A report on Clinical Trials Market has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2022 and 2030. The report on Clinical Trials Market also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter’s five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.
The clinical trials market in 2022 is accounted for more than US$ 45.3 Bn and expected to reach at a value of US$ 73.7 Bn by 2030 with a significant CAGR of 6.3%.
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Clinical Trials Introduction
Healthy margins and little risk associated with manufacturing operations, majority of pharmaceutical companies opt to keep their manufacturing activities close to domestic market. However, financial pressures and shrinking R&D budgets have made pharmaceutical companies to go offshore for clinical trials. Thus outsourcing of clinical trials is emerging as a prominent trend in global market. Clinical trials account for two-third of the total cost of drug development. The leading pharmaceutical companies conduct their clinical trials in familiar territory, with most of trials taking place in the U.S. and Europe.
Clinical Trials Market Dynamics
Unprecedented growth in pipeline activities of global pharmaceutical and biopharmaceutical companies drives the growth of global clinical trials market. Outsourcing of clinical trials is growing at the rapid pace which is expected to further drive the growth of global clinical trials market.
Expanding R&D budget is another important factor driving growth of global clinical trials market. Introduction of clear regulatory pathways in many developing countries such as India, China, and Turkey etc. is attracting global pharmaceutical companies to launch their drugs in these regions. Thus companies are conducting multiple clinical trials in several territories at the same time.
However, risks associated with failure of clinical trials discourage the companies from developing new drug, which is the limiting factor for global clinical trials market.
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Clinical Trials Market Segmentation
The global clinical trials market is segmented on the basis of phase, indication, and region. By phase, global market is segmented in to phase 1, phase 2, phase 3 and phase 4. On the basis of indication, the global clinical trials market is segmented into oncology, pain management, autoimmune diseases, CNS diseases, obesity, diabetes, cardiovascular diseases and others.
Clinical Trials Market Key Players
Some of the key players identified in global clinical trials market are Quintiles IMS, Paraxel International Corporation, ICON PLC, Chiltern International Ltd., BIOCLINICA, MEDIDATA, BIO – OPTRONICS, SPARTA SYSTEMS etc. among others.
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