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Global Clinical Trials Market Overview
Clinical Trials Market Size was valued at USD 47.80 Billion in 2023. The Global Clinical Trials industry is projected to grow from USD 50.53 Billion in 2024 to USD 79.55 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.83% during the forecast period (2024 - 2032).The market is growing mainly due to globalization and the surge in the development of new products. The treatment modalities like personalized medicines, innovative technologies, and the increasing need for a contract research organization to conduct clinical trials will expand the market.
Clinical Trials Market Trends
The growing number of chronic diseases, growing demand for biologists, the demand for personalized medicines increasing investment in research and development in the pharmaceutical sector will contribute to the uprise of the market. Due to the pandemic, the spike in the number of trials globally has contributed to enhancing the market size. Research studies are basically when it is studied and performed over people to evaluate a medical, behavioral, or surgical intervention called clinical trials. It is carried to detect a disease in its beginning stage and treat it before it begins to affect the body more severely. Several people are dying due to the error in detecting the disease, so this technology helps recognize the condition. North America is expected to hold the largest market size as the place adopts new technologies.
Clinical Trials Market Segment Insights
The clinical trials industry is segmented on the basis of phase, study design, indication and end users.
Clinical Trials Phase Insights
On the basis of the phase, the market is categorized into phase I, phase II, phase III, and phase IV. On the basis of study design, the market is segmented into interventional, observational and expanded access.
Clinical Trials Indication Insights
On the basis of indication, the market of clinical trials is segmented into autoimmune/inflammation, pain management, oncology, central nervous system (CNS) condition, diabetes, obesity, cardiovascular and others.
Clinical Trials End User Insights
On the basis of the end-user, the clinical trials market is segmented into dental hospitals & clinics, dental institutes and dental academic and research institutes.
Clinical Trials Market Regional Insights
The Americas dominate the market of clinical trials owing to presence of large number of pharmaceutical companies, huge patient population and growing innovation to develop new products. Also, the increasing cases of patients suffering from cancer, diabetes and other life-threatening diseases promotes the clinical trial methods to develop treatment options. According to the American Cancer Society in 2018, 63,340 new cases of kidney cancer are estimated in the U.S which increases the demand for innovative drugs. The National Cancer Institute is involved in clinical trials on different types of cancer to develop treatment methods on it. The market of clinical trials in Europe is the second largest market. Factors such as high R&D spending of the pharmaceutical industry and increasing prevalence of disease and new disease cases is predictable to give further boost to the clinical trials market. In Europe has introduced new regulations in clinical trials in which the European Commission has wished to give a strong motivation to scientific research and industrial progress.
The introduction of new favourable regulations for clinical trials and increasing demand for new products across the Europe would boost the clinical trials market growth. Asia Pacific region is the fastest growing market owing to the increasing prevalence of diseases, growing focus on developing medication for rare diseases and growing government support with regards to development of the outsourcing hubs enhances the market. In countries like India, China and Australia the developing economy and low cost to operate clinical trial facilities supplies the market of clinical trials growth in this region. On the other hand, the Middle East & Africa has the least share in the market of clinical trials. This can be attributed to the presence of poor economies, less technical facilities, lack of scientific knowledge and a smaller number of clinical trials centers especially in the African region decreases the clinical trials market growth. It is estimated that a majority of the clinical trials market in the Middle East & Africa region is held by the Middle East due to the presence of a well-developed healthcare sector and huge healthcare expenditure the economies like Saudi Arabia, Kuwait, and Qatar within the region.
Clinical Trials Market Key Players
some of the major players for market of clinical trials are
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Paraxel International Corporation
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Quintiles IMS
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ICON plc
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SGS SA
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Eli Lilly and Company
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Clinipace
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Laboratory Corporation of America
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Pfizer
Clinical Trials Industry Developments
In February 2024SGS SA Announces collaboration with University of Basel to develop new clinical trial methodologies for personalized medicine.In May 2022
Saol Therapeutics has dosed the first subject in Phase II RAISE Spasticity trial of SL-1002 to treat adults with limb spasticity. The company anticipates topline findings from the practice next year.
High-level results from the DELIVER Phase III trial showed AstraZeneca’s Farxiga (dapagliflozin) reached a statistically significant and clinically meaningful reduction in the primary composite endpoint of cardiovascular (CV) death or worsening heart failure (HF).
Tetra Bio-Pharma Inc, a leader in cannabinoid-derived drug discovery and development, has announced that it has entered into a research and development agreement with Cannvalate Pty Ltd for the initiation of the REBORN®, PLENITUDE®, and CAUMZ® and clinical trials in Australia.
Intended Audience
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Pharmaceutical Companies
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Biotechnological Institutes
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Research and Development (R&D) Companies
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Medical Research Laboratories
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Market Research And Consulting Service Providers
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