Clinical Trials Market accounted for US$ 42.4 billion in 2020 and is estimated to be US$ 74.2 billion by 2030 and is anticipated to register a CAGR of 5.5% Clinical trials are tests that are carried out under the auspices of clinical research and adhere to a strict methodology. Clinical trials are used to assess the efficacy and safety of pharmaceuticals or medical devices by observing how they affect large groups of people. Government health institutions, such as the National Institutes of Health (NIH), researchers linked with a hospital or university medical school, independent researchers, or private enterprise undertake clinical research trials. These tests are generally used to gather information about the safety and efficacy of newly produced pharmaceuticals. The results of the clinical trials are required for drug approval and market introduction. Clinical trials are divided into three phases (I, II, and III), depending on a variety of circumstances.
The report “Global Clinical Trials Market, By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Trials, Observational Trials, and Expanded Access Trials), By Indication (Autoimmune, Blood Disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental Disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology and Others), and, By Region (North America, Asia Pacific, Europe, Latin America and Middle East & Africa)-Trends, Analysis and Forecast till 2030’’
Key Highlights:
· In August 2020, NIH launches clinical trial to test antibody treatment in hospitalized COVID-19 patients.
· In November 2021, EPAM Systems has announced the launch of its new Digital Clinical Trials (DCT) platform, which is powered by Microsoft cloud services and focuses on patients. The DCT platform may enable sophisticated hybrid or decentralised clinical trials through a virtual, outcome-driven experience, connecting clinical research organisations, patients, and healthcare professionals.
Analyst View:
As a result of globalization, emerging countries are investing more in new product development, resulting in a rise in the clinical trials industry. The increasing occurrence of unusual and novel disease cases is one factor driving the clinical target market forward. The rising number of patients with a certain ailment encourages biopharmaceutical companies to invest more in clinical trials, resulting in the clinical trials market’s expansion. Furthermore, the introduction of innovative pharmaceuticals such as personalised medicine and the increased demand for CROs to conduct clinical trials are likely to propel the clinical trials market globally. In addition, the target market’s expansion is hampered by a scarcity of qualified clinical research personnel.
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Key Market Insights from the report:
Global Clinical Trials Market accounted for US$ 42.4 billion in 2020 and is estimated to be US$ 74.2 billion by 2030 and is anticipated to register a CAGR of 5.5% .Global Clinical Trials market is segmented into phase, study design, indication and region.
· Based on Phase, the Global Clinical Trials Market is segmented into Phase I, Phase II, Phase III, Phase IV.
· Based on Study Design, the Global Clinical Trials Market is segmented into Interventional Trials, Observational Trials, and Expanded Access Trials.
· Based on Indication, the Global Clinical Trials Market is segmented into Autoimmune, Blood Disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental Disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology and Others.
· By Region, the Global Clinical Trials Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Clinical Trials Market:
The key players in the global Clinical Trials market includes Eli Lilly and Company, Novo Nordisk A/S, Ranbaxy Laboratories Ltd, Sanofi Aventis A.S., Roche Group, Biocair International Ltd, Catalent Pharma Solutions, PAREXEL International Corporation, Thermo Fischer Scientific, Inc.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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