- Opportunity and Forecast 2016 - 2025
Clinical trials are conducted to examine safety and efficacy of new drugs, medical devices, and methods. These trials are performed after receiving approvals from government authorities and ethics committee. Human participants volunteer for trials, and size & cost aspect vary depending upon clinical study design. Various methods are implemented to execute these trials such as comparative study of the effects on treated subjects and placebo.
Rise in R&D activities, increase in drug development activities, and growth in prevalence of diseases are factor that drive the growth of the global clinical trials market. In addition, collaboration between industry and research institute gives rise to provide faster means to conduct trials. However, longer approval process restrains the market growth. Shift toward patient centric approach owing to technological advancements and increase in investments in developing nations present new growth opportunities for the industry.
The global clinical trials market is segmented based on type and geography. On the basis of types, the market is categorized into study phases, study designs, and indications. Study phases are further segmented into preclinical, phase I, phase II, and phase III. Study designs are subsegmented into interventional, observational, and expanded access trials. Indication segment is classified into autoimmune, blood disorders, cancer, circulatory, CNS, congenital, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key market players (Clinical Research Organizations) operating in the market include Omnicare, Parexel, Chiltern, PPD, Quintles, Kendle, and others. They have adopted various strategies such as collaborations, mergers & acquisition, partnerships, joint ventures, and others to gain a strong foothold in the market. Global competition in pharmaceutical industry enforces companies to devise novel methods and treatment for patients, and this has led to increase in investments into the market.
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