Covid-19 to Apply Brakes to Pharmaceutical Outsourcing Market
Date : Sep 24, 2020 Author : PMR Editorial Staff Category : Healthcare
As per Persistence Market Research, the global pharmaceutical outsourcing market is expected to witness a stupendous CAGR between 2020 and 2030.
Pharmaceutical outsourcing implies conduction of preclinical studies, clinical trials, and animal toxicology testing. Out of these, clinical trial management system market is expected to witness a staggering double-digit CAGR of more than 15% between 2020 and 2030. The global players are into healthcare outsourcing, so as to lessen costs and improvise on efficiency. Plus, payroll overheads as well as capital expenditure could be cut down on. This factor, along with clinical trials moving at a rapid pace, is expected to catalyze the healthcare outsourcing market going forward.
Impact of Covid-19 on Pharmaceutical Outsourcing Market
The outbreak of Covid-19 has impacted the world at large, and the pharmaceutical industry is no exception. The disruption in the supply chains has halted the pharmaceutical manufacturing. Though demand hasn’t ceased, the shortage on the part of raw material in the wake of partial/total lockdown enforced all across is making it difficult for the players to sail smoothly with the production. This scenario is expected to persist till the end of the year 2020. The year 2021 is expected to witness the same pharmaceutical manufacturing market get back to normalcy when Covid-19 vaccine would be in place.
Moreover, along with surgical masks, ventilators have been witnessing a spike in demand, as both – symptomatic and asymptomatic patients vie for them. The production of ventilators has also increased and would continue in the near future.
So, it could be inferred that the Covid-19 pharmaceutical outsourcing market could undergo an elevation with respect to clinical trials, preclinical testing, and animal toxicology testing. Russia has already come up with its Sputnik vaccine, which is in its advanced stage of testing.
North America, followed by Europe, is leading the pharmaceutical outsourcing market. The research centres are getting inundated with trials. Asia-Pacific is also not behind. It is also picking up speed with the number of Covid-19 cases rising day after day. Also, as majority of companies are shifting their base to the Asia-Pacific, the pharmaceutical outsourcing is slated to soar from 2020 to 2030.
The key players in the pharmaceutical outsourcing market include DPT Laboratories, Velesco Pharma, BioPharma Solutions, Halo Pharmaceutical, Patheon, Inc., Coldstream Laboratories, Inc. and ABC Laboratories.