|Clinical Trials Market Size Surpass Around US$ 82.5 Bn by 2030|
|By GLOBE NEWSWIRE|
|Wednesday, 13 January 2021 04:13|
OTTAWA, Jan. 13, 2021 (GLOBE NEWSWIRE)
OTTAWA, Jan. 13, 2021 (GLOBE NEWSWIRE) -- According to Precedence Research, the global clinical trials market size accounted at US$ 48.4 billion in 2020.
Clinical Trials are a type of clinical research that are performed in people and are intended at assessing a behavioral, surgical, or medical intervention. Clinical Trials act as the prime way employed by the scientists to investigate if a new therapy, a medical device or a novel drug is secure and efficient in individuals. A clinical trial is also regularly used to study if a new therapy is more competent and presents less detrimental side effects than the conventional treatments. In order to get the approval of U.S. FDA for the initiation of clinical trials, the scientists first have to perform laboratory tests and examinations in animals in order to test a probable therapy’s efficacy and safety. If these research studies display favorable outcomes, the U.S. FDA grants approval for the therapy to be assessed in humans. After the necessary approvals, Individuals can volunteer to participate in clinical trials in order to test medicinal interventions that include drugs, devices, biological products, radiological procedures, surgical procedures, and preventive care. Clinical trials comprise of five phases.
The phase 0 trials are the initial clinical trials performed among humans. These trials aim to study how a medication is handled in the human body and in what way it influences the body. The objective of phase I trials is to identify the best dosage of a new medication with minimal side effects. Phase II clinical trials further evaluate safety along with the working of a medication. Phase III trials corelate a new medication to the standard-of-care medication. Phase IV trials examine new drugs permitted by the FDA. The medication is evaluated in several thousands of patients.
Factors such as growing prevalence of chronic disorders, increasing number of clinical trials in developing regions, growing number of biologics, increasing demand for advanced treatments such as personalized medicines, outbreak of viral diseases, increasing cases of cancer globally, growing geriatric population and growing research and development expenditure are propelling the clinical trials market expansion across the globe. Additional aspects that are anticipated to fuel this industry are increasing popularity of contract research organizations (CROs) and technological innovations. Constant collaborations and partnerships between major market players in order to launch new and innovative technologies have enhanced the demand for overall market for the clinical trials market.
Contract research organizations (CROs) are vital to the biotech, pharmaceutical, and medical devices industries as they support efforts of the client company to test, enhance, and market the modern pharmaceutical products and medical devices.
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The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 52%. U.S. represented the highest share in the North American region primarily due to presence of latest healthcare infrastructure and early adoption of new technologies in clinical research. Furthermore, high investment by major market players also contributed to the high market share of the United States.
Europe was the second important market chiefly due to presence of skilled researchers and increasing research and development activities. High incidence of chronic disorders in the European region is also expected to boost the demand for clinical trials market in the near future. Asia Pacific is anticipated to grow at the maximum CAGR of around 6.7% in the forecast period due to high incidence of viral disorders. Latin America and the African and Middle Eastern region will display noticeable growth.
Key Market Players and Strategies:
The major companies operating in the worldwide clinical trials market are Parexel, IQVIA, Charles River Laboratory, Omnicare, Kendle, Chiltern, and Pharmaceutical Product Development, LLC. among others.
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High investment in the research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global clinical trials market. Clinical trials are fundamental to the development of new treatment and vaccinations methods. The outbreak of SARS CoV-2 prompted many companies to undertake clinical trials in order to develop vaccines as well treatments against the viral disease. Ampio Pharmaceuticals, for example, undertook global clinical trials for the development of intravenous ("IV") treatment of novel corona virus disease (COVID-19).
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