Report : South and Central America Clinical Trials Supplies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product & Service (Manufacturing, Packaging & Labelling, and Logistics & Distribution), Stage (Phase I, Phase II, Phase III, and Bioequivalence Studies), Drug Type (Small-Molecule Drugs and Biologic Drugs), and Application (Oncology, Cardiovascular Diseases, Neurological Disorders, Respiratory Disorders, and Others)
The logistics & distribution segment by product and service is estimated to lead the market growth during the forecast period.
According to a new market research study of “South and Central America Clinical Trial Supplies Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Product & Service, Stage, Drug Type, Application and Country.” The South and Central America clinical trial supplies market is expected to reach US$ 164.29 Mn by 2027 from US$ 99.61 Mn in 2019; it is estimated to grow at a CAGR of 6.5% from 2020 to 2027. The report highlights trends prevailing in the South and Central America clinical trial supplies market and the factors driving market along with those that act as hindrances.
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 segment is anticipated to register the highest CAGR in the market during the forecast period. 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.
THERMO FISHER SCIENTIFIC INC., UDG Healthcare plc, Catalent Inc., PAREXEL INTERNATIONAL CORPORATION, Biocair, and Owens & Minor Inc, are among the leading companies operating in the South and Central America clinical trials supplies market.
The report segments in South and Central America Clinical Trial Supplies Market as follows:
By Product & Service
- Packaging & Labelling
- Logistics & Distribution
- Phase I
- Phase II
- Phase III
- Bioequivalence Studies
By Drug Type
- Small-molecule Drugs
- Biologic Drugs
- Cardiovascular Diseases
- Neurological Disorders
- Respiratory Disorders
- Rest of South and Central America
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