The global Clinical Trials Market size is expected to reach
USD 68.9 billion by 2026, according to a new report by Grand View Research,
Inc. It is projected to expand at a CAGR of 5.7% during the forecast period.
Key drivers impacting the market growth are globalization of clinical trials,
development of new treatments such as personalized medicine, augmenting
evolution in technology, and rising demand for CROs to conduct clinical trials.
Globalization has led to increase in
investment in new product development in emerging 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 instance, Pfizer currently has three CROs working with it to
enhance its product portfolio and drive innovation. According to the
partnership agreement with ICON in 2011, Pfizer would only preserve the
scientific ownership for the trials and studies conducted by ICON, hence
allowing the company to focus and further develop its capabilities in clinical
trial designing.
Growing prevalence of disease and new
disease cases is expected to give further boost to the clinical trial market.
Worldwide population has varied disease profile with emerging countries having
the most diverse disease profile. This is expected to boost the clinical trials
of new or rare diseases which otherwise would not have found any sponsors. More
number of patients having a specific disease would act as a stimulus for
biopharmaceutical companies to invest more in clinical trials for a disease
segment.
To request
a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/global-clinical-trials-market
https://www.grandviewresearch.com/industry-analysis/global-clinical-trials-market
Further key
findings from the report suggest:
- The market is expected to be dominated by Phase III
as of 2018, with Phase I anticipated to witness the fastest growth
- Increasing innovation and evolution of treatment is
predicted to contribute towards growth of the expanded access trials
segment
- Based on indication, the oncology segment is
anticipated to witness the fastest growth. According to various sources,
more than USD 38.0 billion is currently being spent by the healthcare
industry towards preclinical and clinical development of oncology therapy
products
- North America led the overall clinical trials market
in terms of revenue share in 2015 owing to the presence of big outsourcing
firms and increasing R&D in the region
- Key players including Quintiles IMS, Paraxel International Corporation, Charles River
Laboratories, ICON plc, SGS SA among the others lead the global
clinical trials market.
About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
Blog: https://healthcareforecastreport.blogspot.com/
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