A Look into Clinical Trials Industry……Deep Analysis…..


The global clinical trials market size is expected to reach USD 69.8 billion by 2027, exhibiting a 5.1% CAGR during the forecast period, according to a new report published by Grand View Research, Inc. Increasing incidence of diabetes, rheumatoid arthritis, multiple sclerosis and many other chronic diseases is projected to propel the growth. Due to rising prevalence of infectious and tropical diseases in some regions, a large number of patients is participating in clinical trials to access high quality healthcare treatment free of cost.
Increasing prevalence of life-threatening allergic diseases is also expected to fuel the market growth. As per the Food Allergy Research & Education Survey 2017, around 200,000 people need emergency medical care for allergic reaction to food, mostly in U.S. In addition, government initiative has also motivated many players in market to initiate orphan drug development. Thus there are various drugs in pipeline. Rising healthcare expenditure and collaborations for the purpose of R&D activities are also expected to be other significant factors driving the market for clinical trials in the forthcoming years.
The market is highly competitive in nature. Some of the key players include IQVIA; PAREXEL International Corporation; Pharmaceutical Product Development, LLC; Charles River Laboratory; ICON Plc; Wuxi AppTec Inc.; PRA Health Sciences; SGS SA; Syneos Health; Chiltern International Ltd.; Eli Lilly and Company; Novo Nordisk A/S; Pfizer; and Clinipace.
Rapid adoption of advanced healthcare technology for improved healthcare is one of the key factors affecting competitive nature of the market. Also, major players often engage in mergers and acquisitions along with new product launches in order to retain share and diversify the product portfolio.
To Request Sample Copy of this report, click the link:
https://www.grandviewresearch.com/industry-analysis/global-clinical-trials-market/request/rs1
Further key findings from the report suggest:
·         Phase III clinical trials emerged as the largest segment in 2020
·         Interventional study design segment held the largest market share in 2020, owing to increasing demand for the intervention for clinical trials by researchers
·         North America dominated the clinical trials market with the largest revenue share in 2020. Increasing demand for new technologies along with advanced healthcare infrastructure are contributing to the dominance of this region
·         Asia Pacific is projected to witness the fastest growth during the forecast period owing to the increasing number of diabetic patients in this region
·         Few of the market players include IQVIA; PAREXEL International Corporation; Pharmaceutical Product Development, LLC; Charles River Laboratory; ICON Plc; Wuxi AppTec Inc.; PRA Health Sciences; SGS SA; Syneos Health; Chiltern International Ltd.; Eli Lilly and Company; Novo Nordisk A/S; Pfizer; and Clinipace
The global clinical trials market size was estimated at USD 46.75 billion in 2020 and is anticipated to expand at a CAGR of 5.1 % over the forecast period. Adoption of new technology in clinical trials, increasing prevalence of chronic diseases, and demand from developing countries are some of the major factors driving the global market. Whereas increasing demand for Contract Research Organizations (CROs) to conduct clinical trials is projected to further drive the growth. Diversified expertise of CROs as compared to pharma companies when it comes to performing clinical trials in wide array of geographies and development of drugs in specific therapeutic areas, are a few factors responsible for the demand for CROs in pharmaceutical segment.
According to the BioOutsource Report 2017, the demand for biosimilar testing is expected witness growth in U.S., attributed to the fact that the Food and Drug Administration (FDA) has started addressing the lack of clear guidance with regards to biosimilars, specifically the way the developers should prove similarity of their drugs to that of the originator product. In January 2015, Hospira submitted one of the biosimilar versions of Epogen (Epoetin Alfa) and the result of the review in the U.S. is anticipated from the FDA within a year.
The geographical distribution of clinical trials is slowly shifting from developed nations to emerging countries. Rising cost of clinical trials and difficulty in patient recruitment has led biopharmaceutical companies to shift focus on regions such as Central and Eastern Europe, Asia Pacific, Latin America, and Middle East for cost efficiency and quick patient recruitment. Emerging countries also possess greater disease variation compared to west, where traditional diseases are prevalent. The greater disease variation in the developing countries helps biopharmaceutical companies perform clinical trials for rare diseases.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/clinical-trials-market
Digitization in biomedical research is paving the way for growth of global market. Adoption of Systems like Electronic Data Capture (EDC) also helps companies manage their patient data which ultimately reduces the monitoring cost and better patient compliance. Digitization also helps meet the stringent regulations by maintaining patient data records which ultimately help reduce trial process errors.
Grand View Research has segmented the global clinical trials market based on phase, study design, indication:
Clinical Trials Phase Outlook (Revenue, USD Million, 2016 - 2027)
·         Phase I
·         Phase II
·         Phase III
·         Phase IV
Clinical Trials Study Design Outlook (Revenue, USD Million, 2016 - 2027)
·         Interventional
·         Observational
·         Expanded Access
Clinical Trials Indication Outlook (Revenue, USD Million, 2016 - 2027)
·         Autoimmune/Inflammation
·         Pain Management
·         Cardiovascular
·         CNS Condition
·         Oncology
·         Diabetes
·         Obesity
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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