Clinical trials, also known as clinical research studies, are studies conducted under proper guidance of experts regarding the efficacy, performance, and effects of experimental and novel medications, treatments, and vaccines. These methods are used for testing and gauging the performance of medications which can work on certain groups of patients or patients with rare diseases. Analysts at Market Research Future (MRFR) predict the global clinical trials market to expand at a phenomenal pace from 2018 to 2023.
Clinical Trials Market Outlook
The global clinical trials market is poised to reach a stellar size by 2023. It can exhibit a CAGR of 5.7% from 2018 to 2023 (forecast period). It stood at USD 868 million in 2017. Rise in globalization and development of novel drugs are major trends in the market. Rising prevalence of chronic diseases has induced the need for clinical trials which can be used in testing new formulations. Patent expiry of blockbuster drugs is likely to increase the scope for the market over the forecast period. Other pertinent drivers include rising demand for contract research organizations (CROs), evolution of technology, and personalized medicine for treatment of chronic maladies.
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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, the market is categorized into phase I, phase II, phase III, and phase IV. On the basis of study design, the global clinical trials market is segmented 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
Asia Pacific (APAC), North America, Europe, and the Middle East & Africa (MEA) are regions taken into consideration in the compilation of the global clinical trials market report.
The Americas can be the leading region in the market due to inclination towards development of new products, huge patient population, and large number of pharmaceutical companies. Rising cases of cancer, diabetes, and other maladies are likely to induce the market demand during the forecast period. According to the National Cancer Society, close to 63,340 cases of kidney cancer were registered in the U.S. alone in 2018.
The Europe region is expected to display a massive growth rate during the forecast timespan due to large prevalence of chronic diseases and large expenditure on research and development by the pharmaceutical industry. Supportive regulations for fostering growth of new medicines via clinical trials can bode well for the regional market growth.
The APAC clinical trials market is predicted to exhibit to expand at a rapid pace due to government support regarding establishment of R&D hubs, supportive government policies, lax regulations, and increasing prevalence of rare diseases. Countries with subsidies such as Australia, India, and China as well as low operational costs are attractive regions for primary investment for large pharmaceutical and biopharmaceutical companies.
Lastly, the MEA region has the lowest market share due to a paucity of shared scientific knowledge, small clinical trial centers, and ill-equipped technical centers.
Clinical Trials Market Competitive Analysis
Major industry participants in the global clinical trials market include Eli Lilly and Company, Quintiles IMS, Clinipace, Charles River Laboratories, Laboratory Corporation of America, Pfizer, SGS SA, ICON plc, Paraxel International Corporation, Novo Nordisk A/S, and others. Pharmaceutical companies are allying with CROs for expediting the research and development of blockbuster drugs.
Clinical Trials Industry News
PharmaCyte Biotech, Inc. and Austrianova Singapore have successfully managed the production of the clinical trial product, Cell-in-a-Box, for development of cellular therapies of cancer and diabetes.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
Chapter 5. Market Factor Analysis
LIST OF TABLES
Table 1 Global Clinical Trials Synopsis, 2017 – 2023
Table 2 Global Clinical Trials Market Estimates And Forecast, 2017 – 2023, (USD Million)
Table 3 Global Clinical Trials Market By Region, 2017 – 2023, (USD Million)
Table 4 Global Clinical Trials Market By Phase, 2017 – 2023, (USD Million)
Table 5 Global Clinical Trials Market By Study Design, 2017 – 2023, (USD Million)
Table 6 Global Clinical Trials Market By Indication, 2017 – 2023, (USD Million)
LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For Global Clinical Trials Market
Figure 3 Segmentation Market Dynamics For Global Clinical Trials Market
Figure 4 Global Clinical Trials Market Share, By Phase, 2016
Figure 5 Global Clinical Trials Market Share, By Study Design, 2016
Figure 6 Global Clinical Trials Market Share, By Indication, 2016
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