Clinical Trials Market Synopsis
Market Research Future (MRFR) claims that the clinical trials market 2020 can potentially achieve a CAGR of 5.7% from 2019 to 2023 (which is the evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
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Clinical Trials Market Top Drivers and Key Barriers
The clinical trials market remains lucrative owing to the fast spread of SARS-CoV-2 worldwide, resulting in an alarming number of deaths. The COVID-19 outbreak has put immense pressure on the healthcare industry, with organizations scrambling to supply vaccines and therapeutics in a timely manner. The rapid surge in the research activities has boosted COVID-19 clinical trials across regions, thereby favoring the global market. The rising globalization of various clinical trials, rising demand for CROs for clinical trials, and technological innovations can further enhance the market size. Although the lockdown has been imposed across countries, the pandemic is still far from being controlled and is spreading at an alarming pace. Therefore, the best way to successfully battle the novel coronavirus are clinical trials.
The COVID-19 impact on lives, businesses, industries and communities has been brutal and the lockdown has affected the global economy to a large extent. Since social distancing is absolutely imperative to prevent the SARS-CoV-2 transmission, it has become tough to conduct clinical trials. As a result, various regulatory institutes like China’s National Medical Products Administration, FDA/Food and Drug Administration (U.S), NIH/National Institutes of Health (NIH), EMA/European Medicines Agency have come together with many other nations to issue guidelines pertaining to clinical trials, and are also supporting the use of virtual services.
Leading firms in the market are increasingly collaborating with other players to accelerate the growth of vaccines and therapeutics. For instance, in August 2020, Abbvie collaborated with international authorities to understand how efficient HIV drugs can be in treating the novel coronavirus. The collaboration backs clinical and research studies, working with the U.S. FDA and European health authorities, the Biomedical Advanced Research and Development Authority, National Institute of Health and Centers for Disease Control and Prevention (CDC) to reach an effective breakthrough.
Clinical Trials Market Segmental Insight
The clinical trials industry can be segmented depending on phase, study design, indication and end users.
The phase-based segments considered in the study include phase I, phase II, phase III as well as phase IV.
In terms of study design, the market caters to observational, expanded access and interventional.
With respect to indication, the primary segments are diabetes, cardiovascular, central nervous system (CNS) condition, oncology, obesity, autoimmune/inflammation, pain management, and more.
Dental academic, dental institutes, research institutes and dental hospitals & clinics are the key end-users in the worldwide market.
Clinical Trials Market Regional Overview
Europe, APAC or Asia Pacific, MEA/Middle East & Africa and the Americas are the primary markets for clinical trials across the world.
The Americas is currently in the lead and can reach greater heights in the coming years, thanks to the vast number of eminent pharmaceutical firms, massive patient pool and the rising number of new product innovations. A number of CROs in the United States are coming together to accelerate the COVID-19 clinical trials and are offering platforms to conduct more researches. To cite an instance, in April 2020, IQVIA along with ACCORD-2, worked on developing numerous novel treatments for COVID-19.
The European market for clinical trials stands at the second position, backed by the considerable spending on research and development/R&D in the pharmaceutical sector and the growing cases of diseases. Europe has been known to come up with strict regulations for clinical trials, with the aim to strongly motivate scientific researches. This can be significantly favorable for the regional market over the next few years.
The APAC market is racing ahead at the fastest speed, as the cases of new diseases are increasing, and the focus on creating new drugs for rare conditions has become the major focus in the healthcare industry. The strong support from the government and the consequent rise in outsourcing hubs has fostered the growth of the clinical trial market in APAC. India, Australia and China are the biggest growth contributors and offer the low cost option to conduct clinical trials. Following the COVID-19 outbreak in 2020 and the increasing cases, the demand for clinical trials has shot up substantially in the region. World health organization/WHO claims that India is one of the leading nations in terms of SARS-CoV-2 cases, making the clinical trials market even more important in the region.
With the lowest share, the growth of the MEA market is deterred by the poor economy, scarcity of technically advanced facilities, low healthcare knowledge and the lack of clinical trial centers in Africa. The market growth in MEA is relatively better than in Africa, on account of the improving healthcare industry and the increasing spending on healthcare in Kuwait, Qatar and Saudi Arabia.
Clinical Trials Market Top Competitors
Some of the top competitors analyzed in the extensive market study include Novo Nordisk A/S, Laboratory Corporation of America, ICON PLC, SGS SA, Charles River Laboratories, Clinipace, Quintiles IMS, Pfizer, Paraxel International Corporation, Eli Lilly and Company, and more.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.1 Definition
2.2 Scope Of The Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Market Dynamics
4.1 Drivers
4.2 Restrains
4.3 Opportunities
4.4 Challenges
Chapter 5. Market Factor Analysis
….TOC Continued
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