Increasing prevalence of chronic diseases and need for personalized medicines to drive global clinical trials market
According to TechSci Research report, “Global Clinical Trials Market By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional, Treatment Studies, Observational, Expanded Access), By Indication (Autoimmune, Blood Disorders, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular, Others), By End User (Hospital, Laboratories, Clinics), By Region, Forecast & Opportunities, 2025”, the global clinical trials market is anticipated to grow at significant CAGR during the forecast period. Key factors propelling the growth of global clinical trials market include growing prevalence of chronic diseases around the world and increasing need for personalized and orphan drugs. The demand for new medical equipment and increase in number of biologics are further anticipated to accelerate the growth of this market. Additionally, occurrence of tropical and infectious diseases such as COVID-19 has also led to extensive clinical trials around the world in order to find the suitable treatment and vaccine. With increasing investments on R&D activities and growing focus of governments to find cure for deadly diseases such as coronavirus, global clinical trials market is expected to grow substantially through 2025.
Moreover, increasing prevalence of nеurоlоgісаl dіѕеаѕеѕ such as Раrkіnѕоn’ѕ, tumors, dерrеѕѕіоn, Аlzhеіmеr’s and еріlерѕу coupled with rising geriatric population is also supporting the growth of global clinical trials market. In addition to this, the dіgіtаlіzаtіоn of сlіnісаl trіаlѕ, in an effort to еnhаnсe рrоduсtіvіtу and gather data from multірlе ѕоurсеѕ is anticipated to propel the market growth in the coming years. Furthermore, rising аdорtіоn of virtual сlіnісаl trіаlѕ that facilitate efficient and safe data gathering from раrtісіраntѕ without requirement for trаvеllіng tо thе lаb оr hospital is augmenting the growth of global clinical trials market.
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The global clinical trials market is segmented based on phase, study design, indication, end user and region. Based on phase, the market can be segmented into phase I, phase II, phase III and phase IV. Among these, phase III segment dominated the global clinical trials market in 2019 as they involve huge subjects and are the most expensive out of all four phases. However, phase II segment is expected to account for major revenue share during the forecast period as it is conducted for safety and efficiency. Also, there are various therapeutic and vaccines currently undergoing phase II clinical trials for the treatment of coronavirus.
Based on study design, global clinical trials market can be segmented into interventional, treatment studies, observational and expanded access. Among them, interventional design segment accounted for largest market share in 2019. They are further expected to dominate the global market in terms of revenue during the forecast period. Interventional treatment studies are one of the most prominent methods used in clinical trials and are mainly used for drug or biologics, clinical procedure, behavioral and device intervention studies.
Major players operating in the global clinical trials market include Еlі Lіllу аnd Соmраnу, Clinipace Worldwide, Ѕun Рhаrmасеutісаl Іnduѕtrіеѕ Ltd., Nоvо Nоrdіѕk А/Ѕ, Рfіzеr Іnс., GlaxoSmithKline, ІСОN рlс, Sanofi Aventis A.S., Quintiles IMS Holdings, Pharmaceutical Product Development LLC, Ноffmаnn-Lа Rосhе Ltd., Aaipharma Services Corp, РАRЕХЕL Іntеrnаtіоnаl Соrроrаtіоn, ІQVІА Ноldіngѕ Іnс., Accell Clinical Research LLC, Omnicare Inc., IGATE Inc., Charles River Laboratories, Covance Inc. and Accovion GmbH. The companies are engaging in mergers & acquisitions along with new product launches to strengthen their position in global market.
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“North America accounted for largest market share in global clinical trials market in 2019 owing to increasing adoption of new and advanced healthcare technologies in the region. The region is further expected to dominate the global market during the forecast period as governments in countries such as United States and Canada, are providing favorable support and infrastructure regarding clinical trials. However, Asia-Pacific is expected to register fastest CAGR through 2025 owing to increasing number of biotechnological firms undergoing COVID-19 vaccine trials,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Clinical Trials Market By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional, Treatment Studies, Observational, Expanded Access), By Indication (Autoimmune, Blood Disorders, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular, Others), By End User (Hospital, Laboratories, Clinics), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global clinical trials market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global clinical trials market.
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