CAGR during the forecast period.
A few of the primary and secondary sources associated with this report on the Middle East and Africa clinical trial supplies market are the Dubai Health Care City (DHCC), Saudi Clinical Trial Registry (SCTR), and Association of Clinical Research Organizations (ACRO), among others.
Read the full report: https://www.reportlinker.com/p06075704/?utm_source=GNW
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