After preclinical development, the investigational new drug passes through clinical phases I, II, III, and IV during the clinical trial. These phases explain pharmacokinetics, pharmacodynamics profile and side effect, which may be harmful or beneficial, adverse impact, and post-marketing surveillance. Furthermore, as per our analysis, the market is anticipated to be dominated by Phase III, with Phase I expected to behold the fastest growth.
Factors Driving the Clinical Trials Industry Worldwide
The significant factors propelling the market of the global clinical trials market are increasing new medical equipment demand and medicines among end-users, coupled with growing investment for research and development activities for the development of effective medications. Moreover, the increasing number of individuals suffering from chronic diseases and evolving circumstances & nature of certain types of chronic diseases are other factors anticipated to support the growth of the global clinical trials market to a significant extent. It expected that the Global Clinical Trials Market will expand, registering a CAGR of 14.13% during the forecast period, 2020-2026.
By Indication
The Oncology segment held the most considerable market presence in the clinical trials market in 2020. Clinical trials are acting as the key to making progress against cancer. Today, people live longer lives from successful cancer treatments that are the results of past clinical trials. Clinical trials have helped to find new ways to prevent and detect cancer. And have also improved the quality of life for people during and after treatment. According to the publisher, the Clinical Trials Market is valued at US$ 26.00 Billion in 2020.
By Study Designs - Global Clinical Trial Industry
The Interventional Design segment has the most prominent presence in the market. In addition, the Interventional Design in oncology is a rapidly growing sub-speciality that aims to develop new disease-modifying treatment options beyond conventional surgical and oncological therapies in several disease settings. The evidence for interventional oncology success dominated by single-arm study reporting technical success or clinical efficacy.
Clinical Trial Regions
North America is a conventional clinical trial region, and because of the legal, regulatory considerations, the clinical trial market shifted to developing nations. In the United States, the Clinical trials are funded and sponsored by the National Institute of Health (NIH), government agencies, academic groups, voluntary health organizations, and industry.
The Asia-Pacific is emerging as a natural choice and ultimate destination for the clinical trial industry. Asia-Pacific has become the most preferred destination for global clinical trials because of significant cost advantage and other resource advantages combined with the unique benefits served by Asia Pacific's 3 'P's - Population, Patients, and Physicians. Numerous pharmaceutical organizations and clinical research firms have started extracting the vast potential of Asia-Pacific and conducting clinical trials in Asia-Pacific on a big scale.
The report has also analyzed the competitive landscape of the following key players: ICON Plc, Wuxi AppTec, SGS SA, Syneos Health, and PRA Health Sciences Inc. Our research shows that there will be a notable increase in the efficiency and effectiveness of clinical trials in the coming years.
Disruptions Caused Due to the Coronavirus Crisis:
The COVID-19 pandemic has remarkably impacted the global market for clinical trials, as there has been a rising focus on developing new therapeutics or vaccines to curb or operate the disease. Also, COVID-19 has induced a slight shift in terms of the way clinical trials performed.
Earlier, the global clinical trial space had been experiencing an increased interest in virtual/decentralized trials. The virtual/decentralized trials have also highlighted on conference agendas and magazine articles for a long time. Finally, with the COVID-19 outbreak, the trials have been forced to move to a virtual model to keep them on track during this pandemic situation.
This latest report titled "Global Clinical Trial Market Global Forecast by Phases (1, 2, 3, 4), Indications (Autoimmune/Inflammation, Pain management, Oncology, CNS Condition Diabetes, Obesity, Cardiovascular, Others), Study design (Interventional Trial Market, Observational Trial Market, Expanded Access Trial Market), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa), Company (ICON Plc, Wuxi AppTec, SGS SA, Syneos Health, PRA Health Sciences Inc)" provides a detailed analysis of Clinical Trial Industry.
Phases - Clinical Trials Market breakup from 4 viewpoints:
1. Phase 1
2. Phase 2
3. Phase 3
4. Phase 4
Indications - Clinical Trials Market breakup from 8 viewpoints:
1. Autoimmune/Inflammation
2. Pain management
3. Oncology
4. CNS Condition
5. Diabetes
6. Obesity
7. Cardiovascular
8. Others
Study Designs - Clinical Trials Market breakup from 3 viewpoints:
1. Interventional Trial Market
2. Observational Trial Market
3. Expanded Access Trial Market
Region - Clinical Trials Market breakup from 5 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa
The Companies Covered have been covered from 3 viewpoints:
- Overview
- Recent Developments
- Revenue
Companies Covered:
1. ICON Plc
2. Wuxi AppTec
3. SGS SA
4. Syneos Health
5. PRA Health Sciences Inc
Table of Contents
Companies Mentioned
- ICON Plc
- Wuxi AppTec
- SGS SA
- Syneos Health
- PRA Health Sciences Inc
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| Published | June 2021 |
| Forecast Period | 2020 - 2026 |
| Estimated Market Value ( USD | $ 26 Billion |
| Forecasted Market Value ( USD | $ 57.46 Billion |
| Compound Annual Growth Rate | 14.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 5 |
