Clinical Trials Market Overview:
Clinical Trials are research studies performed on humans to gain specific information about biomedical interventions such as novel vaccines, devices, treatments and drugs and thereby generating safety data. They are conducted in four phases namely, Phase I, II, III and IV. It is mandatory for further approval of the drug and to bring it into the Market.
The Clinical Trials Market is mainly driven due to advancement in technology, increasing demand of innovative solutions in healthcare industry, and further boosted the alliances between the pharma-biotech companies and the clinical research organizations. But the market growth can be hampered due to factors such as lack of skilled professionals to operate advanced CTMS solutions and budget constraints of small- and medium-sized pharmaceutical and biotechnology companies and small CROs.
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Clinical Trials Market Size:
According to Market Data Forecast, The Clinical Trials Market has been estimated at USD 17.12 Billion in 2018 and is projected to reach USD 24.87 Billion by 2023 at a CAGR of 7.75% during the forecast period from 2018 to 2023.
Global Clinical Trials market is segmented based on Phase, design and indication. By Phase, the market is further sub-segmented into Phase I, Phase II, Phase III. By design, the market is further sub-segmented into Interventional trials, Observational trials, Expanded Access trials. By indication, the market is further sub-segmented into Autoimmune, Blood disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology. Cancer and CNS are the largest market share contributors to the market. Segments like Gastrointestinal, Circulatory, Dermatology and Mental Disorders are moving with high CAGR due to their increasing occurrence.
Geographically, Global market for Clinical Trials is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. Ample availability of funds to outsource Clinical Trials serves as the major growth driver for the North America. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The Clinical Trials market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to initiatives from the government and contributions from academic laboratories, which helped augment growth.
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Key Players in this Market:
- ICON Plc
- Charles River
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Key Takeaways from this Report:
- For different product types, end-use applications and industry verticals, offers calculated growth rates (CAGR %), Volume (Units), and Value ($M) in each region to estimate the market potential.
- Identify various driving factors, constraints and untold opportunities that can impact the global marketplace
- Know the position of your competitor based on the market shares, financial performance, strategical approaches, SWOT, product benchmarking and so on.
- Increase overall revenue by understanding the geographical impact on sales and distribution channels.
- Evaluate the increase in values at each step of the industry supply chain to improve process efficacy and optimize the value.
- Understand the market dynamics of leading players like deals, partnerships, new products, mergers and acquisitions in the last four years.
- Estimate the gaps in supply-demand, statics involved in import-export, and regulatory framework of the worldwide market in over 20 top nations.
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