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COVID-19 Impact on Clinical Trial Supplies Market 2020 | Analysis By Catalent, Thermo Fisher Scientific, Almac Group, Parexel International Corporation, Biocair, UDG Healthcare plc (Sharp), PCI Healthcare Services, Owens & Minor, KLIFO, Rubicon Research P
Clinical Trial Supplies Market
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The clinical trial supplies market was valued at US$ 1,867.44 million in 2019 and is expected to grow at a CAGR of 7.4% from 2020 to 2027 to reach US$ 3,298.91 million by 2027.
Company Profiles
Catalent, Inc.
Thermo Fisher Scientific, Inc.
Almac Group
Parexel International Corporation
Biocair
UDG Healthcare plc (Sharp)
PCI Healthcare Services
Owens & Minor Inc.
KLIFO
Rubicon Research Pvt. Ltd.
Market Insights
Increasing Pharmaceutical and Biopharmaceutical R&D Expenditures
Research and development (R&D) is a significant and essential part of the business of pharmaceuticals and biopharmaceuticals companies. R&D enables them to come up with new molecules for various therapeutic applications with substantial medical and commercial potential. R&D spending by biopharmaceutical companies has also increased over the years. As per the report of Pharmaceutical Research and Manufacturers of America (PhRMA), the R&D expense of these companies has increased from US$ 59.6 billion in 2015 to US$ 79.6 billion in 2018. R&D expenditures are done for discovering, examining, and producing new products, upfront payments, and milestones, improving existing outcomes, as well as demonstrating product efficacy and regulatory compliance before launch. The R&D investments differ as per their need and demand for the supplies for a clinical trial. The cost includes materials, supplies used, and salaries, also the cost of developing quality control. Drug improvement 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 growing 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. For instance, in February 2019, Sharp spent US$ 650,000 in the interactive response technology (IRT) solution to enable appropriate supply allocation to decrease the costs incurred by the overproduction for sponsors. Therefore, the pharmaceutical and biotech companies are dependent on the supplies for the services to the clinical trials, which is expected to drive the growth of the market.
Challenges for Clinical Trials Due to Negative Impact of Corona Virus
The rise in the number of positive corona cases has impacted negatively on the clinical trial supplies market. The pandemic situation across the world has triggered an evolution in the global healthcare sector with the rising demand for solutions to tackle the coronavirus infection. Therefore, the companies are likely to increase their clinical trial activities, with the introduction of new ones, to find out the solutions against the COVID-19 (coronavirus).
Moreover, the highly contagious nature of the COVID-19 has halted the recruitments in the clinical trials industry. Safety is essential for on-sight professionals, and various organizations are providing guidelines for the protection of people during clinical trials. Furthermore, the mandatory isolations, lockdowns, and work from home or shutdown conditions have disrupted the workflow of clinical trials. Thus, the emergence of this pandemic is expected to slow down market growth in the coming days.
TOC of Market Report Contains:
Industry Overview
Production Market Analysis
Sales Market Analysis
Consumption Market Analysis
Production, Sales and Consumption Market Comparison Analysis
Major Manufacturers Production and Sales Market Comparison Analysis
Major Type of Analysis
Major Organization Size Analysis
Industry Chain Analysis
Global and Regional Market Forecast
Major Manufacturers Analysis
New Project Investment Feasibility Analysis
And More...
Global Clinical Trial Supplies Market - By Product & Service
Logistics & Distribution
Manufacturing
Packaging & Labelling
Global Clinical Trial Supplies Market - By Stage
Phase III
Phase II
Bioequivalence Studies
Phase I
Global Clinical Trial Supplies Market - By Drug Type
Small-molecule Drugs
Biologic Drugs
Global Clinical Trial Supplies Market - By
Application
Oncology
Cardiovascular Diseases
Neurological Disorders
Respiratory Disorders
Others
Clinical Trial Supplies Market - By Geography
North America
Europe
Asia Pacific
Middle East & Africa
South America
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Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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