COVID-19 Clinical Trails Market size is estimated at $4.8 billion in 2020 and is projected to grow at a CAGR of 10.2% during the forecast period 2021-2026. Coronavirus Disease (COVID-19) is a contagious disease caused by a newly discovered coronavirus. Most of the people infected by COVID-19 virus will develop mild to moderate respiratory illness and can recover without any special treatment. Aged people, and those with respiratory illness, cancer, cardiovascular disease, diabetes and other chronical diseases are more likely to develop serious illness. Based on the nature of pandemic more than 560 drug development programs are in the planning stages by the companies and clinical, about 370 trials were reviewed by FDA and currently, 5 COVID-19 treatments are authorised for emergency use and only 1 treatment is approved by FDA for use in COVID-19 . The market is mainly driven by the rapid spread of coronavirus leading to a huge number of deaths worldwide, thereby putting pressure on healthcare organizations to provide vaccines/therapeutics. Increased global research activities are also creating demand for COVID-19 clinical trials to fuel the market growth while the side effects caused during the clinical trials can hinder the market due to adverse reactions caused by the treatment.
COVID-19 Clinical Trails Market Segment Analysis – By Phase
The Phase segment has Phase-I, Phase-II, Phase-III and Phase-IV. In which Phase-II segment accounted for the largest share in and is expected to grow at 9.7% CAGR. This is driven by the fact that the maximum number of vaccines and therapeutics in the development are phase-II. Approximately 59% of products developed are currently in phase-II. This phase II, randomised, double-blinded and placebo-controlled clinical trial in the stable adults over 18 years of age, including those that follow all eligibility requirements. This trial is intended to test the immunogenicity and safety of Ad5-nCoV encoding the full-length spike (S) protein of SARS-Co V-2. 500 subjects will be vaccinated, 250 subjects will be in the mild-dose, 125 subjects in low-dose and placebo group. Immunogenicity will be tested on days of 0, 14, 28, and 6 months after the vaccination.
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COVID-19 Clinical Trails Market Segment Analysis – By Geography
Based on Geography the global the COVID-19 Clinical Trials Market is segmented into North America, Europe, Asia-Pacific and Rest of the World. Europe dominated the market share with 42% in 2020 owing to the increased number of clinical trials that are initiated within the region. Also due to the launch of multiple clinical trial platforms by the U.K. government like as R&D platforms to speed up the vaccine production that is supporting the market growth. North America accounts for the second largest market share. Many U.S.-based contract research organizations (CRO) are helping in fast execution of COVID-19 clinical trials.
COVID-19 Clinical Trails Market Drivers
Rapid spread of the infection:
COVID-19 is a contagious disease spread that can spread from person to person by small droplets from nose or mouth when a person with COVID-19 coughs or exhales. These droplets land on any objects or surfaces around the person and the other people can be infected by touching such surfaces, then touching eyes, nose or mouth. And that is why it is rapidly spreading and the number of COVID-19 infections are increasing daily which is in turn putting pressure on the healthcare organizations to develop the Vaccine/therapeutics.
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COVID-19 Clinical Trails Market Challenges
The challenges faced by the COVID-19 Clinical Trials can be said as the side effects that are caused during the trials. Each and every clinical have its own benefits as well as risks, depending upon on the type of trail and what it is trying to achieve. However, there are certain possible benefits and risks that are common in most of the clinical trials. Risks can be like the treatment may not be working for that particular individual, side effects with the treatment which is more likely in the phase-I and phase-II of clinical trials. And in the case of randomized double-blinded trial, neither the person taking treatment nor his doctor will know which treatment is he getting (But the information can be available if needed).
COVID-19 Clinical Trails Industry Outlook:
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the COVID-19 Clinical Trials Market. In 2020, COVID-19 Clinical Trials Market share is fragmented by the top ten players present in the market. COVID-19 Clinical Trials Market top 10 companies are AsterZeneca plc, Celgene Corp, Applied Therapeutics Inc, Novartis AG, Viriom, Pfizer, Johnson & Johnson, Gilead Sciences, GlaxosmithKline, Moderna Inc.
In April 2020, IQVIA collaborated with ACCORD-2 which can accelerate the R&D for treatments for coronavirus.
Abbive partnered with global authorities to determine the efficiency of HIV drugs in treating COVID-19. It promotes the basic research and clinical studies, working with European health authorities and United States.
Geographically, Europe COVID-19 Clinical Trails Market accounted for the 42% revenue share in 2020 and it is predicted to dominate during the forecast period 2021-2026 owing to the high demand for the vaccines in this region.
Increased demand for R&D made by the key players in a different region of the world are driving the market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the COVID-19 Clinical Trials market.
Related Reports :
A. Clinical Trial Management System Market
B. COVID-19 Vaccines Market
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