Clinical trials are imperative for testing the efficacy of novel drugs and therapies. It has been used by pharmaceutical and biopharmaceutical sectors for formulating new medicines to combat the onset of chronic diseases. Customized medicines can be prepared according to results gained from the study. The global clinical trials market report by Market Research Future (MRFR) contains drivers, opportunities, and challenges compiled by notable analysts using proprietary research methodologies.
Clinical Trials Market Overview
The global clinical trials market is projected to expand at 5.7% CAGR from 2017 to 2023 (forecast period). Global use of clinical trials for development of novel drugs is the primary driver of the market. Emergence of theranostics combined with demand for contract research organizations (CROs) are other drivers of the market. Development of drugs for orphan diseases and large offering of services by CROs for numerous regions can bode well.
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Massive demand for generic drugs due to expensive nature of commercial drugs are likely to bolster the demand in the global clinical trials market. Collaborations between major pharmaceutical companies can cover the gap of the number of medicines being available to the masses and fuel the market growth.
But strict regulations and high costs of clinical trials can impede the market.
Clinical Trials Market Segmentation
The global clinical trials market is segmented on the basis of phase, study design, indication and end users. On the basis of the phase, it is categorized into phase I, phase II, phase III, and phase IV.
On the basis of study design, the global clinical trials market is divided into interventional, observational and expanded access.
On the basis of indication, the global clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, central nervous system (CNS) condition, diabetes, obesity, cardiovascular and others.
On the basis of the end-user, the market is segmented into dental hospitals & clinics, dental institutes and dental academic and research institutes.
Clinical Trials Market Regional Analysis
The Americas, the Middle East & Africa, Europe, and Asia Pacific (APAC) are regions considered in the global clinical trials market report.
The Americas are touted to dominate the global market due to a huge patient pool, large number of pharma companies, and ample funding to fuel research and development. In addition, the rising number of cases of patients with cancer, diabetes, and chronic diseases can boost the clinical trials market demand. According to the National Cancer Institute, nearly 64,000 cases of kidney cancer are expected to be registered in the U.S.
Europe is expected to be the second biggest region for the global clinical trials market due to increasing prevalence of new diseases and high R&D budget allocated for research purposes. Introduction of new regulations for clinical trials can boost innovation and development of new drugs.
The APAC region can grow at a rapid pace due to ongoing government support for R&D hubs, rising emphasis for development of drugs for rare diseases, and a large patient pool. Low operational costs and lax tax policies are expected to lead to inflow of investment by global groups in the region.
On the other hand, the MEA region possesses latent potential owing to large healthcare expenditure of economies of Kuwait, Qatar, and Saudi Arabia.
Clinical Trials Market Competition Outlook
Paraxel International Corporation, Eli Lilly and Company, SGS SA, ICON plc, Laboratory Corporation of America, Novo Nordisk A/S, Charles River Laboratories, Quintiles IMS, Pfizer, and Clinipace are prominent names in the global clinical trials market report.
Clinical Trials Industry News
Research funding is imperative to the functioning of clinical trials. In 2019, the U.S. Food and Drug Administration (FDA) has awarded 12 clinical trials more than USD 15 million in funds to further the research and testing of drugs for rare diseases.
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