Clinical Trials Market is Expected to Reach $52.0 billion | MarketsandMarkets.

Chicago, July 07, 2023 (GLOBE NEWSWIRE) — The clinical trials industry is on the cusp of transformative advancements in the near future. With ongoing advancements in technology, data analytics, and regulatory frameworks, the landscape of clinical research is evolving to become more efficient, patient-centric, and cost-effective. Virtual and decentralized clinical trials are gaining momentum, allowing for greater participant diversity, improved patient recruitment, and reduced logistical challenges. The integration of wearable devices, mobile health applications, and remote monitoring technologies enables real-time data collection, enhancing the accuracy and timeliness of clinical trial results. Moreover, the emergence of artificial intelligence and machine learning algorithms facilitates the analysis of large datasets, identification of patient subgroups, and predictive modeling for better trial design and patient stratification. Furthermore, regulatory agencies are embracing innovative trial designs, adaptive protocols, and expedited approval pathways, enabling faster drug development and access to novel therapies. The future of the clinical trials industry holds immense promise, with increased efficiency, inclusivity, and patient-centricity, ultimately leading to faster, safer, and more effective treatments for a wide range of medical conditions.

Clinical Trials market in terms of revenue was estimated to be worth $38.7 billion in 2021 and is poised to reach $52.0 billion by 2026, growing at a CAGR of 6.1% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The drug discovery process is complex, particularly in the clinical stage. Conducting clinical trials is both risk and resource-intensive, which necessitates maintaining a balance for executing each clinical trial stage correctly. This is expected to propel the demand for outsourcing clinical trial services, in turn driving the clinical trials market growth. On the other hand, shortage of skilled professionals and meeting the need of providing unique analytical testing approach may challenge market growth to a certain extent.

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Clinical Trials Market Scope:

Clinical Trials market major players covered in the report, such as:

• IQVIA (US)
• LabCorp (US)
• Charles River Laboratories (US)
• WuXi AppTec (China)
• Syneos Health (US)
• Parexel International (US)
• PPD (US)
• ICON Plc (US)
• Medpace Holdings (US)
• SGS (Switzerland)
• PSI CRO AG (US)
• Axcent Advanced Analytics (US)
• BIO Agile Therapeutics (US)
• Firma Clinical Research (US)
• Acculab Life Sciences (US)
• Azelix (US)
• CTserv (US)
• Pepgra (UK)
• and Dove Quality Solutions (US)
• Novotech Health Holding (Australia)
• Geneticist Inc. (US)
• Linical Americas (US)
• Frontage Holding Corporation (US)
• Celerion (US)
• and Among Others

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The study categorizes the clinical trials market into the following segments and subsegments:
BY PHASE

• Phase I
• Phase II
• Phase III
• Phase IV

BY SERVICE TYPE

• Protocol Designing
• Site Identification
• Patient Recruitment
• Laboratory Services
• Bioanalytical Testing Services
  • Cell-based Assays
  • Virology Testing
  • Method Development, Optimization, & Validation
  • Serology, Immunogenicity, & Neutralizing Antibodies
  • Biomarker Testing Services
  • PK/PD (Pharmacokinetics/Pharmacodynamics) Testing Services
  • Other Bioanalytical Testing Services
• Analytical Testing Services
• Clinical Trial Supply & Logistic Services
• Decentralized Clinical Services
• Clinical Trial Data Management Services
• Medical Device Testing Services
• Other Clinical Trial Services

BY THERAPY AREA

• Oncology
• Infectious Diseases
• Cardiology
• Neurology
• Women’s Health
• Genetic Diseases
• Immunology
• Other Therapy Areas

BY APPLICATION

• Vaccine
• Cell & Gene Therapy
• Small Molecules
• Other Applications

BY REGION

• North America
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Rest of Asia Pacific
• Latin America
• The Middle East and Africa

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The key stakeholders in the Clinical Trials market include:

• Pharmaceutical and Biotechnology Companies: These companies play a vital role as sponsors or initiators of clinical trials. They fund and oversee the research, development, and testing of new drugs and therapies, aiming to gain regulatory approval for their products.
• Contract Research Organizations (CROs): CROs provide specialized services to pharmaceutical and biotech companies, assisting in the planning, design, implementation, and management of clinical trials. They offer expertise in protocol development, site selection, patient recruitment, data management, and regulatory compliance.
• Research Sites and Investigators: Research sites, including hospitals, clinics, and academic institutions, serve as the physical locations where clinical trials are conducted. Investigators, often physicians or researchers, lead the trials, enroll patients, collect data, and ensure compliance with protocols and ethical guidelines.
• Regulatory Authorities: Regulatory authorities, such as the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA), play a critical role in overseeing and approving clinical trials. They evaluate the safety, efficacy, and quality of investigational drugs and therapies, ensuring compliance with ethical standards and regulatory requirements.
• Ethical Review Boards and Institutional Review Boards (IRBs): These independent committees review and approve the ethical aspects of clinical trial protocols to safeguard the rights and welfare of participants. They assess the risks and benefits of the study and ensure that informed consent is obtained from participants.
• Patients and Patient Advocacy Groups: Patients are crucial stakeholders in clinical trials as they participate in the research studies. Their involvement is vital for evaluating the safety and efficacy of investigational treatments. Patient advocacy groups represent the interests and perspectives of patients, advocating for their rights and involvement in clinical trials.
• Data Management and Technology Providers: Companies specializing in data management, electronic data capture (EDC), electronic patient-reported outcomes (ePRO), and other technology solutions play a significant role in collecting, organizing, and analyzing clinical trial data. They ensure data integrity, security, and compliance with regulatory standards.
• Healthcare Professionals: Physicians, nurses, and other healthcare professionals are involved in the recruitment, monitoring, and care of patients enrolled in clinical trials. Their expertise and guidance are critical for ensuring the safety and well-being of participants throughout the trial.

These stakeholders work together to drive the progress and success of clinical trials, ultimately advancing medical knowledge, improving patient care, and bringing innovative therapies to the market.

Frequently Asked Questions (FAQs) of Clinical Trials Market:

Q1. What is the total market value of Clinical Trials Market report?

Q2. Which are the top companies holding the market share in Clinical Trials Market?

Q3. Which are the largest regions for this Market?

Q4. What is the leading technology of Clinical Trials Market?

Q5. What are the major drivers for this specific Market?

Q6. What are the upcoming key trends in the Clinical Trials Market report?

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Recent Developments:

• In September 2021, Syneos Health entered into a strategic collaboration with Ride Health to offer non-emergency medical transportation (NEMT) for clinical trial participants.
• In April 2021, IQVIA acquired Q2 Solutions, a clinical laboratory services organization, from Quest Diagnostics.
• In November 2020, WuXi Apptec expanded its Cell & Gene Therapy Platforms with capabilities to provide high-quality and cost-effective supplies of R&D and GMP Plasmids
• In April 2020, IQVIA launched COVID-19 trial matching service to accelerate treatment and vaccine development against the COVID-19 pandemic in U.S. The company launched comprehensive online screener and trial matching tool for all COVID-19 trials in the US.
• In May 2020, IQVIA announced the Japan and Asia Pacific expansion of IQVIA Biotech to deliver integrated clinical solutions and support biotech and emerging biopharma companies.

Reasons to Buy the Report – The report provides insights on the following pointers:

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the clinical trials market and provides them information on key market drivers, challenges, and opportunities.

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