The South and Central America clinical trial supplies market is expected to reach US$ 164. 29 million by 2027 from US$ 99. 61 million in 2019; it is estimated to grow at a CAGR of 6. 5% from 2020 to 2027.
New York, May 25, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "South and Central America 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/p06075780/?utm_source=GNW
The growth of the market is attributed to some key driving factors such as increase in R&D expenditures by the pharmaceutical & biopharmaceutical companies, rise in number of clinical trials, and higher costs of drug development in developed nations. However, challenges for clinical trials due to the negative impact of COVID-19 pandemic are expected to restrain the growth of the market during the forecast years.
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.
Research and development (R&D) is a significant and essential part of the business of pharmaceuticals and biopharmaceuticals companies.R&D spending by biopharmaceuticals companies has increased over the years.
According to a report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expenditure of these companies has increased from US$ 59.6 billion in 2015 to US$ 79.6 billion in 2018. Drug development and discovery is a time-consuming and expensive process. The process stages range from early detection or design to development and regulatory approval, and the entire process can take more than 10–15 years. Throughout the drug development phase, various testing services are required to check the quality and efficacy of the drug substance. Several manufacturers are investing in clinical supplies in the pharmaceutical industry. Therefore, the pharmaceutical and biotech companies are dependent on the supplies for the services to the clinical trials, which is expected to drive the market. Also, advanced health care infrastructure, and presence of multinational pharmaceutical and biotechnology companies that carry out clinical trials in South and Central America will bolster the market growth.
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.However, the procedures and practices have now re-initiated due to economic losses in the commercial sectors of South and Central America.
Thus, the COVID-19 pandemic had a positive as well as negative impact on the South and Central America clinical trial supplies market.
Based on product & service, the South and Central America 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 South and Central America 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 South and Central America 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 South and Central America 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 South and Central America clinical trial supplies market are the Ministry of Health and Prevention (MoHAP), Pharmaceutical Research and Manufacturers of America (PhRMA), and Association of Clinical Research Organizations (ACRO), among others.
Read the full report: https://www.reportlinker.com/p06075780/?utm_source=GNW
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