Clinical Trials Spending Projections Market size was valued at $28.2 billion by 2020, and is anticipated to reach $32.5 billion by the end of 2026 growing at a CAGR of 9.8% during the forecast period 2021-2026. The Clinical Trials Industry growth rate is attributed to the rising number of biologics, the need for personalized medicines and orphan drugs, and the demand for advanced technologies such as Electronic Data Capture (EDC) aid market participants in managing patient data that ultimately reduce monitoring cost coupled with the rising demand for CROs to conduct clinical trials and is anticipated bringing new opportunities. Clinical trials are research experiments in which people volunteer to test medical devices or medications in order to find out how to cure those illnesses or disorders. They are carried out to identify, detect, and prevent different diseases. Clinical trials are time-consuming endeavors that necessitate the integration of various roles and processes. In every clinical trial, a pharmaceutical manufacturer’s primary aim is to maximize clinical trial supplies such that packed investigational materials are delivered to patients enrolled on time. Clinical trials are time-consuming endeavors that necessitate the integration of various roles and processes. In every clinical trial, a pharmaceutical manufacturer’s primary aim is to maximize clinical trial supplies such that packed investigational materials are delivered to patients enrolled on time. Besides, the pharma-biotech industry is being forced to migrate adhere to stringent regulations and limited R&D budgets. This situation has boosted partnerships between pharma-biotech firms and clinical research organizations, with the latter accounting for a significant portion of the trials performed.
Clinical Trials Spending Projections Market Segment Analysis – By Study Design
On the basis of study design, interventional design segment accounted for the largest segmental revenue of the clinical trials market in 2020. This is attributed to the increasing focus on the development of new procedures for different diseases leveraging the demand of the market. Furthermore, the concentration in developing new methods to treat various diseases and increasing demand of intervention by key players for researches in clinical trials thereby supporting revenue growth of this segment in the clinical trials market.
On the contrary, expanded access trials segment is anticipated to witness significant growth along the forecast period 2021-2026. It is a potential pathway for patients with serious disease conditions to carry out treatment outside the trial when no satisfactory therapies are available. As a result of increasing innovation in clinical trial methods, expanded access trials segment is poised to robustly grow in the forecast period 2021-2026. For instance, numerous oncology drugs are regularly administered to patients before their approval by the U.S. FDA and are considered as a part of expanded access trial.
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Clinical Trials Spending Projections Market Segment Analysis – By Indications/Symptoms Type
On the basis of indications/symptoms type, cancer segment accounted for the largest segmental revenue of the clinical trials market in 2020 owing to increasing number of individuals suffering from different types of cancers is poised to support revenue growth of this segment in the target market. Furthermore, as per the U.S. FDA and various other sources, more than USD 38.0 billion is currently spent by the pharmaceutical industry towards preclinical and clinical development of oncology therapy products. All these factors are anticipated to stimulate market growth during the forecast period 2021-2026.
However, the cardiovascular condition is poised to hold the highest growth rate with a CAGR of 9.89% over the forecast period 2021-2026. This is owing to the growing prevalence and increased demand for cost-effective medication across the world led to significant investment in R&D in this segment with more than 190 drugs in the pipeline. The majority of drugs in the pipeline are for heart failure, lipid disorders, vascular diseases, and stroke. Growing demand for cost-effective medicine in low and middle-income countries is expected to boost the R&D investment by the government in this segment, thereby strengthening market growth.
Clinical Trials Spending Projections Market Segment Analysis – By Geography
North America is the major region dominating the Clinical Trials Spending Projections market with a market share of 37.16% in the year 2020. This can be attributed to increasing R&D in this region and increasing adoption of new technologies in clinical research. For instance, the incorporation of virtual services in the clinical trial protocol by market players such as IQVIA, and PRA Health Sciences are driving the market’s growth over the forecast period 2021-2026. Furthermore, the favorable government initiatives regarding the clinical trials in the U.S. are anticipated to boost the market growth. For instance, in March 2020, the FDA launched the Coronavirus Treatment Acceleration Program (CTAP), to expedite the development of treatments for the global disease caused by the coronavirus.
However, Asia-Pacific is projected to be the significant-growing market during the forecast period 2021-2026 owing to increasing availability of a large patient pool facilitating easy recruitment of candidates. The global pandemic is also the main contributing factor to market growth. As per Asia Pacific’s largest expertized biotech CRO “Novotech”, the company is observing an increase in the demand from biotechnology sponsors for studies in the APAC region owing to the availability of quality and speed. An increasing number of biotechnology firms are looking at the APAC region for their COVID-19 trials to take advantage of the large patient pool and fast-track procedures.
Clinical Trials Spending Projections Market Drivers
Increasing Incidences of Various Chronic Diseases
The Clinical Trials Spending Projections market is poised to receive upswing owing to a increasing prevalence of chronic diseases such as cancer, epilepsy, and HIV; rising demand for outsourcing of drug discovery services, and increased emphasis on determining toxicity level in early stages of drug discovery. Additionally, increasing number of life sciences research in various countries and rising government funding for the development of new drugs are likely to propel the clinical trial supplies market. New entrants are focusing on new technologies and launch of new products in the market, thereby driving the market for clinical trials services.
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Clinical Trials Spending Projections Market Challenges
Shortage of Trained Professionals and Lack of Infrastructure
Despite several drivers, shortage of trained professionals and lack of infrastructure are expected to hamper the growth of the market. Moreover, long timeline for regulatory approval, lack of training, lack of economic investment, and lack of personnel participating in clinical research in Latin America and Middle East are poised to restrain the clinical trial market.
Clinical Trials Spending Projections Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Clinical Trials Spending Projections Market. In 2020, Clinical Trials Spending Projections Market share is fragmented by the top ten players present in the market. Clinical Trials Spending Projections Market top 10 companies are Alamc Group Ltd., Amatsigroup, ADAllen Pharma, Durbin plc, Biocair, Catalent Pharma Solutions, Inc., KLIFO A/S, Movianto, Rubicon Research Pvt. Ltd., PCI Services, Patheon, Inc., PAREXEL International Corporation, and others.
In February 2020, a randomized, controlled clinical trial to evaluate the safety and efficacy of the investigational antiviral remdesivir in hospitalized adults diagnosed with coronavirus disease 2019 (COVID-19) has begun at the University of Nebraska Medical Center (UNMC) in Omaha.
In January 2020, Wuxi AppTec announced offering a fully integrated adeno-associated virus Vector Suspension Platform to speed up the cell & gene therapy development, manufacturing, and launch, thus, expanding its service capabilities
North America dominated the Clinical Trials Spending Projections Market with a share of 37.16% in the year 2020.
The factors such as high demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, an increasing prevalence of diseases, and the focus on rare diseases and multiple orphan drugs in the pipeline are amongst the major factor projected to impel growth of Clinical Trials Spending Projections Market.
The growing demand of CROs for conducting clinical trials in the pharmaceutical sector owing to the diversified expertise of CROs and digitization in biomedical research are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
Related Reports :
A. Oncology Clinical Trials Market
B. COVID-19 Clinical Trials Market
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