Clinical Trials Market Overview
Global clinical trials market is growing pervasively, mainly due to the increasing numbers of pharmaceutical & biotechnology companies worldwide. Besides, the rise in the prevalence of chronic diseases and global population drive the clinical trials market exponentially, prompting the demand for breakthrough medicines to meet their medical needs.
Moreover, substantial R&D investments made in the increasing numbers of contract research organizations (CROs) are accelerating the market growth to furthered height. According to Market Research Future (MRFR), the global clinical trials market is projected to grow at 5.7% CAGR during the forecast period (2018-2023). The spurting growth in the healthcare industry acts as a major driving force for the market growth.
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Additional factors, such as the rising demand for novel therapeutics and increasing drug discoveries, are contributing to market growth. Furthermore, the development of new treatment methods such as personalized medicine, technological advances, rising demand for contract research organizations (CROs) is driving the market demand hugely.
On the other hand, substantial investments required to drive clinical trials and lengthy approval procedures are the major factors acting as key growth impeders for the market. Also, stringent government regulations affect the growth of the market. Nevertheless, increasing alliances between pharmaceutical companies and CROs to enhance the pharma product portfolio and drive innovation would support market growth throughout the assessment period, strengthening the overall management of clinical trial processes.
Clinical Trials Market Major Players:
Players leading in the global clinical trials market include
- Paraxel International Corporation
- Charles River Laboratories
- Quintiles IMS
- SGS SA
- ICON plc
- Eli Lilly and Company
- Novo Nordisk A/S
- Laboratory Corporation of America
Clinical Trials Industry/ Innovation /Related News:
March 23, 2020 —- BELLUS Health Inc. (the US), a clinical-stage biopharmaceutical company, announced the remaining intellectual property rights to blu-5937 and related P2X3 antagonists intellectual property assets from the pan-Canadian life sciences ecosystem adMare Bioinnovations. BELLUS Health is into the development of novel therapeutics for the treatment of chronic cough and other hypersensitization-related disorders.
March 23, 2020 —- The European Medicines Agency (EMA) urged the clinical research industry to prioritize large randomized controlled studies to scale up COVID-19 trials. Following up from previous updates on the COVID-19 pandemic, the Human Medicines Committee (CHMP) of the regulatory agency suggests that these studies are most likely to generate the conclusive data needed to foster rapid development and approval of potential treatments for the disease. Moreover, the EMA assured further support to the ongoing research with all available regulatory tools to expedite their development projects.
Global Clinical Trials Market – Segments
Clinical Trials Market Analysis has been segmented into five main dynamics to widen the scope of understanding,
By Phase: Phase I, II, III, and Phase IV.
By Study Design: Interventional, Observational, and Expanded Access.
By Indication: Autoimmune/Inflammation, Pain Management, Oncology, Central Nervous System (CNS) Condition, Diabetes, Obesity, Cardiovascular, and others.
By End-User: Medical Research Institutes, Hospitals, Hospitals & Clinics, Dental Institutes & Dental Academic, and others.
By Regions: Americas, Europe, Asia-Pacific, Middle East & Africa, and Rest-of-the-World.
Clinical Trials Market – Geographical Analysis
North America dominates the global clinical trials market. The largest share of the market attributes to the presence of a large number of pharmaceutical & biotechnology companies that are continuously working to develop new products. Also, the increasing cases of patients suffering from cancer, diabetes, and other life-threatening diseases promote clinical trial methods to develop treatment options.
Moreover, increasing advancements in digital medical technology in this region are expected to propel the growth in the market. The North American clinical trial market is projected to retain its leading position throughout the assessment period.
Europe stands second in the global clinical trials market, heading with the rising numbers of CROs, CMOs, and CTOs. Besides, factors such as high R&D spending in the pharmaceutical industry and increasing prevalence of disease are further boosting the regional market growth. Moreover, efforts of regulatory agencies such as the European Commission and the European medical agency aiming to motivate scientific research and industrial progress are influencing the market growth.
Additionally, the proliferating healthcare and pharmaceutical sectors, led by the resurging economy in the region, are boosting the growth of the regional market. Also, increasing government funding and the introduction of new favorable regulations for clinical trials provide impetus to the market growth in the region, driving the R&D activities for the drug discoveries. The European clinical trials market is forecasted to grow at a significant CAGR during the review period.
The clinical trials market in the Asia Pacific region has emerged as a promising space. Rapidly growing healthcare sector and the rising numbers of pharmaceutical & biotechnology companies in the region define the growth landscape of the market in the region. Also, the booming economy in the region fosters market growth, increasing the drug discoveries. Rapidly developing countries such as China, India, and Australia, with their cost-competitive clinical trial processes lead the regional market exponentially.
Clinical Trials Market – Competitive Landscape
Fiercely competitive, the clinical trials market appears highly fragmented due to the presence of many well-established players. These players invest substantially to form strategic partnerships and collaborations to gain a larger competitive advantage. They also invest in driving RD activities and in meeting their expansion plans. Through R&D, they drive technology launch, and to expand their global footprints, they acquire promising companies from emerging regions.
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