Clinical Trials Market to Register Rapid Growth through 2025
Increasing prevalence of chronic diseases and need for
personalized medicines to drive global clinical trials market
According to
TechSci Research report, “Global Clinical
Trials Market By Phase (Phase I, Phase II, Phase III, Phase IV), By Study
Design (Interventional, Treatment Studies, Observational, Expanded Access), By Indication
(Autoimmune, Blood Disorders, Pain Management, Oncology, CNS Condition, Diabetes,
Obesity, Cardiovascular, Others), By End User (Hospital, Laboratories, Clinics),
By Region, Forecast & Opportunities, 2025”, the global clinical trials market is anticipated to grow
at significant CAGR during the forecast period. Key factors propelling the
growth of global clinical trials market include growing prevalence of chronic diseases
around the world and increasing need for personalized and orphan drugs. The demand
for new medical equipment and increase in number of biologics are further anticipated
to accelerate the growth of this market. Additionally, occurrence of tropical
and infectious diseases such as COVID-19 has also led to extensive clinical
trials around the world in order to find the suitable treatment and vaccine.
With increasing investments on R&D activities and growing focus of
governments to find cure for deadly diseases such as coronavirus, global
clinical trials market is expected to grow substantially through 2025.
Moreover, increasing prevalence of nеurоlоgісаl
dіѕеаѕеѕ such as Раrkіnѕоn’ѕ, tumors, dерrеѕѕіоn, Аlzhеіmеr’s and еріlерѕу
coupled with rising geriatric population is also supporting the growth of
global clinical trials market. In addition to this, the dіgіtаlіzаtіоn of
сlіnісаl trіаlѕ, in an effort to еnhаnсe рrоduсtіvіtу and gather data from
multірlе ѕоurсеѕ is anticipated to propel the market growth in the coming
years. Furthermore, rising аdорtіоn of virtual сlіnісаl trіаlѕ that facilitate efficient
and safe data gathering from раrtісіраntѕ without requirement for trаvеllіng tо
thе lаb оr hospital is augmenting the growth of global clinical trials market.
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The global
clinical trials market is segmented based on phase, study design, indication,
end user and region. Based on phase, the market can be segmented into phase I, phase
II, phase III and phase IV. Among these, phase III segment dominated the global
clinical trials market in 2019 as they involve huge subjects and are the most
expensive out of all four phases. However, phase II segment is expected to
account for major revenue share during the forecast period as it is conducted
for safety and efficiency. Also, there are various therapeutic and vaccines
currently undergoing phase II clinical trials for the treatment of coronavirus.
Based on study
design, global clinical trials market can be segmented into interventional,
treatment studies, observational and expanded access. Among them, interventional
design segment accounted for largest market share in 2019. They are further
expected to dominate the global market in terms of revenue during the forecast
period. Interventional treatment studies are one of the most prominent methods
used in clinical trials and are mainly used for drug or biologics, clinical
procedure, behavioral and device intervention studies.
Major players operating in the global
clinical trials market include Еlі Lіllу аnd Соmраnу, Clinipace Worldwide, Ѕun
Рhаrmасеutісаl Іnduѕtrіеѕ Ltd., Nоvо Nоrdіѕk А/Ѕ, Рfіzеr Іnс., GlaxoSmithKline,
ІСОN рlс, Sanofi Aventis A.S., Quintiles IMS Holdings, Pharmaceutical Product
Development LLC, Ноffmаnn-Lа Rосhе Ltd., Aaipharma Services Corp, РАRЕХЕL
Іntеrnаtіоnаl Соrроrаtіоn, ІQVІА Ноldіngѕ Іnс., Accell Clinical Research LLC,
Omnicare Inc., IGATE Inc., Charles River Laboratories, Covance Inc. and
Accovion GmbH. The companies are engaging in mergers & acquisitions along
with new product launches to strengthen their position in global market.
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“North America
accounted for largest market share in global clinical trials market in 2019 owing
to increasing adoption of new and advanced healthcare technologies in the
region. The region is further expected to dominate the global market during the
forecast period as governments in countries such as United States and Canada,
are providing favorable support and infrastructure regarding clinical trials.
However, Asia-Pacific is expected to register fastest CAGR through 2025 owing
to increasing number of biotechnological firms undergoing COVID-19 vaccine
trials,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Clinical Trials Market By Phase (Phase
I, Phase II, Phase III, Phase IV), By Study Design (Interventional, Treatment
Studies, Observational, Expanded Access), By Indication (Autoimmune, Blood
Disorders, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular,
Others), By End User (Hospital, Laboratories, Clinics), By Region, Forecast
& Opportunities, 2025” has evaluated
the future growth potential of global clinical trials market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in global clinical trials market.
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