Clinical Trials Market: Coronavirus Pandemic Pushes Sponsors, Patients to Adopt Virtual Clinical Trials
According to the report, the global clinical trials market was valued over US$ 46.7 Bn in 2019 and is projected to expand at a CAGR of ~5% from 2020 to 2030. High prevalence and increase in incidence rate of chronic diseases, and rise in R&D activities in biotechnology & pharmaceuticals industries are anticipated to drive the global clinical trials market from 2020 to 2030. North America is projected to be a highly attractive market during the forecast period. The region is anticipated to account for the largest share of the global market by 2030. The market in the region is expected to grow at a rapid pace from 2020 to 2030. Increase in R&D and rise in adoption of new technologies in clinical research are likely to propel the market in North America. The incorporation of virtual services in the clinical trial protocol by market players such as IQVIA and PRA Health Sciences is projected to boost the market in North America.
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Europe is anticipated to be the second most attractive market for clinical trials during the forecast period. Support from the government for activities such as research & development for new treatment procedures and upcoming infectious diseases, along with chronic diseases are expected to drive the clinical trials market in Europe during the forecast period.
The market in Asia Pacific is expected to expand at the highest CAGR from 2020 to 2030. Increase in the number of clinical trials and biotechnology firms in Asia Pacific is projected to drive the clinical trials market in the region over the next few years.
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High Prevalence and Increase in Incidence Rate of Chronic Diseases to Drive Market
Chronic diseases such as chronic respiratory diseases (CRD), diabetes, chronic kidney diseases (CKD), cancer, cardiac stroke, and neurological disorders are the leading causes of disability and mortality across the globe. The emergence and outbreak of various infectious and chronic diseases have created challenges and new opportunities for researchers to develop new diagnostic tools, tests, drugs, and vaccines for early diagnosis, prevention, and cure of such diseases. Hepatitis and HIV are the other major infectious diseases. According to the World Health Organization (WHO), as of October 2017, around 71 million people across the world were estimated to have hepatitis C infection. The WHO also stated that 36.7 million people were affected with HIV across the globe. These factors contribute to the growth of the global clinical trials market.
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Rise in R&D Activities in Biotechnology and Pharmaceuticals Industries Propels Global Market
Clinical research organizations, diagnostic laboratories, and biotechnology players are engaged in the development of newer diagnostic tests to address the unmet needs in the healthcare industry. The life science industry’s R&D spending is driven primarily by the mass and research intensity of the biopharmaceutical sector, which accounts for nearly 85% of all expenditures. The acceleration in biopharmaceutical R&D innovation, buoyed by several contributing factors such as precision medicine getting into gear in rare diseases, cancer, and autoimmune diseases; immunotherapy, expansion of therapeutic modalities exploiting natural and synthetic biology innovation, and expedited regulatory pathways boost the growth of the clinical trials market.
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Competition Landscape in Clinical Trials Market
The report provides profiles of leading players operating in the global clinical trials market. These include Laboratory Corporation of America Holdings, IQVIA, Inc., Syneos Health, Parexel International Corporation, PRA Health Sciences, Inc., PPD, Inc., Icon plc, Charles River Laboratories, Inc., WuXi AppTec, and Medpace Holdings, Inc.
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