Global Beta Catenin Market, by Type (BBI-801, Exisulind, M-101, Nefopam Hydrochloride, and Others), by Application (Dermatology ,Oncology ,Genetic Disorder, and Others), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa) is estimated to be valued at US$ 2,492.0 Mn in 2022 and is expected to exhibit a CAGR of 9.6% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in market include increase in government and non-government initiatives for gene disorders which is expected to drive growth of market during the forecast period. For instance, in May 2019, National Institutes of Health (NIH) granted US$ 35 million funds for development and research for Down syndrome.
Global Beta Catenin Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, Contract research organization (CROs), and other organizations that support drug development shifted to remote working environments. An April 2020 study on the Impact of COVID-19 on Clinical Trial Sites conducted by Medidata, a life sciences software provider that supports clinical trials with a primary focus on evidence generation, suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches in order to cope with challenges presented by the pandemic, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020 have identified persistent impact of COVID-19 pandemic, with over 60% reporting an average or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment. Recently, the U.S. Food and Drug Administration (FDA) guidance (March 2020 and updated July 2020) acknowledged that the impact of COVID-19 may require companies conducting clinical trials to consider virtual patient visits or put new processes in place of current protocols. Therefore, there are now more opportunities for using remote healthcare including conducting virtual or decentralized trials, site-less clinical trials, and use of other non-traditional approaches that do not involve in-person visits. The COVID-19 pandemic has had a significant negative influence on the world economy on many levels, which is also evident in the healthcare sector. Due to the closure of production facilities, severe shortage in raw material supply, and lack of qualified labor, the booming market for health care research and development is predicted to have a sharp fall in sales during the lockdown period. The pandemic's present effects can be inferred from the supply chain and production operations encountering some modest difficulties.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Beta Catenin Market”- Forecast to 2030, global Beta Catenin Market, by Type (BBI-801, Exisulind,M-101,Nefopam Hydrochloride, Others), by Application (Dermatology, Oncology ,Genetic Disorder, Others) and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa).
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Moreover, increase in research and development by governments for genetic disorders is expected to drive the market during the forecast period. For instance, data published on March 2021, on CNBC LLC, which is an American business news channel website, states that according to the nation’s National Bureau of Statistics China’s spending on research and development climbed 10.3% to 2.44 trillion Chinese yuan ($378 billion) in 2020.
Key Takeaways of the Global Beta Catenin Market: