Global Clinical Trials Market Overview:
Clinical Trials are a type of research that studies new tests and treatments and evaluates their effects on human health outcomes. These trials are done to examine the effect of drugs or medicinal devices with the aim of evaluating medical, surgical, or behavioral interventions. It studies how safe and helpful new healthcare developments can be for humans. As per the sources, due to the outbreak of COVID-19, there are over 20 vaccines in the phase II and phase III stage of clinical trials. This global pandemic is supplementing the market growth as many researchers are trying to develop new vaccines to cure COVID-19. As of 2020, the clinical trials for drug/biologics were the most registered studies. Over half of the global clinical trials market is currently consumed by the pharmaceutical industry. The growing demand for cost-effective medications is expected to boost the clinical trials market growth throughout the forecast period.
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Artificial Intelligence (AI) and Big Data analytics are being used to enhance trial design, patient recruitment, data analysis, and predictive modeling
Market Growth Drivers:
Growing Occurrence and Demand For Cost-effective Medication and Increasing Investment In Research & Development By Healthcare Industries Drive the Market
Shift To Outsourcing And Contract Research Organizations (CROs) and Increasing Use Of Technology in Clinical Trials Processes
Long Waiting Time for Clinical Trails and Stringent Regulations for Patient Enrollment
Adoption of New Technologies In Clinical Research Methodologies by End Users, High Disease Prevalence In Developing Counties and Rising Government Support In the Clinical Trials Process
Some of the key players profiled in the report are Charles River Laboratories (United States), Quintiles IMS (United States), Eli Lilly and Company (United States), SGS SA (Switzerland), Paraxel International Corporation (United States), Pfizer Inc. (United States), Novo Nordisk A/S (United States), Clinipace (United States), Laboratory Corporation of America (United States), ICON Plc (Ireland), IQVIA (United States), Pharmaceutical Product Development, LLC(United States), Syneos Health (United States), PRA Health Sciences (United States) and Wuxi AppTec (China). Additionally, following companies can also be profiled that are part of our coverage like Medpace Holdings, Inc. (United States), Siro Clinpharm Pvt. Ltd (India), Parexel International Corp (United States) and Chiltern International Limited (United Kingdom). Considering Market by End User Industry, the sub-segment i.e. Pharmaceuticals Companies will boost the Clinical Trials market. Considering Market by Component, the sub-segment i.e. Clinical Trials Management Software/Systems will boost the Clinical Trials market. Considering Market by Trail Phase, the sub-segment i.e. Phase 0 will boost the Clinical Trials market.
Latest Market Insights:
In October 2019, ICON plc acquired Symphony Clinical Research, a leading provider of at-home patient and site support services. This acquisition enables the ICON to have Symphony’s integrated clinical trial expertise and its strong therapeutic expertise to enhance the ICON’s hybrid trial solutions.
In December 2020, Dr. Reddy's Laboratories Ltd signed a partnership with the Biotechnology Industry Research Assistance Council (BIRAC) for advisory support on clinical trials of the Sputnik V vaccine in India.
The FDA regulates clinical trials in the United States. It reviews trial protocols, monitors participant safety, and assesses the efficacy and safety of drugs, biologics, and medical devices.
What Can be Explored with the Clinical Trials Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Clinical Trials Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Clinical Trials
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Clinical Trials market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Clinical Trials market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes New Entrants/Investors, Analysts and Strategic Business Planners, Clinical Trials Service Providers, Contract Research Organizations, Venture Capitalists and Private Equity Firms, Government Regulatory and End-User Industry.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.