Clinical Trials Market value is expected to reach USD 68.9 Billion by 2023.
Posted by Shiva on July 31st, 2019
Clinical Trials Market introduction:
Clinical Trials Market size is estimated to reach USD 68.9 billion by 2023. It is expected to expand at a CAGR of 5.7% throughout the forecast period. Globalization has led to rising investment in new product development in growing countries, thereby, positively impacting the market. The availability of the vast array of services from drug discovery to post-marketing surveillance has further simplified the life for mid-size and small-scale pharmaceutical and biotechnological organizations by providing them the option to outsource what they think is beyond their core expertise. For example, Pfizer presently has three CROs working with it to improve its product portfolio and drive innovation.
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Clinical Trials Market Drivers and Restraints:
The key factors found propelling the growth of the market include the high demand for clinical trials in growing markets, high R&D spending of the pharmaceutical market, increasing prevalence of diseases, and the focus on rare diseases and multiple orphan drugs in the pipeline. The market is developing at a high pace, due to the advancements in healthcare and growing patented new chemical entities (NCE) indicated for different health conditions.
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Clinical Trials Market Detailed Segmentation:
Industry Segment – By phase:
Industry Segment – By indications:
Industry Segment – By design:
Regional Presence of the Market:
North America is the largest market in terms of market share across the world, followed by Europe. Ample availability of funds to outsource clinical trials serves as the key growth driver for North America. The spread of analytics and awareness of its potential are rising at a fast rate in Europe. The clinical trial market in the Asia Pacific region is estimated to grow at the highest CAGR, which is significant due to initiatives from the government and contributions from academic laboratories, which helped boost the growth.
Leading Players involved in this report:
Major players including Quintiles IMS, Paraxel International Corporation, Charles River Laboratories, ICON plc, and SGS SA among the others dominate the global clinical trials market.
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About the AuthorShiva
Joined: June 11th, 2019
Articles Posted: 88
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