The report is titled as ‘Clinical Trials Market: Opportunity Analysis and Future Assessment 2020-2028’. An overview of conceptual frameworks, analytical approaches of the clinical trials market is the main objective of the report, which further consists the market opportunity and insights of the data involved in the making of the respective market. Clinical trials market is expected to grow with significant rate in the near future.
The clinical trials market in 2020 is accounted for more than US$ 45.3 Bn and expected to reach at a value of US$ 73.7 Bn by 2028 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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