Clinical Trials Market Size Is Poised To Reach USD 123.5 Billion By 2030Posted by Neha Bora on June 13th, 2024 San Francisco, 13 June 2024: The Report Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By Indication, Indication By Study Design, By Sponsors, By Service Type, By Region and Segment Forecasts, 2024 - 2030 The market growth spiked in 2020 owing to the COVID-19 pandemic. This growth pattern was witnessed by both virtual clinical trials and traditional ones. Several companies invested heavily in novel drug development to minimize COVID-19 patient burden. One such example being, in 2020, Synairgen plc and Parexel collaborated on a Phase III study of Interferon-beta (IFN-beta) treatment for COVID-19. Furthermore, rapid technological evolution, rising prevalence of chronic diseases, globalization of clinical trials, penetration of personalized medicine and a rise in demand for CROs for conducting research activities is expected to positively impact the market growth. The growing prevalence of chronic diseases and the incidence of novel diseases is expected to boost the clinical trials market. According to the World Heart Report 2023, over half a billion people worldwide are affected by Cardiovascular Diseases (CVDs), which caused over 20.5 million deaths in 2021. Furthermore, according to the Parkinson’s Foundation, approximately 1 million individuals in the U.S. currently suffer from Parkinson's Disease (PD), which is projected to increase to over 1.2 million by 2030. The prevalence of rare or orphan diseases has garnered attention in recent years, necessitating specialized clinical trials. As diseases become more varied and complex, there is a heightened demand for specialized expertise in clinical trial design, patient recruitment, and data analysis. Trial sponsors seek experts capable of navigating the intricacies of diverse diseases. Thus, the aforementioned factors are expected to drive the market demand. Access Research Report of Clinical Trials Market @ https://www.grandviewresearch.com/industry-analysis/global-clinical-trials-market From Firsts to Finals: The Four Phases
Top Trends Streamlining Clinical Trials:
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