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

The Covid-19 (coronavirus) pandemic is impacting society and the overall economy across the world. The impact of this pandemic is growing day by day as well as affecting the supply chain. The COVID-19 crisis is creating uncertainty in the stock market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. The overall effect of the pandemic is impacting the production process of several industries including Life science Industry, and many more. Trade barriers are further restraining the demand- supply outlook. As government of different regions have already announced total lockdown and temporarily shutdown of industries, the overall production process being adversely affected; thus, hinder the overall Clinical Trial Supplies market globally. This report on 'Clinical Trial Supplies market' provides the analysis on impact on Covid-19 on various business segments and country markets. The report also showcase market trends and forecast to 2027, factoring the impact of Covid -19 Situation.

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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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