Market Overview:
Clinical Trials Market size was valued at USD 47.07 billion in 2019 and is poised to grow from USD 49.8 billion in 2023 to USD 82.72 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031). The Clinical trials Market is poised for considerable growth, propelled by several key drivers, such as rising cases of neurological disorders, continuous technological innovation, and an increasing need for minimally invasive procedures, are expected to take the Clinical trials Market to considerable heights.
Other factors contributing to this can be attributed to the large and rapidly growing patient population suffering from such targeted diseases in key markets, resulting in a significant rise in demand for Veterinary Needles. One of the major factors acting as a potential catalyst to drive the market growth over the forecast period is a high prevalence of acute ischemic stroke.
Market Insights:
Clinical trials Market Driver
- Increasing prevalence of chronic illnesses is believed Chronic conditions are now more common than ever. With the growth of the middle class and the speeding up of urbanization, people are becoming more sedentary. As a result, there are more cases of genetic abnormalities, diabetes, malaria, HIV, and other diseases like TB and obesity.
- Additional factors driving market revenue growth include an increase in the prevalence of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, financing, and grants for scientific research. The biopharmaceutical sector aids in the prevention of chronic diseases. The biopharmaceutical sector is focusing on creating individualized therapies. This will help develop individualized procedural healthcare standards and aid in the treatment of some hereditary genetic diseases.
- Pharmaceutical and biopharmaceutical businesses are choosing fully integrated or functional outsourcing services from the early development stage to the late-stage development phase for both drug discovery and development as a result of their increasing R&D spending. Due to the intense pressure on these businesses to keep fixed costs under control, outsourcing has emerged as a tactical solution to the lack of internal resources needed for new product development.
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Key Market Segments:
Phase
Phase I, Phase II, Phase III, Phase IV
Disease
Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular, Others
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Regional Insights:
Global clinical trials market is dominated by North America. The growth of region is attributed to rising pharmaceutical industry’s focus on developing new drugs to treat a variety of chronic conditions is predicted to increase industry income. The demand for medications, medical equipment, and therapeutic interventions is also anticipated to increase due to the ageing population, which is also projected to suffer from a number of chronic diseases and age-related disorders. This will raise market statistics.
For instance, the number of people over 65 in the US was estimated at 54 million in 2019 and is projected to increase to about 98.2 million by the end of 2060, according to the US Census Bureau. Consequently, businesses are generally investing more in research and development. Furthermore, it is projected that strong government backing for clinical trials in the US market will increase demand. For instance, to hasten the discovery of medicines for diseases around the world brought on by the coronavirus, the FDA announced the Coronavirus Treatment Acceleration Program (CTAP) in March 2020. The programme uses every method at its disposal to quickly provide innovative treatments to patients while determining whether they are beneficial or dangerous.
Prominent Players in Clinical trials Market:
- IQVIA
- PAREXEL International Corporation
- PRA Health Sciences, Inc.
- Syneos Health, Inc.
- Charles River Laboratories International, Inc.
- ICON plc
- Wuxi AppTec Inc.
- Medpace Holdings, Inc.
- Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)
- Novotech Pty Ltd.
- Medidata Solutions (a subsidiary of Dassault Systèmes)
- Premier Research Group plc
- LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)
- SGS S.A.
- PPD, Inc.
- PSI CRO AG
- Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)
- Worldwide Clinical Trials, Inc.
- Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)
- Chiltern International Ltd. (a subsidiary of LabCorp)
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Additional Insights:
Market Penetration: Analysis of the product portfolio of different market players and the status of new product launches.
Product Development/Innovation: Assessment of R&D activities, new product development, and emerging trends.
Market Development: Analysis of regions with high growth potential.
Market Diversification: Assessment of new products, recent developments, and emerging regional markets.
Competitive Landscape: Growth strategies, revenue analysis, and product innovations by market players.
Key Questions Answered in Clinical trials Market Report:
What is the global market size of the Clinical trials Market?
Who are the key vendors in the Clinical trials Market?
What is the key driver of the Clinical trials Market?
What is the key market trend for the Clinical trials Market?
Which region accounted for the largest share in the Clinical trials Market?
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