SAN FRANCISCO, Feb. 18, 2020 /PRNewswire/ -- The global clinical trials market size is expected to reach USD 69.8 billion by 2027, exhibiting a 5.1% CAGR during the forecast period, according to a new report published by Grand View Research, Inc. Increasing incidence of diabetes, rheumatoid arthritis, multiple sclerosis and many other chronic diseases is projected to propel the growth. Due to rising prevalence of infectious and tropical diseases in some regions, a large number of patients is participating in clinical trials to access high quality healthcare treatment free of cost.
Key suggestions from the report:
- Phase III clinical trials emerged as the largest segment in 2019
- Interventional study design segment held the largest market share in 2019, owing to increasing demand for the intervention for clinical trials by researchers
- North America dominated the clinical trials market with the largest revenue share in 2019. Increasing demand for new technologies along with advanced healthcare infrastructure are contributing to the dominance of this region
- Asia Pacific is projected to witness the fastest growth during the forecast period owing to the increasing number of diabetic patients in this region
- Few of the market players include IQVIA; PAREXEL International Corporation; Pharmaceutical Product Development, LLC; Charles River Laboratory; ICON Plc; Wuxi AppTec Inc.; PRA Health Sciences; SGS SA; Syneos Health; Chiltern International Ltd.; Eli Lilly and Company; Novo Nordisk A/S; Pfizer; and Clinipace
Read 120 page research report with ToC on "Clinical Trials Market Size, Share & Trends Analysis By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional, Observational, Expanded Access), By Indication, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/global-clinical-trials-market
Increasing prevalence of life-threatening allergic diseases is also expected to fuel the market growth. As per the Food Allergy Research & Education Survey 2017, around 200,000 people need emergency medical care for allergic reaction to food, mostly in U.S. In addition, government initiative has also motivated many players in market to initiate orphan drug development. Thus there are various drugs in pipeline. Rising healthcare expenditure and collaborations for the purpose of R&D activities are also expected to be other significant factors driving the market for clinical trials in the forthcoming years.
Grand View Research has segmented the global clinical trials market based on phase, study design, indication, and region:
- Clinical Trials Phase Outlook (Revenue, USD Million, 2016 - 2027)
- Phase I
- Phase II
- Phase III
- Phase IV
- Clinical Trials Study Design Outlook (Revenue, USD Million, 2016 - 2027)
- Expanded Access
- Clinical Trials Indication Outlook (Revenue, USD Million, 2016 - 2027)
- Pain Management
- CNS Condition
- Clinical Trials Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Healthcare IT Industry, by Grand View Research:
- Clinical Workflow Solutions Market – The global clinical workflow solutions market size was valued at USD 6.0 billion in 2018 and is expected to expand at a CAGR of 12.3% by 2026.
- Pharmacovigilance Market – The global pharmacovigilance market size was estimated at USD 4.31 billion in 2018 and is anticipated to witness a CAGR of 13.3% over the forecast period.
- Clinical Trials Management System Market – The global Clinical Trials Management System (CTMS) market size was valued at USD 592.07 million in 2016. It is anticipated to expand at a CAGR of 12.1% over the forecast period.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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