The research report “Global Clinical Trials Market By Clinical Trial Phase (Phase 0, Phase 1, Phase 2, Phase 3, Phase 4), by Disease Type (Infectious diseases, Cancer, Diabetes, Autoimmune disorders, Inflammatory diseases, Cardiovascular diseases, Haematological disorders, Neurological disorders, Dermatology, Others), by Design (Observational trials, Interventional trials, Expanded access trials), by End user (Clinical research organizations, Pharmaceutical and biotechnology companies, Research institutes, Others), and Geography – Global/Region/Country Forecast to 2027″, The Global Clinical Trials Market size was valued US$ 45.7 Bn in the year 2020 and is anticipated to grow US$ 69.93 Bn by 2027 at CAGR of 6.2% over the forecast years 2021-2027.
Glance our 200 slides market research and competitive intelligence research report, 25 Tables and 65 Figures and other qualitative sections with an in-depth TOC on ” Global Clinical Trials Market By Clinical Trial Phase (Phase 0, Phase 1, Phase 2, Phase 3, Phase 4), by Disease Type (Infectious diseases, Cancer, Diabetes, Autoimmune disorders, Inflammatory diseases, Cardiovascular diseases, Haematological disorders, Neurological disorders, Dermatology, Others), by Design (Observational trials, Interventional trials, Expanded access trials), by End user (Clinical research organizations, Pharmaceutical and biotechnology companies, Research institutes, Others), and Geography – Global/Region/Country Forecast to 2027″,
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Increase in Healthcare Expenses will Foster the Clinical Trials Market Growth
Clinical trials are the result of research studies mainly performed on human being to assess the safety and efficiency of new biomedical interventions such as drugs, treatments, new devices and vaccines. These trials are performed under different phases like Phase 0 to Phase 3. Phase 4 is carried out for a post-marketing study about the products. If any product gets failed at any phase of the clinical trial it will be recalled.
There are several prominent factors that affect the growth of the clinical trials market such as increase in R&D activities, huge investment made for the new product development and growing prevalence of chronic illnesses like HIV and cancer. Increasing cases of new viral illnesses like Zika and Ebola are projected to impel the clinical trials market. There are some other factors, which can fuel the market over the estimated period such as increasing preference for innovative solutions to treat illnesses, strict regulatory policies to approve the products and the partnership between clinical research industries and drug leaders. On the other hand, undeveloped healthcare infrastructure, shortage of trial subjects, lack of capable experts and intricacies in data storage can hinder the market growth.
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Impact of COVID-19 Clinical Trials Market:
In addition, the report discusses the implications of COVID-19, including the industry’s initial response and strategies for ensuring business continuity in the coming years.
North America accounted for larger market revenue share in Clinical Trials Market
The clinical trials market is classified into Asia Pacific, North America, Europe, Africa, Middle East and Europe. Among all the regions, market in North America is surging due to the presence of a huge count of biopharmaceutical industries, growing R&D activities for chronic disorders, increase in healthcare expenses and innovation of novel molecules. The clinical trials market is growing in Europe due to the growing R&D activities in Spain, Germany and U.K due to the presence of huge number of R&D firms, huge increase in the regulatory needs for the product approvals and change in lifestyle. Clinical trial market in Asia Pacific is experiencing considerable growth due to the growing population with diseases, increase in the clinical trials in major economies of this region such as Japan, China, India and South Korea and huge expenditure on clinical trials.
A few major key players of the clinical trials market include Charles River Laboratories International, Inc. (U.S.), Kendle International Inc. (U.S.), Parexel International Corporation (U.S.), Chiltern International Ltd. (U.K.), Omnicare Healthcare Co. (U.S.), Audax Group (U.S.) and Laboratory Corporation of America Holdings (U.S.).
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