Clinical Trials Market 2022 | Size, Value Share, Latest Trend, Key Player Review, Business Prospect and Forecast to 2030
Clinical
Trials Market is expected to reach USD 47,500 Million by
2030 at 5.70% CAGR during the forecast period 2022-2030.
Growth is projected to
be propelled by an increasing incidence of diabetes, rheumatoid arthritis,
multiple sclerosis and many other chronic diseases. In some regions, due to the
increasing prevalence of infectious and tropical diseases, a large number of
patients are participating in clinical trials to access free, high-quality
healthcare.
Globalization and the
rise in the development of new products in the healthcare sector have increased
the market for clinical trials. The development of new treatment techniques
such as personalised medicine, increasing technology evolution, and increasing
demand for contract research organisations (CROs) to conduct clinical trials
are the other key factors driving market growth.
Many pharmaceutical
companies work with various CROs to improve their portfolio of products and
drive innovation. In order to maintain the transparency of its clinical trials,
Novartis AG, a leading healthcare company, publishes summarised details of all
clinical trials conducted by the company. However, the high cost, stringent
government regulations affects the market growth.
Key Players
Some Of Clinical
Trials Market Players are Charles
River Laboratories,Paraxel International Corporation, Quintiles IMS, ICON plc,
SGS SA, Eli Lilly and Company, Novo Nordisk A/S, Clinipace, Laboratory
Corporation of America, Pfizer and Others
Segment Analysis
On the basis of
process, research design, indication and end users, the global clinical trials
market is segmented.
The market is divided
into phase I, phase II, phase III and phase IV depending on the phase.
The global
clinical trials market is segmented into interventional, retrospective and
extended access on the basis of research nature.
On the basis of
the diagnosis, autoimmune/inflammation, pain control, oncology, central nervous
system (CNS) disorder, diabetes, obesity, cardiovascular and others was segmented into the worldwide clinical
trials industry.
The industry is
segmented into dental hospitals & clinics, dental institutes and dental
academic and research institutes on the basis of the end-user.
Regional Analysis
Owing to the existence of a large number of pharmaceutical firms, a vast
patient pool and increasing creativity to produce new drugs, the Americas
dominate the worldwide clinical trials industry. Rising cases of patients with
cancer, diabetes and other life-threatening diseases are now encouraging the
advancement of therapeutic alternatives through clinical trial approaches. The
clinical trials industry with the highest sales share in 2019 was led by North
America. Growing demand for emerging technology and improved health facilities are
adding to the region's supremacy.
The second biggest industry is the worldwide market for clinical trials
in Europe. Factors such as rising pharmaceutical sector R&D spending and
the growing incidence of diseases and new cases of diseases can be expected to
raise the demand for clinical trials further. In Europe, new rules in the area
of clinical trials have been adopted in order to give the European Commission
clear incentive for biomedical research and economic development. Business
development will be boosted by the adoption of new favourable legislation for
clinical trials and increased demand for new drugs across Europe.
Due to the growing number of diabetic patients in this region, Asia
Pacific is projected to see the fastest growth during the forecast period. The
emerging economy and low costs for running clinical trial facilities in China
and Australia supply the demand growth in this area.
On the other hand, the Middle East & Africa market has the lowest
share of the global market for clinical trials. This can be attributed to the
presence of poor economies, fewer technical facilities, a lack of scientific
knowledge and a smaller number of centres for clinical trials, particularly in
the African region, reducing the growth of the market. Due to the existence of
a well-developed healthcare system and massive healthcare spending by economies
such as Saudi Arabia, Kuwait, and Qatar within the region, it is projected that
the bulk of the demand in the Middle East & Africa region is owned by the Middle
East.
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