Selbyville, Delaware , June 13, 2022 (GLOBE NEWSWIRE) --
The clinical trials market value is expected to reach USD 81.6 billion by 2030, according to a new research report by Global Market Insights Inc. Growing government fundings coupled with rising investment by pharmaceutical companies in clinical trials or research is expected to boost the industry landscape.
Phase IV segment surpassed USD 9.8 billion in 2021. The phase IV clinical trial commonly known as post marketing surveillance trial. This is carried out after the medication has already been approved and made available in the market. The key objective of phase IV clinical trial is to study the long-term risks and benefits of using the drug, to assess drug's performance in real life conditions and to detect rare side effects. The Phase IV trials are usually outsourced to contract research organizations who take care of the complete management of the trial and about 50 % of this work is shared between the CRO and the sponsor.
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Clinical trials market from expanded access study segment is projected to register 5.4% CAGR during the forecast period. 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. For instance, in certain cases, several drugs including oncology medicines are delivered to patients prior to their approval by the U.S. FDA and are known to be part of the expanded access study. 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. Such factors associated with expanded access study will fuel the market progression.
Some major findings of the clinical trials market report include:
- Increasing R&D investments for clinical trials is bolstering the business revenue.
- Growing need for post marketing surveillance is fueling the demand for the clinical trials industry.
- Large patient pool, growing clinical trials and R&D activities are some of the factors driving the for Asia Pacific market size.
- Industry players are focusing on various strategies such as acquisition, business expansion and novel service launches to consolidate their market presence.
Browse key industry insights spread across 150 pages with 208 market data tables & 16 figures & charts from the report, “Clinical Trials Market Analysis By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology) Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2022 - 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/clinical-trials-market
Cardiology segment is anticipated to witness 5.5% CAGR to reach USD 7.7 billion by 2030. In the era of life-threatening diseases, the cardiovascular diseases are one of the diseases showing a gradual increase in the prevalence globally, particularly boosted by the modern lifestyle changes. These cardiovascular diseases can lead to disorders such as myocardial infarction such as stroke and heart attacks. As per the WHO (World Health Organization), four of the five cardiovascular disease (CVD) associated deaths are owing to strokes and heart attacks. This is increasing the demand for effective and personalized medicines.
Asia-Pacific clinical trials market is estimated to show robust CAGR of 7.9% during the forecast period attributable to the growing prevalence of diseases, increasing focus on producing medicines for rare diseases and rising government support with respect to establishment of the outsourcing hubs. Also, in countries such as China, India, and Australia, the emerging economy and low cost to manage clinical trial facilities is surging the regional market growth. Also, the growing cases of cardiovascular diseases, obesity, and cancer is supporting the market expansion. Furthermore, increasing number of biotechnology firms are looking for APAC region including Singapore, India, South Korea, and Japan has propelled the regional market trends.
A few notable companies operating in the clinical trials market include Laboratory Corporation of America Holdings, IQVIA, Pharmaceutical Product Development, ICON plc, and PAREXEL International. Industry players are focusing on various strategies such as acquisitions, collaborations, and novel service launches to consolidate their market presence.
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
