Market Overview:

The world Clinical Trials Market size is estimated to reach USD 68.9 billion by 2026. It is expected to expand at a CAGR of 5.7% throughout the forecast period. Globalization has led to rise in investment in new product development in growing countries thereby, positively impacting the market. The availability of the vast array of services from drug discovery to post-marketing surveillance has further simplified the life for mid-size and small-scale pharmaceutical and biotechnological organizations by providing them the option to outsource what they think is beyond their core expertise. For example, Pfizer presently has three CROs working with it to improve its product portfolio and drive innovation. 

Market drivers and restraints:

The key factors found propelling the growth of the market include the high demand for clinical trials in growing markets, high R&D spending of the pharmaceutical market, a growing prevalence of diseases, and the focus on rare diseases and multiple orphan drugs in the pipeline. The market is developing at a high pace, due to the advancements in healthcare and growing patented new chemical entities (NCE) indicated for different health conditions.

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Report segmented as:

By phase:

• Phase 1
• Phase 2
• Phase 3

By indications:

• Autoimmune
• Blood disorders
• Cancer
• Circulatory
• CNS
• Congenital
• CVS
• Dermatology
• Ear
• Gastrointestinal
• Genitourinary
• Infections
• Mental disorders
• Metabolic
• Musculoskeletal
• Nose
• ophthalmology

By design:

• interventional trials
• observational trials
• expanded access trials

Geographical analysis:

On the basis of geography, the global market for clinical trials market is segregated into North America, Asia Pacific, Latin America, Europe, and Middle East and Africa. North America is the largest market in terms of market share across the world, followed by Europe. Ample availability of funds to outsource clinical trials serves as the key growth driver for the North America. The spread of analytics and awareness of its potential are rising at a fast rate in Europe. The clinical trial market in the Asia Pacific region is estimated to grow at the highest CAGR, which is greatly due to initiatives from the government and contributions from academic laboratories, which helped boost the growth.

Important market players:

Major players including Quintiles IMS, Paraxel International Corporation, Charles River Laboratories, ICON plc, SGS SA among the others dominate the global clinical trials market.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

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