Yahoo Finance Clinical Trials Market to Rise at CAGR of 5.4% During Forecast Period, Notes TMR Study
Development of digital technologies, such as sensors and wearables, is likely to result in value grab opportunities for companies in the global clinical trials market
Albany NY, United States, May 04, 2022 (GLOBE NEWSWIRE) -- The valuation of the global clinical trials market is likely to surpass US$ 83.5 Bn by 2030. As per the TMR Study, the global clinical trials market was worth more than US$ 46.7 Bn in 2019, and it is estimated to develop at a CAGR of 5.4% during the forecast period, from 2020 to 2030. In order to progress in technique and processes, firms in the global clinical trials market are following FDA guidelines. They are referring to FDA recommendations for individuals with Severely Debilitating or Life-Threatening Hematologic Disorders (SDLTHDs). Businesses are stepping up their attempts to close the gap between clinical trials' technical and scientific difficulties. As a result, businesses are investing in academic advancement and establishing new incentives to encourage volunteer engagement.
Clinical trial companies are building networks that allow treatments to be performed in a patient's home or at a clinic of private doctor. This has resulted in advancements in sensor devices, flash photos of lesions taken with cellphones, patient-reported results on computers, and others help toward the continuation and development of the process.
Europe is projected to be one of the most lucrative regions in the global clinical trials market during the forecast period. The market in Europe is likely to be driven by government backing for R&D activities to invent novel treatment processes, new infectious illnesses, and chronic diseases. The Asia Pacific clinical trials market is predicted to grow at a robust pace. The market in Asia Pacific is expected to grow over the next few years due to increasing number of clinical trials and growing presence of several biotechnology companies in the region.
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Key Findings of Market Report
Chronic illnesses, such as cardiovascular strokes, diabetes, chronic respiratory diseases (CRD), cancer, chronic kidney diseases (CKD), and neurological disorders are primary causes of deaths and disabilities worldwide. Rise and spread of many infectious as well as chronic illnesses have presented researchers with new difficulties and possibilities to develop novel diagnostic tests, tools, medications, and vaccinations for early treatment, diagnosis, and prevention. These factors are likely to raise the demand for clinical trials, and the global clinical trials market is predicted to grow rapidly during the forecast period.
In order to prevent delays, firms are setting timeframes for clinical trials and boosting openness with their sponsors by providing them with a 360-degree perspective of the procedures taking place at research centers. IoMT (Internet of Medical Things) is likely to serve as an important growth factor for the global market.
Increase in utilization of endoscopes and accessories in clinics and hospitals, as well as rise in R&D activities by various firms for more effective preprocessors are expected to strengthen healthcare providers in the global market
Several contributory aspects, such as precision medicine's active involvement in cancer, rare illnesses, and autoimmune disorders are likely to drive innovation in biopharmaceutical business. In addition, immunotherapy, development of treatment modalities based on natural as well as synthetic biological innovation, and accelerated regulatory procedures are all expected to contribute to the growth of the global clinical trials market.
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Clinical Trials Market: Growth Drivers
Stakeholders in the clinical trials industry are collaborating with professionals of virtual clinical trials to take advantage of commercial opportunities created by the continuing pandemic. Many regulatory agencies have provided directives to support sponsors as well as patients in developing feasible solutions for addressing existing operational challenges employing virtual trial tools and telemedicine.
As per indication, the oncology category held around 23.5% of the global clinical trials market in 2019. Rising number of clinical trials in the oncology domain is responsible for the rapid expansion of the segment in the global market.
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Global Clinical Trials Market: Key Competitors
Charles River Laboratories, Inc.
Parexel International Corporation
Medpace Holdings, Inc.
PRA Health Sciences, Inc.
WuXi AppTec
Laboratory Corporation of America Holdings
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Global Clinical Trials Market: Segmentation
Phase
Phase I
Phase II
Phase III
Phase IV
Study Design
Interventional Trials
Observational Trials
Expanded Access Trials
Indication
Autoimmune/Inflammation
Pain Management
Cardiovascular
CNS Condition
Oncology
Diabetes
Obesity
Others
Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:
Clinical Trials Imaging Market: According to the report the growth of the global clinical trials imaging market is majorly driven by the growth of biopharmaceutical companies that are progressively developing new drugs for effective treatment of numerous chronicle diseases.
Virtual Clinical Trials Market: Virtual trials, also called decentralized trials, have a vital role to play in the present COVID-19 crisis and are set to become a norm in the way trials and real-world studies are run. North America dominated the global virtual clinical trials market.
eCOA, eSource & Clinical Trials Market: The rising majority of stakeholders for clinical trial such as regulators, CROs, and sponsors consider this method to be the most efficient way of capturing reliable and high quality data as compared to the traditional one. The aforementioned factor is likely to aid in expansion of the global eCOA, eSource & clinical trials market during the forecast period set between 2020 and 2030.
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