Clinical Trials Market Research Report: by Phase (Phase I, Phase II, Phase III) by Study Design (Interventional, Observational and Expanded Access), by Indication (Autoimmune/Inflammation) by End User (Medical Institutes, Hospitals)-Global Forecast Till 2023
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Frequently Asked Questions
What is the CAGR of the Clinical Trials Market?
Clinical trials market is expected to exhibit a solid 5.7% CAGR over the forecast period.
The growing demand to find effective cures to chronic and infectious diseases is the major driver for the clinical trials market.
By indication, the global clinical trials market is segmented into autoimmune disorders, pain management, oncology, CNS conditions, diabetes, obesity, CVDs, and others.
The Americas dominate the global clinical trials market, followed by Europe.
Clinical trial is a research study which involve people (healthy volunteers or patients) to test the safety and efficacy of a new treatment or medicine. In healthcare industry clinical trials are performed for medicine, medical devices which includes hearing aid and surgical procedure.
The key factors driving the clinical trial industry includes rising prevalence of diseases, high R&D expenditure of the pharmaceutical industry, and growth of new treatments such as personalized medicine is supporting to grow the market. However, factors such as lack of skilled workforce clinical research, lower healthcare reimbursement in the developing countries and stringent regulations for patient enrollment, hinder the market growth.
The market for global clinical trial market is estimated to grow at an approximate CAGR of 5.7% from 2017 to 2023.
- Pharmaceutical Companies
- Biotechnological Institutes
- Research and Development (R&D) Companies
- Medical Research Laboratories
- Market Research And Consulting Service Provider
The Americas dominate the global clinical trial market owing to the presence of major pharmaceutical and biotech companies with R&D units in America and increasing patient population suffering from cardiac problem boost the clinical trial market in this region. Moreover, rising healthcare expenditure and presence of developed economies like U.S. and Canada fuels the market growth.
Europe is second in the global clinical trial market owing to increasing government support, rising clinical trail facilities both in private and government sector increases the clinical trial market in Europe.
Asia-Pacific region is the fastest growing market owing to the presence of developing economies, a growing healthcare sector and standard regulations related to healthcare industry promotes the manufactures to establish R&D unit in this region which drives the market with the region. The Middle East & Africa has the least share in the global clinical trial market owing to the presence of poor economies and stringent government policies, especially in the African region.
Charles River Laboratories, Paraxel International Corporation, Quintiles IMS, ICON plc, SGS SA, Eli Lilly and Company, Novo Nordisk A/S, Clinipace, Laboratory Corporation of America, Pfizer and Others are some of the major players for global clinical trials market.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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