The global clinical trials market was valued at USD 48.4 billion in 2020 and is predicted to surpass USD 82.5 bn by 2030 with a CAGR of 5.7% from forecast period 2021 to 2030.
Key market Insights:
Clinical trials are a process of clinical research that is governed by a defined protocol which is carefully established to answer a precise patient care query. Clinical trials can be divided into five phases, with every phase playing a distinct purpose within the clinical trial. Every trial adheres to a procedure that designates what types of individuals may participate in the study. The trials also outline exact plan of procedures, tests, medications, and doses within the trial apart from specifying the span of the study. In recent years, the costs associated with drug development have increased significantly, driving pharma and biotech companies to look for modernizations and smarter ways of conducting business. One important trend is the outsourcing of clinical research activities by manufacturers. By subcontracting their R&D activities, pharma and biotech companies are reforming the drug development facilities business. The R&D service providers have risen from just a few establishments providing restricted clinical trial facilities to big conglomerates offering a extensive range of facilities like study design, preclinical evaluations, clinical trial management and planning, autonomous safety data audit, bio-statistical analysis and several more. CROs (Contract Research Organizations) started off by providing preclinical & clinical trial services, however they are now venturing into project administration.
Crucial factors accountable for market growth are:
Significant Market Trends:
Phase 3 Segment Reported Foremost Market Stake in 2020
Phase 3 segment recorded the major market stake in the worldwide clinical trials market in 2020. Implementation on a large scale is the major reason for high market share of phase 3. Other factors such as high cost and increasing trend of outsourcing are expected to boost the demand over the estimate period.
The Phase 2 clinical trials are anticipated to advance at the maximum CAGR through the forecast period.
Interventional Study is Projected to Dominate the Study Design Segment of Clinical Trials Market Revenue
The requirement of clinical trials in developing diagnostic tests and vaccines for viral diseases such as the SARS CoV-2 has augmented the demand for clinical trials exponentially. Thus, high incidence of novel viral diseases and ongoing technological improvements in clinical trials are major reason for the high revenue share of interventional study.
Oncology is Projected to Dominate the Indication Segment of Clinical Trials Market Revenue
Constant research on cancer treatment and increasing demand for precision medicine are the major reasons responsible for high market share of oncology.
North America is Estimated to be the Largest Market for Clinical Trials
The research study covers key prospects and trends of clinical trials products throughout different regions including Europe, North America, Asia-Pacific, Middle East and Africa, and Latin America. Regionally, clinical trials market is dominated by North America due to high incidence of chronic disorders and presence of latest healthcare infrastructure. On the other hand, Asia-Pacific is anticipated to witness the rapid growth rate, on account of increasing investment by governments in research and growing awareness regarding precision medicine.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global clinical trials market. Leading competitors contending in global clinical trials market are as follows:
In order to better recognize the current status of clinical trials, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the clinical trials market. This research study bids qualitative and quantitative insights on clinical trials market and assessment of market size and growth trend for potential market segments.
Major Market Segments Covered:
By Study Design
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