Clinical Trials are research studies that are performed on humans to gain specific information regarding biomedical interventions including novel vaccines, devices, treatments and drugs and thus generating safety data. This includes mainly four phases namely, Phase I, II, III and IV. It is compulsory for further approval of the drug and to bring it into the market. Clinical trials are also used for comparing the results of a new treatment over the existing treatment methods. The clinical trials are regulated by the government bodies (like FDA mandating the formation of An Institutional Review Board (IRB) for each and every trial) to ensure Ethical standards of the study and result that marks Wellbeing and protection of the rights of participant’s Minimal risks when compared to the benefits of the study.
Clinical Trials Market is known to register a Double Digit CAGR during the forecast period 2019 to 2026. Developing economies such as India clinical trials market is expected to prove attractive markets are owing to the increasing availability of expert practitioners, growing government support with regards to the development of the outsourcing hubs. Biopharmaceutical companies are going to drive the Revenue Growth of Clinical Trials Market. Digitization in biomedical research is now paving the way for the growth of the global clinical trials market.
It has been found that there is a larger number of unmet clinical needs in emerging countries, because of the prevalence of infectious and tropical diseases in the region. India and China have the highest prevalence rates for metabolic disorders, because of the increasing population, combined with the prevalence of hyperlipidemia, insulin resistance, and obesity. Additionally, government initiatives have also motivated the small, medium, and large players in order to enter into orphan drug development. Therefore, there are multiple drugs in the pipeline. Due to this, Novartis, GlaxoSmithKline, and Pfizer (among others) have entered this field. It has been found that the clinical trials market taken bigger strides in the developing countries of Asia-Pacific and the Middle East and there found very less development in the market.
Demand for clinical trials in emerging markets, higher R&D spending of the pharmaceutical industry, increase in the prevalence of diseases, and concentrating on rare diseases and multiple orphan drugs in the pipeline are the important factors that are going to fuel the growth of the clinical trials market. Key drivers influencing the market growth include globalization of clinical trials, augmenting evolution in technology, development of new treatments such as personalized medicine, and rising demand for CROs to conduct clinical trials. The market growth will be hampered due to factors including budget constraints of small- and medium-sized pharmaceutical and biotechnology companies and small CROs, and lack of skilled professionals to operate advanced CTMS solutions.
Key Developments in the Market
Clinical Trials Market is segmented on the basis of Phase, design, and indication.
Phase: Phase I, Phase II, Phase III. Phase III segment holds the largest market share in 2018 and is expected to expand at a lucrative CAGR during the forecast period.
Design: Interventional trials, Observational trials, and Expanded Access trials.
Indication: Autoimmune, Cancer, Circulatory, CNS, Blood disorders, Congenital, CVS, Ear, Gastrointestinal, Dermatology, Genitourinary, Infections, Mental disorders, Musculoskeletal, Metabolic, Nose, Ophthalmology. Cancer and CNS accounted for the largest market share contributors to the market. Segments including Gastrointestinal, Circulatory, Mental Disorders, and Dermatology are moving with higher CAGR due to their rising occurrence.
Geographically: North America, Latin America, Asia Pacific, Europe, and Middle East and Africa. North America holds the biggest market in terms of market share across the globe that is followed by Europe. The Clinical Trials market in the Asia-Pacific region is estimated to grow at the highest CAGR that is greatly due to initiatives from the government and contributions from academic laboratories, which helped augment growth.
Key players including Quintiles IMS, Paraxel International Corporation, Charles River Laboratories, ICON plc, SGS SA, Chiltern, Omnicare, PPD, Kendle, among the others lead the global clinical trials market.
The report includes in-depth company profiles of key players in Clinical Trails Market. The company profile includes key information on overview, financial highlights, product portfolio, business strategies, and key recent developments.
The report highlights information on emerging companies with potentially disruptive technologies and new market entrants.
Data Collation (Primary & Secondary)
In-house Estimation (Based on proprietary databases and Models)
Market-related information is assembled from both primary and secondary sources.
Primary sources involved participants from all global stakeholders such as experts from several related industries and suppliers that have been interviewed to obtain and verify critical information as well as to assess prospects of the market. The participants included are CXOs, VPs, and managers. Plus, our in-house industry experts having decades of industry experience contribute their consulting and advisory services.
Secondary sources include public sources such as regulatory frameworks, government IT spending, government demographic indicators, industry association statistics, and company publications annual reports press releases along with paid sources such as Factiva, OneSource, Bloomberg among others.
Top-down and bottom-up approaches: The overall market size was used in the top-down approach to estimate the sizes of other individual submarkets (mentioned in the market segmentation by product, type of manufacturing, and disease) through percentage splits from secondary and primary research. The bottom-up approach was also implemented (wherever applicable) for data extracted from secondary research to validate the market segment revenues obtained.