The global Clinical Trial Industry is likely to grow at a 5.7% CAGR between 2017- 2023, according to the new report by Market Research Future (MRFR). The clinical trial, simply put, is a research study that includes people (patients or healthy volunteers) to test the efficacy & safety of a new medicine or treatment. In the healthcare industry, clinical trial is conducted for medical devices and medicine that includes surgical procedure and hearing aid.
Various factors are adding to the clinical trials market growth. According to the new MRFR report, such factors include the growth of new treatments like personalized medicine, high research and development spending of the pharmaceutical industry, and rising cases of diseases.
On the contrary, lower healthcare reimbursement, especially in developing countries, strict regulations for patient enrolment, and lack of skilled workforce clinical research may limit the clinical trials market growth over the forecast period.
The MRFR report gives an inclusive segmental analysis of the global clinical trials market report based on end users, indication, study design, and phase.
By phase, the global clinical trials market is segmented into phase IV, phase III, phase II, and phase. Of these, the phase III segment will lead the market over the forecast period.
By study design, the global Clinical Trials Marketing is segmented into expanded access, observational, and interventional. Of these, the interventional segment will dominate the market over the forecast period.
By indication, the clinical trials market has been segmented into cardiovascular, obesity, diabetes, central nervous system (CNS) condition, oncology, pain management, and autoimmune/inflammation. Of these, the oncology segment will have a major share in the market over the forecast period.
By end user, the global clinical trials market is segmented into research institutes, dental academic, dental institutes, and dental hospitals & clinics.
By region, the clinical trials market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the Americas will have the lions share in the market over the forecast period. Increasing prevalence of diabetes, cancer, and other life-threatening diseases, innovations in product development, huge patient population, and the presence of multiple pharmaceutical companies are adding to the clinical trials market growth in the region.
The clinical trials market in Europe is predicted to have the second-largest share over the forecast period. Growing demand for new products across the region, new favorable regulations for clinical trials, rising cases of disease & new disease cases, and high research & development spending of the pharmaceutical industry are adding to the clinical trials market growth in the region.
The global clinical trials market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing support from the government to develop outsourcing hubs, increasing focus to develop medication for rare diseases, and rising prevalence of diseases are adding to the clinical trials market growth in the region. Besides, the developing economy in China and Australia and low operating costs are also adding market growth.
The global clinical trials market in the MEA is predicted to have the smallest share over the forecast period for the small number of clinical trials centers, in the African region, lack of scientific knowledge, less technical facilities, and poor economies. The market in the Middle East will have a higher market share for the immense healthcare expenditure coupled with the presence of a well-established healthcare sector in Qatar, Kuwait, and Saudi Arabia.
Eminent players profiled in the global clinical trials market report include Pfizer, Laboratory Corporation of America, Clinipace, Novo Nordisk A/S, Eli Lilly and Company, SGS SA, ICON plc, Quintiles IMS, Paraxel International Corporation, and Charles River Laboratories.