Los Angeles, November 21, 2019 –QY Research recently published a research report titled, “Global Clinical Trial Market Size, Status and Forecast 2019-2025”. In this research report the experts have analyzed the global clinical trial market. The rising number of diseases and various government initiatives are coaxing the medical sector to invest in clinical trials. However, in order to move a drug from lab to FDA approval there are various safety measures a company needs to adhere to. Thus R&Ds through clinical trials, which are mostly carried out by third parties called CROs, are gaining momentum. The rising number of drugs and increasing regulation on the drugs and medical devices plays a key factor in driving the market.
In 2018, the global clinical trial market size was estimated US$36 bn and it is expected to reach more than US$65 bn by the end of 2025, rising with a CAGR of above 8% during 2019-2025.
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Demand for Personalized Medicine to Fuel Global Clinical Trial Market
Global clinical trial market is driven by the heavy investment in R&D by major pharmaceutical companies. These researches generally focuses on rare diseases, increasing prevalence of diseases, and orphan drugs in the pipeline. These trials are performed for medicines and medical devices to check their safety and efficiency. These devices includes hearing aid, surgical procedure, and others for healthcare industry. Outsourcing of clinical trials, innovations in treatments such as personalized medicine, technological revolution are majorly contributing to the market. The demand for CROs to conduct clinical trials are projected to drive the growth of global clinical trial market.
Additionally, in developing countries large number of population is participating for these trials in order to build infrastructure for high-quality healthcare that would eventually be affordable. These regions are increasingly participating in these trials due to ever-growing population base, prevalence of metabolic disorders, resistance, hyperlipidemia, and obesity.
However, stringent regulations for patient enrollment, lower healthcare reimbursement in the developing countries, and lack of skilled workforce in clinical research sector are expected to hinder the growth of the market.
Procurement and Supplies Segment to Lead Global Clinical Trial Market
The global clinical trial market is segmented by type and application. The product type can be split into instruments/products, consumables, and others. The application segment can be split into procurement and supplies, rentals, and others. The procurement and supplies segment will contribute significantly as they are indispensable to the initiative.
North America to Dominate Global Clinical Trial Market
North America is the fastest-growing regional market in terms of revenue. The market is led by the presence of huge healthcare outsourcing firms, who are increasingly investing in R&D. Despite this major manufacturers are shifting their focus on other emerging markets due to increasing regulatory requirements and approval timelines. Hence, emerging economies in Asia Pacific are becoming another huge regional market. This can be also attributed to the factors such as large number of unmet clinical needs. Other region studied in the report are Europe, South Asia, Central & South America, the Middle East and Africa, and others.
Key Players to Focus on Real-time Technologies to Combat Competition
CliniChain is one of the major manufacturer in the global clinical trial market. They recently did a clinical trial for smart medication technologies. For the study they selected three examples of innovative connected medication and tools. These tools included smart connected pillbox, connected eye drop measurement, and connected inhalers. They concluded the report of the trial by saying that smart medication and connected measure technologies will be a big part of future homes and clinical studies-based healthcare. Real-time insights will enhance validity of clinical trial outcomes and reliability of data. This will not only reduce the time invested in collecting data but will also reduce expenditure.
Other key players covered in this report includes Fisher Clinical Services, Myoderm, Bilcare, CliniChain, Ancillare, MESM, ERG Holding, Apex Medical Research, Parexel, PRA Health, Covance, Marken, World Courier, and others.
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