Emergence of Theranostics to Bode Favorably for Global Clinical Trials Market: MRFR

Clinical Trials Market Overview

Clinical trial is a research study which involve people (healthy volunteers or patients) to test the safety and efficacy of a new treatment or medicine. In healthcare industry clinical trials are performed for medicine, medical devices which includes hearing aid and surgical procedure.

The key factors driving the clinical trial industry includes rising prevalence of diseases, high R&D expenditure of the pharmaceutical industry, and growth of new treatments such as personalized medicine is supporting to grow the market. However, factors such as lack of skilled workforce clinical research, lower healthcare reimbursement in the developing countries and stringent regulations for patient enrollment, hinder the market growth.

The market for global clinical trial market is estimated to grow at an approximate CAGR of 5.7% from 2017 to 2023.

But strict regulations and high costs of clinical trials can impede the market.

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Clinical Trials Market Segmentation

The global clinical trials market is segmented on the basis of phase, study design, indication and end users. On the basis of the phase, it is categorized into phase I, phase II, phase III, and phase IV.

On the basis of study design, the global clinical trials market is divided into interventional, observational and expanded access.

On the basis of indication, the global clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, central nervous system (CNS) condition, diabetes, obesity, cardiovascular and others.

On the basis of the end-user, the market is segmented into dental hospitals & clinics, dental institutes and dental academic and research institutes.

Clinical Trials Market Regional Analysis

The Americas, the Middle East & Africa, Europe, and Asia Pacific (APAC) are regions considered in the global clinical trials market report.

The Americas are touted to dominate the global market due to a huge patient pool, large number of pharma companies, and ample funding to fuel research and development. In addition, the rising number of cases of patients with cancer, diabetes, and chronic diseases can boost the clinical trials market demand. According to the National Cancer Institute, nearly 64,000 cases of kidney cancer are expected to be registered in the U.S.

Europe is expected to be the second biggest region for the global clinical trials market due to increasing prevalence of new diseases and high R&D budget allocated for research purposes. Introduction of new regulations for clinical trials can boost innovation and development of new drugs.

The APAC region can grow at a rapid pace due to ongoing government support for R&D hubs, rising emphasis for development of drugs for rare diseases, and a large patient pool. Low operational costs and lax tax policies are expected to lead to inflow of investment by global groups in the region.

On the other hand, the MEA region possesses latent potential owing to large healthcare expenditure of economies of Kuwait, Qatar, and Saudi Arabia.

Clinical Trials Market Key Players

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 are some of the major players for global clinical trials market.

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Clinical Trials Market Industry News

Research funding is imperative to the functioning of clinical trials. In 2019, the U.S. Food and Drug Administration (FDA) has awarded 12 clinical trials more than USD 15 million in funds to further the research and testing of drugs for rare diseases.

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