South and Central America Clinical Trials Supplies Market
The clinical trial is an investigation 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 approaches experiment 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.
Strategic insights for the South and Central America Clinical Trials Supplies provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2019 | US$ 99.61 Million |
| Market Size by 2027 | US$ 164.29 Million |
| Global CAGR (2020 - 2027) | 6.5% |
| Historical Data | 2017-2018 |
| Forecast period | 2020-2027 |
| Segments Covered |
By Product & Service
|
| Regions and Countries Covered | South and Central America
|
| Market leaders and key company profiles |
The geographic scope of the South and Central America Clinical Trials Supplies refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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. 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).
By Product & Service
By Stage
By Drug Type
By Application
The South and Central America Clinical Trials Supplies Market is valued at US$ 99.61 Million in 2019, it is projected to reach US$ 164.29 Million by 2027.
As per our report South and Central America Clinical Trials Supplies Market, the market size is valued at US$ 99.61 Million in 2019, projecting it to reach US$ 164.29 Million by 2027. This translates to a CAGR of approximately 6.5% during the forecast period.
The South and Central America Clinical Trials Supplies Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South and Central America Clinical Trials Supplies Market report:
The South and Central America Clinical Trials Supplies Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South and Central America Clinical Trials Supplies Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South and Central America Clinical Trials Supplies Market value chain can benefit from the information contained in a comprehensive market report.
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