Clinical trials, research studies performed on humans, are designed to gain specific information about biomedical interventions such as vaccines, treatments and drugs in order to prove the safety and efficacy of the products.
Because of globalization, clinical trials have led to an increase in investment and development of new products in growing countries, resulting in a positive impact on the market. According to an article published recently by Pfizer, the company has three CROs working with it to enhance its product portfolio and drive innovation.
The clinical trials market is projected to arrive at USD 1.76 billion by 2025, from USD 1.04 billion in 2017 growing at a CAGR of 6.7 percent from 2018 to 2025. An upcoming market report contains data for historic year 2016, and the base year of calculation is 2017.
Data Bridge Market Research has announced the availability of Clinical Trials Market Outlook to 2025. The global industry report, which covers key players such as PAREXEL, LabCorp, ICON plc, Novo Nordisk, and Covance, provides insights, market dimensions and evaluations for the period from 2018 to 2025.
The research study provides far-reaching investigation of numerous global clinical trials industry segments in terms of applications, product components and services and geographical regions. The market report covers data points for 28 countries and addresses the global perspective of clinical trials industry with regional splits into North America, Europe, China, Japan, Southeast Asia, India, Asia Pacific and Middle East.
According to Data Bridge, the global clinical trials market is highly fragmented. Major players have utilized various strategies, including new product launches, expansions, agreements, joint ventures, partnerships, acquisitions and others to increase their impact in this market.
Data bridge also analyzed major drivers in the market in order to produce the report. They include demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, increasing prevalence of diseases, focus on rare diseases and multiple orphan drugs in pipeline, lack of skilled clinical research workforce, regulatory quality in emerging markets and stringent regulations for patient enrollment.
The global clinical trials market is segmented based on phase, design and geographical segments, Data bridge explained. On the basis of phase, the market is further classified into Phase I, Phase II, Phase III and Phase IV. On the basis of design, the market is segmented into treatment studies and observational studies. Treatment studies are further sub-segmented into randomized control trial, adaptive clinical trial and non-randomized control trial. The observational studies segment is further sub-segmented into cohort study, case control study, cross sectional study and ecological study.
Data collection and base year analysis are performed using data collection modules with large sample sizes. The market data is analyzed and forecast utilizing market statistical and coherent models. In addition, market share analysis and key trend analysis are critical factors in the market report.