Clinical Trials Market Expected To Fuel Industry Growth With 3.5 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar 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 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. Clinical trials 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 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. 𝐆𝐞𝐭𝐚𝐅𝐫𝐞𝐞𝐒𝐚𝐦𝐩𝐥𝐞𝐆𝐮𝐢𝐝𝐞@Clinical Trials Market An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug. From Firsts to Finals: The Four Phases
Top Trends Streamlining Clinical Trials:
Explore More Insights:https://www.grandviewresearch.com/press-release/clinical-trials-market The Final Diagnosis: Clinical trials might seem like an intricate world of complex processes but they are the bridge between ground-breaking discoveries and life-saving treatments. By participating in such trials, individuals can contribute to medical progress, thereby paving the way for a healthier future. Even the smallest contribution can help make a world of great difference! Like it? Share it!More by this author |