PUBLISHER: DataM Intelligence | PRODUCT CODE: 1279674
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1279674
The global clinical trials market reached USD 56,640.7 million in 2022 and is projected to witness lucrative growth by reaching up to USD 99,212.0 million by 2030. The clinical trials market is expected to exhibit a CAGR of 7.4% during the forecast period (2023-2030).
Clinical trials are a methodology of clinical investigation that is overseen by a designated protocol that is carefully verified to respond to a detailed patient care query. Clinical trials are bifurcated into five phases, with every phase carrying a specific intent within the clinical trial. Every trial confers to a system that defines what sorts of people may partake in the study. The increasing R&D spending, growing need for new therapeutics, and evolving regulatory guidelines are driving the global clinical trials market growth during the forecast period.
Every year, the pharmaceutical industry creates a variety of new drugs that provide significant medical advantages. Developing new medicines is a costly and uncertain process, and many potential drugs never make it to market as a result, in order to save money, companies outsource these tasks to CROs. CROs provide pharmaceutical and biotechnology industries with outsourced pharmaceutical research services.
The CROs manage and complete the imaging process in accordance with all standards and regulatory requirements, ensuring smooth image acquisition, analysis, annotation, and transfer. In recent years, CRO services have helped companies in the early stages of developing novel medicines and therapies. Pharmaceutical firms are increasingly using clinical research, consultancy, and laboratory CRO services.
The growing funding from various authorities is expected to provide the global clinical trials market with lucrative growth opportunities in the upcoming years. For instance, in January 2023, as part of Canada's Biomanufacturing and Life Sciences Strategy (BLSS), the Canadian Institutes of Health Research (CIHR) Clinical Trials Fund (CTF) is expected to be accepting a joint investment of more than CAD 32 M to instruct a fresh generation of researchers and investigators in expertise as stroke research, behavioral change, biostatistics, and the known approach of clinical research.
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it to pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).
Ukraine and Russia are both extensive bases for international clinical trial activity. The attack on Ukraine may cause an underpowering of global clinical trial outcomes with the failure of prospective recruitment locations for both nations. The turmoil and disorder induced by military confrontation have a significant influence over healthcare including clinical trials and cancer care.
As the economic slump persists, multiple specialists are concerned that many countries are on the cusp of a recession. While every enterprise is overseeing the possible fallout, those in the biopharma domain may be especially anxious regarding the outcomes. The recession is expected inevitably cause multiple firms to alter their approach. Nonetheless, it could influence a few biotechs for sounder outcomes. It is anticipated that biotechs' will look towards technology to compensate for funding shortcuts, that are expected to result in improved efficiencies, quicker results, and a shift in the way biotech researchers work.
Artificial intelligence has a positive impact on the clinical trials market as employing AI-enabled technologies, the investigators can analyze and yield understanding from prior and recent trials, research huge data, and report the needed adjustment in prospective trial designs. In further clinical trials, AI has a tremendous possibility in the diagnosis of disorders and treatment applications as well.
The global clinical trials market is segmented based on phase, design, indication, service, and region.
The phase III segment is estimated to hold about 47.1% of the global clinical trials market by 2030. For instance, in May 2022, the last patient is projected to begin treatment in June 2022, according to Lipidor AB (publ), which reports that half of the patients have already been enrolled in the Phase III research of the AKP02 skin spray for mild to moderate psoriasis. In the third quarter of 2022, top-line results from the Phase III investigation are anticipated.
In December 2022, by showing a statistically significant decrease in HbA1c (a measure of average blood sugar) with Jardiance (empagliflozin) compared with placebo for children and adolescents aged 10-17 years with type 2 diabetes, the DINAMO phase III clinical trial fulfilled its primary aim.
The increasing government initiatives for research drive the market in the European region and are estimated to hold around 27.7% of the total global market by 2030. For instance, in January 2022, the European Commission (EC), the Heads of Medicines Agencies, and the European Medicines Agency introduced an initiative to transform how clinical trials are initiated, developed, and run, directed to Accelerating Clinical Trials in the EU (ACT EU).
The goal is to further expand the EU as a focal point for clinical research, advance the development of high-quality, safe, and effective medicines, and better incorporate clinical research in the European health system. Creating the application of the Clinical Trials Regulation and the takeoff of the Clinical Trials Information Systems in January 2022, ACT EU will support the European environment for clinical trials while maintaining data robustness, a high level of protection of trial participants, and the transparency that EU citizens expect.
The major global players in the market include: Iqvia Holdings Inc. (Q2 Solutions), Parexel International Corporation, Charles River Laboratories International, Inc., Syneos Health, Inc., WuXi AppTec Co., Ltd. (WuXi Clinical), ICON plc, Thermo Fisher Scientific (Pharmaceutical Product Development LLC), Azelix, Pharmaron Beijing Co., Ltd., and Celerion among others.
The global clinical trials market report would provide approximately 53 tables, 54 figures, and 195 Pages.
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