JERSEY CITY, N.J., May 25, 2021 /PRNewswire/ -- Verified Market Research recently published a report, "Clinical Trial Market" By Phase (Phase I, Phase II, Phase III, & Phase IV), By Study Design (Interventional, Observational, & Expanded Access), By Indication (Autoimmune/Inflammation, Pain management, Cardiovascular, CNS condition & Others), and By Geography. According to Verified Market Research, the Global Clinical Trial Market was valued at USD 42.97 Billion in 2020 and is projected to reach USD 66.17 Billion by 2028, growing at a CAGR of 5.55% from 2021 to 2028.
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Browse in-depth TOC on "Clinical Trial Market"
202 - Pages
126 – Tables
37 – Figures
Global Clinical Trial Market Overview
An important growth driver for the clinical trials market is the rising number of people suffering from chronic diseases, which demands the formulations of new medicines and treatments for improving the condition of a patient suffering from a chronic disease. According to the WHO 2018 Report, chronic diseases kill 41 million people every year, which is equivalent to 71% of all deaths globally. The increasing investment on R&D by major market players is also expected to significantly contribute towards the growth of the market.
According to the WHO 2018 Report, chronic diseases kill 41 million people every year, which is equivalent to 71% of all deaths globally. The increasing investment on R&D by major market players is also expected to significantly contribute towards the growth of the market. For instance, Pfizer Inc.'s research and development spending grew 13%, USD 7.66 Billion in 2017 to USD 8.65 in 2019, according to data collected by S&P Global Market Intelligence. The COVID-19 pandemic has led to a spike in the number of clinical trials performed across the globe, in an attempt to come up with a vaccine for the virus as soon as possible. The pandemic, apart from being a significant reason for the spike in the market.
Key Developments in Clinical Trial Market
- In March 2021, Pfizer and Moderna launched clinical trials for coronavirus vaccines in children 6 months to 11 years old.
- In February 2021, Pfizer Inc. and BioNTech SE announced that the first participants have been dosed in a global Phase 2/3 study to further evaluate the safety, tolerability, and immunogenicity of the Pfizer-BioNTech COVID-19 vaccine(BNT162b2) in preventing COVID-19 in healthy pregnant women 18 years of age and older.
The major players in the market are Clinipace, Pfizer Inc., Novo Nordisk A/S, Eli Lilly and Company, Syneos Health, ICON Plc, Wuxi AppTec, PRA Health Sciences, SGS SA, Parexel International among others.
Verified Market Research has segmented the Global Clinical Trial Market On the basis of Phase, Study Design and Indication and Geography.
- Clinical Trial Market by Phase
- Phase I
- Phase II
- Phase III
- Phase IV
- Clinical Trial Market by Study Design
- Expanded Access
- Clinical Trial Market by Indication
- Pain management
- CNS condition
- Clinical Trial Market by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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