Global Clinical Trials Market
Increase in the investment in new product development, rise in R&D activities, increase in the prevalence of chronic diseases such as cancer and HIV, entry of newer viral diseases such as Ebola and Zika are anticipated to propel the clinical trials market. In addition, growing preference for innovative solutions for the disease treatments, the collaboration between the drug innovators with clinical research organizations, and stringent regulatory policies for product approvals might fuel the clinical trials market over the forecast period. However, lack of skilled professionals, undeveloped healthcare infrastructure, complexities in data storage, and the dearth of trial subjects might hamper the clinical trials market growth over the forecast timeframe.
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.
Clinical trials market is segmented on the basis of clinical trial phase, disease type, study design, and end user
Based on the clinical trial phase, clinical trials market is segmented into the following:
- Phase 0
- Phase 1
- Phase 2
- Phase 3
- Phase 4
Based on the disease type, clinical trials market is segmented into the following:
- Infectious diseases
- Autoimmune disorders
- Inflammatory diseases
- Cardiovascular diseases
- Haematological disorders
- Neurological disorders
Based on the study design, clinical trials market is segmented into the following:
- Observational trials
- Interventional trials
- Expanded access trials
Based on the end user, clinical trials market is segmented into the following:
- Clinical research organizations
- Pharmaceutical and biotechnology companies
- Research institutes
Global clinical trials market is in the developed stage owing increase in the R&D activities and innovation of newer biological products and medical devices in the market. Increase in the prevalence of chronic diseases and entry of newer diseases might propel the innovation of novel drugs leads to bolster the clinical trials market. Acquisitions & mergers, collaborations, and joint ventures between the pharmaceutical and biotechnology companies with clinical research organizations are helping to drive the revenue growth of clinical trials market. For instance, in September 2015, Chiltern acquired the theorem clinical for strengthening the facilities for clinical trials. Similarly, in June 2017, ProPharma group acquired the Drug Safety Solutions for the development of clinical trial facilities.
Geographically, clinical trials market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Increase in the R&D activities for chronic disorders, innovation of novel molecules, the presence of a huge number of biopharmaceutical companies, an increase in healthcare expenditure is anticipated to propel the North America clinical trials market. Europe clinical trials market is in advanced stage attributed to increase in the regulatory requirements for product approvals, increase in the R&D activities in Germany, U.K. and Spain owing to presence of large number of R&D firms, increase in the prevalence of chronic diseases such as cancer, diabetes due to change in lifestyle, and rise in number of clinical research organizations propel the market over the forecast period. However, Asia Pacific exhibiting significant growth owing to increase in the clinical trials majorly in China, India, South Korea, Japan, and among others, less expenditure for clinical trials, and availability of diseased population in Asia Pacific region are expected to drive the market over the forecast period.
Some of the players in the clinical trials market are Charles River Laboratories International, Inc. (U.S.), Icon Plc. (Ireland), Quintiles IMS Holdings, Inc. (U.S.), Kendle International Inc. (U.S.), Parexel International Corporation (U.S.), Chiltern International Ltd. (U.K.), Omnicare Healthcare Co. (U.S.), Audax Group (U.S.), Laboratory Corporation of America Holdings (U.S.), and ProPharma Group (U.S.) to name a few.
- 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
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