Clinical trials are research studies that investigate the safety and effectiveness of medical interventions, such as drugs, devices, or procedures, in human subjects. Clinical trials are an essential part of the drug development process, and they are conducted in several phases to gather information...
Clinical trials are research studies that investigate the safety and effectiveness of medical interventions, such as drugs, devices, or procedures, in human subjects. Clinical trials are an essential part of the drug development process, and they are conducted in several phases to gather information about the intervention’s safety and efficacy.
NEWARK, Del: The global Clinical Trials Market is anticipated to augment at a flourishing CAGR of 4.41% over the forecast period from 2023 to 2033. The global market is expected to enjoy a valuation of US$ 115.4 Billion by the end of the year 2023 and reach a valuation of US$ 177.7 Billion by the year 2033. According to the historical analysis held by FMI, the global clinical trials market expanded at a CAGR of 4.10% from 2017 to 2022. As per the recent FMI study, the industry sponsors are predicted to lead the market with an exponential share of about 54.7% in the year 2023, within the global market.
Various state governments and private players are closely examining the economic benefits of novel treatments as healthcare expenditures. Since there is a surge in the proportion of GDP in every country, the growth of clinical trials is also anticipated to bolster globally. Furthermore, regulations are increasingly expecting clinical studies to show not only safety and efficacy but also a significant influence on patients’ lives. This is especially true for expensive, specialized therapies for smaller patient populations. In addition to that, the higher complexity of clinical study development and design is rising as a result of the regulators’ and payers’ increased expectations for the quality and amount of evidence produced during clinical trials.
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It has been estimated that about 30% of all studies were based on clinical trials for various cancer additions. It also happens to be the therapeutic area with the most drug launches. Few of the top industry clinical trial sponsors dedicated a sizeable amount of their research and development budget to the cancer medicine portfolio. In addition to that, several new businesses presently employ predictive analytics tools including artificial intelligence and machine learning, to build models and inform choices.
Key Takeaways
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Competitive Landscape
Key players in the global clinical trials market are increasing activities related to contract research and contract manufacturing of novel biopharmaceuticals, as well as the growing expansion of key players into emerging economies of India and China are the key drivers within the overall market.
Rapid enhancements in the fields of depersonalized and genomic medicine are anticipated to drive market growth. Additionally, the propensity to adopt software including Laboratory Information Management for laboratory sample tests has also been accelerating market expansion.
More Insights into the Clinical Trials Market
The North American market is anticipated to dominate the global clinical trials market. The U.S. is estimated to share about 47.8% of revenue in 2023 and is expected to continue to experience the same growth throughout the forecast period.
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Key Players:
Key Market Segments Covered in Clinical Trials Industry Research
Sponsor:
Area:
Phase:
Region:
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Table of Content
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3.1. Key Trends Impacting the Market
3.2. Market Innovation / Development Trends
4.1. Disease Epidemiology, by Region
4.2. Service Adoption Analysis
4.3. Regulatory Landscape
4.4. Reimbursement Scenario
4.5. Rise in Demand for Personalized Biologics
4.6. PESTEL Analysis
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CAGR stands for Compound Annual Growth Rate, which is the rate at which an investment grows annually over a specified period of time, assuming the profits are reinvested.
Drug development is the process of bringing a new pharmaceutical drug to the market, involving stages like discovery, preclinical research, clinical trials, and regulatory approval.
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