Description

Global Clinical Trials Market size was valued US$ 45.7 Bn in the year 2020 and is anticipated to grow US$ 69.93 Bn by 2027 at CAGR of 6.2% over the forecast years 2021-2027. Clinical trials are the research studies primarily performed on the humans to get data about safety and efficacy of newer biomedical interventions include novel devices, vaccines, drugs, and treatments. Generally, clinical trials are regulated by the ethics committees and health authorities. On the broad base, clinical trials are carried to determine the overall pharmacokinetic and pharmacodynamic properties of the products. Clinical trials are carried under various phases such as Phase 0 to Phase 3 and phase 4 is carried for a post-marketing study of the products. The product will be recalled if it fails at any stage of the clinical trial. Geographically, Clinical Trials market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. In June 2017, Audax private equity acquired the Altasciences Clinical Researches for organizing the clinical trials. In September 2016, Icon Plc has acquired Clinical Research Management, Inc. for the development of capabilities in infectious disease and vaccines. Clinical trials are research investigations in which people volunteer to test medical equipment or pharmaceuticals in order to figure out how to cure particular diseases or problems. They are carried out to diagnose, detect, and prevent certain diseases. To carry out the testing method, each clinical trial has its own set of protocols and action plans. Clinical trials are used to gather information about the efficacy, safety, and efficacy of pharmaceuticals and medical treatments on animals and humans.

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