Global Clinical Trials Market to Grow at a CAGR of 5.4% in the Forecast Period, Aided by the Increasing Focus on Therapeutic Drugs Generation

The global clinical trial industry is being fuelled by the growing need for therapeutic medications all over the world. Significant changes in the clinical trials sector have turned the focus of many research and commercial companies to the development of new COVID-19 medicinal medications and vaccines due to the COVID-19 pandemic. Government measures in emerging countries to support medicine discovery and the continual technological advancements are expected to boost the industry's growth. Phase III is predicted to expand and become essential throughout the forecast period, as it is one of the most crucial stages in assessing if a new intervention is successful and helpful for clinical objectives. With increased investment in research and development, the United States is one of the leading global manufacturers of clinical trials. Meanwhile, the Asia Pacific region is predicted to rise strongly throughout the forecast period, owing to manufacturers' increased attention on developing vaccines to reduce the risk of death from the COVID-19 pandemic. Many significant research and development corporations are working with government and non-government organisations to manufacture therapeutic medication injections as a result of the rising COVID-19 cases. The globalisation of clinical trials, the increasing frequency of chronic disease, and the rising need for clinical trials in emerging nations are contributing to the market's expansion.

Massive investments are taking place for outsourcing the extensive research and development companies. This is mainly due to the major demand for investments in various drug development. PAREXEL International (NASDAQ: PRXL ) announced in February 2020 that it had finalised the acquisition of Model Answers, a consulting firm. The company has extensive expertise building preclinical pharmacokinetics (PK) and pharmacodynamics (PD) models for efficacy and neutropenia, scaling to first-in-human studies, and supporting Phase I trials through NDA filing. This acquisition strategy is expected to improve the company's service offerings and boost industrial demand.

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Market Analysis by Designs, and Regions:

• The various designs in the market include treatment studies and observational studies. Treatment studies are further divided into randomised control trial, adaptive clinical trial, and non-randomised control trial, while observational studies are sub-divided into cohort studies, case control study, cross section study, and ecological study, among others.

• The regional markets for clinical trials include North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

Key Findings of the Report:

• Rapid technological advancements and the augmenting demand for CROs to conduct research activities is driving the market growth.

• The market is also driven by a rising number of biologics, along with the need for personalised medicines and orphan drugs.

• Digitisation in biomedical research is also paving the way for market growth globally.

• Favourable government support in the United States market regarding clinical trials is anticipated to boost the demand.

Key Offerings of the Report:

• The EMR report gives an overview of the global clinical trials market for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecasted (2024-2032) markets for designs and major regions of clinical trials.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global clinical trials industry include IQVIA, PAREXEL International Corporation, Charles River Laboratory, ICON Plc, and Syneos Health, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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