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Global Clinical Trials Market Report 2021: Market Players are Undertaking Growth Strategies Such as Mergers and Acquisitions Along with New Product Launches
DUBLIN, May 12, 2021 /PRNewswire/ -- The "Global Clinical Trials Market, By Type (Pharmaceutical Trials Vs Medical Device Trials), By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By Indication, By End User, By Company, By Region, Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Clinical Trials Market was valued at USD51.25 billion in 2020 and is anticipated to reach USD77.20 billion by 2026, registering a CAGR of 7.10% in the next five years.
The market is driven by the outbreak of tropical and infectious diseases such as COVID-19, which has led to extensive clinical trials around the world in order to find the suitable treatment and vaccine.
Also, the digitization of clinical trials is anticipated to propel the growth of this market in the coming years.
Additionally, the increasing prevalence of chronic diseases and growing need for personalized drugs are some other key factors propelling the growth of the Global Clinical Trials Market. Governments in various economies are also providing favorable support for clinical trials in order to find the cure for deadly diseases like coronavirus. The increasing expenditure on R&D activities and rise in biotechnology firms is also anticipated to drive the market growth through 2026.
The Global Clinical Trials Market can be segmented based on type, phase, study design, indication, end-user and region. Based on indication, the market can be segmented into autoimmune/inflammation, oncology, CNS, diabetes, cardiovascular and others. Among these, the oncology segment dominated the market until 2020 and is expected to maintain its dominance during the forecast period as well owing to increasing expenditure by the medical industry towards preclinical and clinical development of oncology drugs.
Regionally, Asia Pacific is anticipated to witness the fastest CAGR through 2026 owing to a large patient pool suffering from coronavirus and increasing number of biotechnology firms undergoing COVID-19 trials. The favorable support by governments in countries such as India and South Korea is also leading to extensive clinical trials in the two countries.
The market players are undertaking growth strategies such as mergers and acquisitions along with new product launches to increase their share in the Global Clinical Trials Market.
Key Target Audience:
- Clinical trial research organisations, companies/partners and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, industry associations, forums and alliances related to clinical trials
- Market research and consulting firms
Years considered for this report:
- Historical Years: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Global Clinical Trials Market, By Type:
- Pharmaceutical Trials
- Medical Device Trials
Global Clinical Trials Market, By Phase:
- Phase I
- Phase II
- Phase III
- Phase IV
Global Clinical Trials Market, By Study Design:
- Expanded Access
Global Clinical Trials Market, By Indication:
Global Clinical Trials Market, By End-User:
- Clinical Research Organizations
- Pharmaceutical and Biotechnological Companies
- Clinical Testing Laboratories
Global Clinical Trials Market, By Region:
- North America
- United States
- United Kingdom
- South Korea
- South America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Company Profiles: Detailed analysis of the major companies present in the Global Clinical Trials Market.
- GlaxoSmithKline plc
- Pharmaceutical Product Development Inc.
- Covance Inc.
- Syneos Health Inc.
- PRA Health Sciences Inc.
- Medpace Holdings, Inc.
- WuXi Apptec Company Ltd.
- Thermo Fisher Scientific Inc.
For more information about this report visit https://www.researchandmarkets.com/r/st2ch7
Research and Markets
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SOURCE Research and Markets