Clinical trials are conducted on individuals who volunteered for taking the test and its results are published as research papers. They are connected in order to test new treatment or drug for various medical conditions and diseases. Clinical trials help to generate data on efficiency and safety on animals or humans.
The global clinical trials market is estimated to value at nearly US$ 44 Bn in 2019, and is expected to register a CAGR of 5.7%. The first five-year cumulative revenue (2018–2022) is projected to be more than US$ 230 Bn, which is expected to increase relatively over the latter part of the five-year forecast period.
Major factor driving growth of the global clinical trials market is increasing demand new medical devices and drugs among end users. In addition, increasing prevalence of chronic deceases such as cardiovascular diseases, musculoskeletal disorders, and cancer, among others is another key factor fueling growth of the target market.
Increasing number of patients suffering for rare diseases and serious health conditions in resulting into increasing requirement for introduction of new and effective drug or treatment methods are also factors expected to support growth of the target market over the forecast period.
Global Clinical Trials Market: Market Forecast
The comprehensive research report comprises a complete forecast of the global clinical trials market based on factors affecting the market and their impact in the foreseeable future. According to the forecast projections, revenue from the global clinical trials market is expected to register a CAGR of 5.7% during the forecast period.
Global Clinical Trials Market: Segmental Snapshot
The market report has been segmented on the basis of phases, study design, indications/symptoms, and region. The phases segment includes phase I, phase II, phase III, and phase IV. The study design segment includes interventional trials, observational trials, and expanded access trials. The indications/symptoms segment includes autoimmune, blood disorders, cancer, circulatory, CNS, congenital, CVS, dermatology, ear, gastrointestinal, genitourinary, infections, mental disorders, metabolic, musculoskeletal, nose, ophthalmology, and others. The region includes the North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
By Phases: The Phase II segment is expected to register highest CAGR of over 5.8% over the forecast period in the global market
By Study Design: The interventional trials segment is expected to register highest CAGR of over 5.5% over the next 10 years
By Indications/Symptoms: The cancer segment is expected to register highest CAGR of over 6% over the forecast period in the global market
By Region: The market in Asia Pacific is expected to register highest CAGR of over 6% in the global clinical trials market
Global Clinical Trials Market: Competitive Analysis
The research report on the global clinical trials market includes profiles of some of the major companies such as Eli Lilly and Company, Sun Pharmaceutical Industries Ltd., Novo Nordisk A/S, Pfizer Inc., ICON plc, Sanofi, Laboratory Corporation of America Holdings, F. Hoffmann-La Roche Ltd., PAREXEL International Corporation, and IQVIA Holdings Inc.
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