Global Clinical Trials Market: Overview
The global clinical trials market is likely to witness considerable growth over the period of forecast, from 2020 to 2030. Growth of the market is ascribed to the presence of heterogeneous population of patients in the developing nations. This patient population is likely to open up new growth avenues for the global clinical trials market. In addition, developing countries also offer quicker means of conducting such trials, which is likely to trigger leading pharmaceutical companies to make investments in these untapped regions.
Clinical trials refer to those scientific studies that are conducted to come up with solutions to treat, diagnose, screen, and prevent diseases. These trials might also develop medical approaches that work best for specific groups of people and illnesses. Clinical trials generate high quality data to facilitate healthcare-related decision making. The main objective of clinical trials is to find answer for certain scientific questions. These trials comprise final stages of a careful, meticulous, and long research and development process. It mostly starts at a laboratory with researchers developing and testing new concepts.
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Phase, study design, and region are the three important parameters based on which the global clinical trials market has been classified. Such detailed analysis of the market comes with the sole purpose of providing stakeholders with a detailed and clear analysis of the global clinical trials market.
Global Clinical Trials Market: Notable Developments
One of the important market developments that give a quick view of the dynamics pertaining to the global clinical trials market is mentioned as below:
In March 2020, the World Health Organization (WHO) launched “Solidarity”. It is an international clinical trial launched to come up with effective treatment for Covid-19. The process involves comparison of four treatment options against a set standard of care to make an assessment of their effectiveness against Covid-19.
Some of the prominent organizations in the global clinical trials market comprise the below-mentioned:
- Charles River Laboratory
- IQVIA Biotech LLC
- Pharmaceutical Product Development, LLC
- ICON Plc
Global Clinical Trials Market: Key Trends
The global clinical trials market is characterized by the presence of the following restraints, drivers, and opportunities.
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Demand for New Medicines and Treatments for Chronic Diseases to Boost Market Growth
The growth of the global clinical trials market is estimated to be driven by the increased demand for new medicines and medical equipment amongst end users. In addition, augmented investment in research and development activities for the purpose of coming up with medicines is likely to emerge as another growth factor for the global clinical trials market.
A rise in the number of people suffering from various chronic diseases together with the evolving and changing nature of certain types of chronic illnesses is expected to widen the scope of use of clinical trials. Furthermore, rising incidences of neurological diseases such as epilepsy, Alzh??m?r’?, depression, Parkinson’s disease expanding pool of geriatric population vulnerable to such diseases are expected to foster growth of the global clinical trials market over the period of assessment, 2020 to 2030. Rise in the number of clinical trials to find solutions that are both permanent and effective in slowing down the progress and cure for these diseases are likely to drive the demand for clinical trials.
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Global Clinical Trials Market: Geographical Analysis
In the global clinical trials market, North America is expected to account for a large chunk of the market over the period of assessment, from 2020 to 2030. The region is estimated to continue with its dominance over the period of analysis, thanks to the increased adoption of new technologies in the field of clinical research.
Asia Pacific is another region that is projected to offer lucrative growth opportunities to the market players. Presence of a large pool of patients facilitates hassle-free recruitment of volunteers for clinical trials. Besides, increased government spending on research and development activities to further boost the clinical trials market in Asia Pacific.
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