According to a Premium Report by Market Research Future (MRFR), Global Clinical Trials Market is Projected to Showcase a Significant Growth rate 5.7% of CAGR Over the Forecast Period 2019-2023.
Charles River Laboratories, Paraxel International Corporation, Quintiles IMS, ICON plc, SGS SA, Eli Lilly and Company, Novo Nordisk A/S, Clinipace, Laboratory Corporation of America, Pfizer and Others are some of the major players for global clinical trials market.
The global Clinical Trials Market is segmented on the basis of phase, study design, indication and end users. On the basis of the phase, the market is categorized into phase I, phase II, phase III, and phase IV. On the basis of study design, the global clinical trials market is segmented into interventional, observational and expanded access. On the basis of indication, the global clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, central nervous system (CNS) condition, diabetes, obesity, cardiovascular and others. On the basis of the end-user, the market is segmented into dental hospitals & clinics, dental institutes and dental academic and research institutes.
Clinical Trials Market - Highlights
Clinical trial is research study which involve people (healthy volunteers or patients) to test the safety and efficacy of a new treatment or medicine. In healthcare industry clinical trials are performed for medicine, medical devices which includes hearing aid and surgical procedure. The key factors driving the clinical trial industry includes rising prevalence of diseases, high R&D expenditure of the pharmaceutical industry, and growth of new treatments such as personalized medicine is supporting to grow the market.
However, factors such as lack of skilled workforce clinical research, lower healthcare reimbursement in the developing countries and stringent regulations for patient enrollment, hinder the market growth.
On the regional basis, the global clinical trial market in the Americas is segmented into two major regions, i.e., North America and Latin America. The North American region is likely to hold the major share in the global clinical trial market owing to the presence of well-established healthcare sector, growing prevalence of high diseases and also increasing funding from government. Additionally, the Asia-Pacific region is anticipated to be the fastest growing region due to increasing geriatric population with either one or more disease and favorable environment such as low operating cost, skilled technician and increasing healthcare facilities provides favorable scenario for the market growth.
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