SELBYVILLE, Del., April 19, 2021 /PRNewswire/ — According to latest report “Clinical Trial Market by Phases (Phase I, Phase II, Phase III, Phase IV), Study Design (Interventional Study, Observational Study, Expanded Access Study), Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of clinical trials will cross $59.6 billion by 2027.
Growing R&D expenditure and increasing number of drugs in various phases is anticipated to significantly boost the market growth. Pharmaceutical and biopharmaceutical industry has one of the highest R&D expenses worldwide. Therefore, this will encourage various biopharma & pharma companies to outsource clinical trials services, thereby augmenting the market expansion. The clinical trials that companies opt to outsource include extensive research and tasks that is from early phase I to late-stage development. Additionally, use of digitization in clinical trials or research will pave the way for the market progression. However, complex regulatory framework and standard of care payment may restrain the industry growth.
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Phase I segment in the clinical trial market accounted for USD 6.7 billion in 2020. Phase I studies are intended to measure the safety of an investigational new drug (IND) to comprehend its PK and PD properties and to detect a potential therapeutic dosage. Such properties will influence the segment growth. Furthermore, several pharmaceutical and biotechnology firms are currently initiating clinical trials for severe infectious and chronic conditions including cancer and HIV that will fuel the segment revenue.
The clinical trial market for expanded access trials segment is predicted to register 5.3% growth rate till 2027. Expanded access is the use of an investigational new drug outside of a clinical trial in patients for the monitoring, diagnosis and treatment of a serious disease or condition. Therefore, it is a potential pathway for patients with serious disease conditions to carry out treatment outside the trial when no satisfactory therapies are available.
Infectious disease segment in the clinical trial market is projected to reach over USD 5.5 billion by 2027 on account of increasing prevalence of infectious diseases such as T.B, influenza and meningitis. Also, rising investment in R&D in the field of infectious diseases is a contributing factor for the segment expansion. For instance, as per National Institutes of Health (NIH) 2017 report, the R&D funding for infectious disease was USD 5,684 million in 2017. Thus, growing investment activities will enhance the segment value. In addition, many unique advances in HCV’s clinical research have benefited the course of HIV drug development, thereby stimulating the industry expansion.
Asia Pacific clinical trial market is estimated to expand at a CAGR of more than 8.1% through 2027 owing to emergence of severe diseases, huge patient population, increasing clinical trials and R&D. In various APAC countries the government is funding for drug discovery and related research studies that will boost the market growth. Moreover, rising number of biotechnology firms are looking for APAC region including Singapore, India, South Korea and Japan has propelled the regional level industry value. Also, growing number of COVID-19 cases are attracting firms to conduct trials to take advantage of the large patient pool and fast-track procedures, thereby fostering the growth for Asia Pacific region.
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A few notable companies operating in the market include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development and PRA Health Science, PAREXEL International and Bioclinica among others. Industry leaders are focusing on various strategies such as acquisitions, business expansion and novel service launches to consolidate their market presence.
Table of Contents (ToC) of the report:
Chapter 3 Clinical Trial Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By phases
3.4.2 By study design
3.4.3 By therapeutic area
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis
3.8 PESTEL analysis
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Clinical Trial Market Growth Predicted at 4.9% Through 2027: GMI
Major clinical trial market players include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development and PRA Health Science, PAREXEL International.
SOURCE Global Market Insights, Inc.