The key players identified in the global clinical market are Charles River Laboratories, Clinipace, Eli Lilly and Company, ICON plc, Laboratory Corporation of America, Novo Nordisk A/S, Paraxel International Corporation, Pfizer, Quintiles IMS, SGS SA, among others.
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Global Clinical Trials Market Highlights:
According to a detailed report published by Market Research Future (MRFR), the Global Clinical Trial Market has been assessed to grow exponentially at a CAGR of 5.7% over the forecast period.
The global clinical trials market is expected to grow owing to influential factors such as the rising demand for clinical trials due to the global expansion of the healthcare sectors, increasing expenditure towards research and development of the pharmaceutical industry, growing prevalence of chronic diseases, and the focus on the treatment methods for rare diseases.
The global clinical trials market has been segmented based on phase, study design, indication, end users, and region.
Based on the phase, the market has been segmented into phase I, phase II, phase III, and phase IV. Among these, the phase III trial segment has been assessed to lead the market as the largest segment, owing to its high value in the healthcare sector, as well as its comparatively superior effectiveness. Phase I trial segment has been expected to grow at the fastest growth rate during the forecast period, owing to the increase in its applications in investigative new drug (IND) sector, technological advancements, and the rising government initiatives to improve the healthcare sector in emerging economies.
Based on the study design, the global clinical trials market has been segmented into expanded access interventional, and observational.
Based on indication, the global clinical trials market has been segmented into autoimmune/inflammation, cardiovascular, central nervous system (CNS) condition, diabetes, obesity, oncology, pain management, and others.
Based on the end-user, the clinical trials market is segmented into dental hospitals & clinics, dental institutes, and dental academic and research institutes.
Based on the region, the global clinical trials market has been segmented into the Americas, Europe, Asia Pacific (APAC), and the Middle East and Africa (MEA).
The Americas have been assessed to dominate the global clinical trials market owing to the presence of multiple major pharmaceutical companies, rise in the patient population, and the increasing innovations towards product development. Additionally, the growing cases of patients suffering from chronic diseases such as cancer, diabetes, and other life-threatening diseases increases the demand for innovative drugs and contributes to the improvement of clinical trial methods to expand treatment options. These factors are also estimated to drive the clinical trials market in the region over the forecast period.
Europe has been identified as the second leading regional market for clinical trials, owing to factors such as an increase in the expenditure towards research and development in the pharmaceutical industry, and growing prevalence of chronic diseases is predictable to give a further boost to the clinical trial market. Additionally, favorable government regulations for clinical trials further support the market growth in the region and increases the demand for new products across Europe, which will consequently lead to market growth over the forecast period.
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The Asia Pacific region has been assessed as the fastest growing market for clinical trials during the forecast period, owing to the increasing incidence of diseases, growing focus of the governments on developing medications for rare diseases and the growth in the export sector contributes substantially to the clinical trial market in the region. In countries like India, China, and Australia, the developing economy and low cost to operate clinical trial facilities supply the market growth in this region.
The Middle East & Africa has been estimated to witness slow, gradual growth in the global clinical trials market over the forecast period, owing to the presence of weak economies, lesser technical amenities, lack of medical knowledge, and limited clinical trials centers, especially in the African region decrease the market growth. The Middle East has been expected to contribute the majority of the market share in this region, due to the presence of a well-established healthcare sector and huge healthcare expenditure by the governments of countries like Saudi Arabia, Kuwait, and Qatar.
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