Market Overview:
The global market for Clinical Trials is anticipated to expand at an impressive CAGR of 5.7% during the forecast period from 2017 to 2023. This growth is attributable to the increasing investment in the healthcare industry, especially on the research and development of newer drugs and treatment in order to cater to the rising need for newer technologies globally. The clinical trials are the research study, which conducts the safety and efficacy test of the new drug. These trails are conducted for testing the wide-ranging drugs and medical devices.
The market growth is primarily relied on the key factors, including the increasing prevalence of chronic and long-term diseases coupled with increasing investment in the R&D sector globally. In addition to this, industrialization has led to increased disposable income, globalization, and increased awareness about the health and availability of several key and important drugs. These factors are driving growth of the global clinical trials market. However, lack of a skilled and trained workforce is restraining growth of the global clinical trials market. Also, high cost, stringent regulations, and unfavorable government policies are hampering growth of the global clinical trials market.
Nonetheless, factors such as the introduction of newer treatments, including innovation in technologies, personalized medicine, and rising demand for contract research organization (CROs) to conduct clinical trials, are likely to offer several opportunities for growth in the coming years. Further, the companies are increasingly adopting and accepting CROs for expansion of portfolio and drive innovations.
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Competitive Analysis:
• Charles River Laboratories
• Quintiles IMS
• Paraxel International Corporation
• ICON plc
• Eli Lilly and Company
• SGS SA
• Novo Nordisk A/S
• Laboratory Corporation of America
• Clinipace
• Pfizer
Segmentation:
• The clinical trials market is segmented on phase, study design, indication, and end users.
• By phase, the market is segmented into phase I, phase II, phase III, and phase IV.
• By study design, the market is segmented into observational, interventional, and expanded access.
• On the basis of indication, the market is segmented into pain management, autoimmune/inflammation, oncology, diabetes, central nervous system (CNS) condition, cardiovascular, obesity, and others.
• Based on the end-user, the market is segmented into dental institutes and dental academic, dental hospitals & clinics, and research institutes.
Regional Analysis:
Regionally, the clinical trials market is segmented into the Americas, Asia Pacific, Europe, and Middle East & Africa. Of these, the Americas region is estimated to remain dominant in the global clinical trials market owing to the strong presence of several key players in the region. Furthermore, the strong presence of biotech companies, along with R&D units in the region are benefiting the market. Rising healthcare spending coupled with the presence of developed countries including the U.S. and Canada is fueling growth of the market.
Additionally, Europe is estimated to be on second-leading revenue share in the overall clinical trial market due to a surge in government support in terms of several policies; rising clinical trials across the private and government sector are enhancing the scope of the clinical trials market in the region. However, Asia Pacific is estimated to expand at the fastest CAGR during the forecast period owing to the presence of developing economies coupled with improving infrastructure in the region is also fueling growth of the global clinical trials market.
Industry News:
In 2019, Canada changed its regulations about making the clinical trial data and information public. This is estimated to increase transparency in their systems. Additionally, it will help to boost the awareness and knowledge about the clinical trials and the FDA’s working process.