Clinical Trials Market Insight
Clinical trials market 2020 is all set to project a healthy growth at a rate of 5.7% over the appraisal period (2019 to 2023), confirms Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Clinical Trials Market Top Boosters and Challenges
The clinical trials market has been advancing steadily since the advent of SARS-CoV-2, in light of the rising number of deaths worldwide. The COVID-19 outbreak has overwhelmed the healthcare sector, with several organizations trying to supply therapeutics and vaccines without wasting any time. The increase in research activities has led to a higher number of clinical trials associated with the novel coronavirus, which has worked in the market’s favor to a large extent. Despite the lockdown imposed, there has been no decrease in the pandemic, resulting in more clinical trials across the globe. Also, the surging globalization of clinical trials, escalating demand for CROs coupled with the several technological innovations could help the market advance in the near future.
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Rapid increase in chronic diseases and the soaring demand for clinical trials across emerging countries has induced massive market growth in recent years. The global market also stands to profit from the mounting number of biologics and the rising preference for personalized medicines as well as orphan drugs. Given the high demand for effective but cost-effective medicines in low as well as middle-income regions, spending on R&D by the government is expected to rise considerably in the coming years, which could be a huge opportunity for the key firms in the global market.
Some of the reputed vendors in the market are highly focused on strategic collaborations and agreements to bridge the demand and supply gap for therapeutics and vaccines. For instance, in September 2020, NKMax America, a biotechnology firms entered a clinical trial agreement and supply collaboration with Merck KGaA, Darmstadt and Pfizer to analyze the tolerability and safety of SNK01, which is an autologous natural killer cell therapy co-developed by the companies for solid tumors.
Clinical Trials Market Segmental Analysis
The clinical trials market can be broken down into phase, study design, indication and end users.
The phase-based categories are phase I, phase II, phase III along with phase IV.
The key segments, with respect to study design, are expanded access, interventional and observational.
Indication-wise, the market caters to cardiovascular, pain management, central nervous system (CNS) condition, diabetes, obesity, autoimmune/inflammation, oncology, and more.
Dental academic, research institutes, dental hospitals & clinics and dental institutes are some of the top market end-users.
Clinical Trials Market Regional Study
Europe, APAC/Asia Pacific, the Americas and MEA/Middle East & Africa are the regions across which the global market for clinical trials is projected to gain favorable grounds during the forecast timeline.
The American clinical trials market is highly lucrative and it can remain the global leader throughout the conjectured period, thanks to the massive pool of well-known pharmaceutical companies and the vast patient pool. The rapid escalation in new product innovations and the significant number of CROs present in the United States have led to a higher number of clinical trials in recent years.
Europe has taken the second place in the global market, as a result of the large-scale spending on research and development (R&D) in the pharmaceutical industry and the rising cases of chronic diseases. Europe is known for the high prevalence of stringent regulations pertaining to clinical trials, which has strongly motivated numerous scientific researches over the years.
The APAC market is slated to advance at the fastest pace in the years to come, given the mounting cases of new diseases and the growing focus of the healthcare industry on developing novel drugs for rare conditions. The supportive government and the surge in outsourcing have fostered the number of clinical trials in APAC. India along with Australia and China stands as the strongest market in the region, as these countries offer low cost opportunities for conducting clinical trials.
With the smallest share, the MEA market’s growth is primarily challenged by the poor economy, lack of technically equipped facilities, lower healthcare knowledge and the small number of clinical trial centers in African countries. However, the MEA market seems to be advancing at a better rate compared to Africa, owing to the fast developing healthcare industry combined with the surging healthcare expenditure in Qatar, Saudi Arabia and Kuwait.
Clinical Trials Market Top Market Firms
A few of the top market firms include Laboratory Corporation of America, Quintiles IMS, SGS SA, Paraxel International Corporation, Pfizer, Novo Nordisk A/S, ICON PLC, Eli Lilly Company, Charles River Laboratories, Clinipace, to name a few.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
LIST OF TABLES
Table 1 Global Clinical Trials Synopsis, 2017 – 2023
Table 2 Global Clinical Trials Market Estimates And Forecast, 2017 – 2023, (USD Million)
Table 3 Global Clinical Trials Market By Region, 2017 – 2023, (USD Million)
Table 4 Global Clinical Trials Market By Phase, 2017 – 2023, (USD Million)
Table 5 Global Clinical Trials Market By Study Design, 2017 – 2023, (USD Million)
Table 6 Global Clinical Trials Market By Indication, 2017 – 2023, (USD Million)
LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For Global Clinical Trials Market
Figure 3 Segmentation Market Dynamics For Global Clinical Trials Market
Figure 4 Global Clinical Trials Market Share, By Phase, 2016
Figure 5 Global Clinical Trials Market Share, By Study Design, 2016
Figure 6 Global Clinical Trials Market Share, By Indication, 2016
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