The global clinical trials market size is expected to reach USD 69.9 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to exhibit a CAGR of 5.1% during the forecast period. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and other products. Also, clinical trials have become increasingly costly ventures, adding to the overall cost of developing a drug. Hence, big pharmaceuticals as well as small biotechnology firms are looking for innovative ways to improve trial outcomes and decrease trial costs.
The
increasing need to develop new therapeutics for chronic diseases such as
cancer, respiratory disorder, diabetes, cardiovascular disease, and others is
creating immense pressure on healthcare. The global pandemic caused due to
COVID-19 (coronavirus) and the increasing demand for developing a suitable
treatment for the same is driving the market growth. The number of people
affected by the coronavirus has reached one million, which further depicts an
increasing need for therapeutics and vaccines. Currently, there are 288
therapeutics and 106 vaccines in development. Out of this, nearly 7.0%
therapeutics are in Phase IV, 21.0% in Phase III, 43.0% & 13.0% in Phase II
& Phase I respectively.
The
pandemic has also resulted in global disruption of traditional onsite clinical
trials. Hence, the regulatory bodies all over the world have launched various
initiatives for fast-tracking clinical trials for the development of innovative
solutions. One such instance is Solidarity, an international clinical trial
launched by the World Health Organization (WHO) to find effective treatment against
COVID-19.
Though
COVID-19 is forcing many medical device & drug developers to revise the
approach they prepare for these types of crises, integrating best practices
within clinical trial procedures and adapting to virtual trials can support the
continuous development of therapeutics even in the presence of this pandemic.
Full Research Report On Clinical Trials Market Visit Here:
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Clinical Trials
Market Report Highlights
- Phase III clinical trials
dominated the market with a revenue share of 53.0% in 2019. This is
attributed to the complexity level associated with this phase
- The interventional design
segment accounted for the largest market share of 45.6% in 2019 in the
study design segment owing to the increasing demand for the intervention
for clinical trials by researchers
- North America held 51.2% of
the market share in 2019. Favorable government initiatives and the
presence of large numbers of players in U.S. offerings advanced services
are responsible for the growth
- Asia Pacific is expected to
expand at the fastest CAGR of 6.1% over the forecast period owing to the
increasing patient pool and cost-efficient services
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Clinical Trials
Market Segmentation
Grand View Research has segmented
the global clinical trials market based on phase, study design, indication, and
region:
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
- Oncology
- CNS condition
- Diabetes
- Obesity
- Cardiovascular
- Others
Clinical
Trials Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
- India
- Japan
- China
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players
of the Clinical Trials Market
- IQVIA
- PAREXEL International
Corporation
- Pharmaceutical Product
Development, LLC
- Charles River Laboratory
- ICON Plc
- PRA Health Sciences
- Syneos Health
- Eli Lilly and Company
- Novo Nordisk A/S
- Pfizer
- Clinipace
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.
For more info visit @ https://www.grandviewresearch.com
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