Global clinical trial market has recently gained importance in the medical industry due to the increasing number of investments from both private and government organizations. In these trials researchers study the safety and efficacy of a new treatment or medicine on healthy volunteers or patients. These trials are very crucial for the company as they not only study the effect of these medicines or medical devices but help companies understand the possible side or negative effects of the same. The report is focused on studying the growth of global clinical trial market in an already thriving healthcare market and its various other aspects.
In 2018, the global clinical trial market size was estimated US$36 bn and it is expected to reach more than US$65 bn by the end of 2025, rising with a CAGR of above 8% during 2019-2025.
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In the report researchers have used different analysis and methodologies to provide accurate and informative data to the readers. This data in the report is majorly extracted by using primary and secondary methodologies. It covers qualitative and quantitative aspects of the market based of products segments, regions, and manufacturers. Also, it uses SWOT analysis to comprehend the strengths, weaknesses, opportunities, and threats in the market.
Increase Regulations for Drug Approval to Global Clinical Trial Boost Market
In the recent few years FDA has started addressing the lack of clear guidance with respect to safety of the drugs. This has led to increase in regulations around the approval of the drugs. These trails are crucial as they are mandatory for drug approval and their introduction in the market. In order to get the approval on the drug companies have to perform clinical trials in array of geographies and development of drugs in specific therapeutic areas. This has led to CROs for outsourcing clinical trials. CROs perform these trials, which are not only expensive but also time consuming and requires expertise at all stages. The trails are performed by following various phases called phases I, phases II, and phases III.
The major drivers propelling the growth of the global clinical trial market are advancement in healthcare industry, such as personalized medicine, increasing number of orphan drugs, increasing focus in R&D, and rising prevalence of diseases. These factors are expected to boost the global clinical trial market.
Consumables Product Type Segment to Will Contribute Majorly Towards Market Growth
The global clinical trial market is segmented by type and application. The product type can be split into instruments/products, consumables, and others. The consumables product type segment is expected to grow significantly owing to increasing preferences from healthcare professionals. The application segment can be split into procurement and supplies, rentals, and others.
North America to Dominate Global Clinical Trial Boost Market
North America is key region in the global clinical trial market due to the presence of big outsourcing firms and increasing investment in R&D. Also, the major factor responsible for its growth is increasing demand for drug development in the region. Asia Pacific is also expected to hold a significant share of the market as the big companies are shifting their center in these regions. This is due to low regulations and higher investments from government in developing countries like India and China.
The key players covered in this report include Fisher Clinical Services, Myoderm, Bilcare, CliniChain, Ancillare, MESM, ERG Holding, Apex Medical Research, Parexel, PRA Health, Covance, Marken, World Courier, and others.
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Major Points From TOC:
1 Report Overview 1
1.1 Study Scope 1
1.2 Key Market Segments 1
1.3 Players Covered 2
1.4 Market Analysis by Type 2
1.4.1 Global Clinical Trial Market Size Growth Rate by Type (2019-2025) 2
1.4.2 Instruments/Products 4
1.4.3 Consumables 5
1.5 Market by Service 5
1.5.1 Global Clinical Trial Market Share by Service (2019-2025) 5
1.5.2 Procurement and Supplies 7
1.5.3 Rentals 7
1.6 Study Objectives 7
1.7 Years Considered 8
2 Global Growth Trends 9
2.1 Global Clinical Trial Market Size 9
2.2 Clinical Trial Growth Trends by Regions 10
2.2.1 Clinical Trial Market Size by Regions (2019-2025) 10
2.2.2 Clinical Trial Market Share by Regions (2014-2019) 10
2.3 Industry Trends 12
2.3.1 Market Top Trends 12
2.3.2 Market Drivers 13
2.3.3 Market Challenges 13
2.3.4 Porter?? Five Forces Analysis 13
3 Market Share by Key Players 15
3.1 Clinical Trial Market Size by Players 15
3.1.1 Global Clinical Trial Revenue by Players (2018-2019) 15
3.1.2 Global Clinical Trial Revenue Market Share by Players (2018-2019) 16
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