Clinical Trials Market
Clinical Trials Market is expected to reach USD 47,500 Million by 2030 at 5.70% CAGR during the forecast period 2022-2030.
Growth is projected to be propelled by an increasing incidence of diabetes, rheumatoid arthritis, multiple sclerosis and many other chronic diseases. In some regions, due to the increasing prevalence of infectious and tropical diseases, a large number of patients are participating in clinical trials to access free, high-quality healthcare.
Globalization and the rise in the development of new products in the healthcare sector have increased the market for clinical trials. The development of new treatment techniques such as personalised medicine, increasing technology evolution, and increasing demand for contract research organisations (CROs) to conduct clinical trials are the other key factors driving market growth.
Many pharmaceutical companies work with various CROs to improve their portfolio of products and drive innovation. In order to maintain the transparency of its clinical trials, Novartis AG, a leading healthcare company, publishes summarised details of all clinical trials conducted by the company. However, the high cost, stringent government regulations affects the market growth.
Key Players
Some Of Clinical Trials Market Players are 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
Segment Analysis
On the basis of process, research design, indication and end users, the global clinical trials market is segmented.
The market is divided into phase I, phase II, phase III and phase IV depending on the phase.
The global clinical trials market is segmented into interventional, retrospective and extended access on the basis of research nature.
On the basis of the diagnosis, autoimmune/inflammation, pain control, oncology, central nervous system (CNS) disorder, diabetes, obesity, cardiovascular and others was segmented into the worldwide clinical trials industry.
The industry is segmented into dental hospitals clinics, dental institutes and dental academic and research institutes on the basis of the end-user.
Regional Analysis
Owing to the existence of a large number of pharmaceutical firms, a vast patient pool and increasing creativity to produce new drugs, the Americas dominate the worldwide clinical trials industry. Rising cases of patients with cancer, diabetes and other life-threatening diseases are now encouraging the advancement of therapeutic alternatives through clinical trial approaches. The clinical trials industry with the highest sales share in 2019 was led by North America. Growing demand for emerging technology and improved health facilities are adding to the region's supremacy.
The second biggest industry is the worldwide market for clinical trials in Europe. Factors such as rising pharmaceutical sector RD spending and the growing incidence of diseases and new cases of diseases can be expected to raise the demand for clinical trials further. In Europe, new rules in the area of clinical trials have been adopted in order to give the European Commission clear incentive for biomedical research and economic development. Business development will be boosted by the adoption of new favourable legislation for clinical trials and increased demand for new drugs across Europe.
Due to the growing number of diabetic patients in this region, Asia Pacific is projected to see the fastest growth during the forecast period. The emerging economy and low costs for running clinical trial facilities in China and Australia supply the demand growth in this area.
On the other hand, the Middle East Africa market has the lowest share of the global market for clinical trials. This can be attributed to the presence of poor economies, fewer technical facilities, a lack of scientific knowledge and a smaller number of centres for clinical trials, particularly in the African region, reducing the growth of the market. Due to the existence of a well-developed healthcare system and massive healthcare spending by economies such as Saudi Arabia, Kuwait, and Qatar within the region, it is projected that the bulk of the demand in the Middle East Africa region is owned by the Middle East.
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