The global clinical trials business is worth an estimated $50bn in 2008, with a rate of growth of 10%. In recent years, the nature of clinical trials has changed considerably. An increased emphasis has been placed on cost-effectiveness of pharmaceutical R&D, as well as increased productivity to maintain the high output of recent years. Consequently, the pharmaceutical industry has witnessed rapid expansion of outsourced clinical services in both the West and in developing nations, most notably India and China. Importantly, pharmaceutical and biotechnological companies are increasingly delegating the responsibility of clinical trials to contract research organisations (CROs).
This visiongain report investigates the global market for such services, providing forecasts for revenues and expenditure there, as well as a comprehensive examination of principles driving and restraining the clinical trials market worldwide. Neither pharmaceutical companies nor CROs can afford to ignore this research, which relies heavily upon interviews with experts in the relevant sectors, as well as providing comprehensive revenue forecasts for the next 10 years. The market will show considerable growth in the future, as this visiongain report, Global Clinical Trial Business 2008-2018, explains in detail.
The majority of the revenues generated by the clinical trials industry are due to large pharmaceutical companies outsourcing clinical research, the most crucial and expensive stage of drug development, to companies specialising in that work. The major challenge for the pharmaceutical companies in the next five years will be to maintain high growth rates. The branded pharmaceuticals market is under substantial pressure due to:
- Existing generic competition
- Impending loss of major patents
- Relatively thin pipeline.
Because of the nature of the clinical trials industry it will, in turn, experience increasing pressures to deliver a cost-effective service. The demand among drugs companies for a more cost-efficient pipeline has therefore intensified in recent years. The strategy that pharmaceutical companies now seem to be applying to clinical trials mirrors the latest trends in the drug discovery section of development.
Contract research organisations (CROs) are playing increasingly vital roles on behalf of manufacturers in the global drug development process, from conducting Phase I trials to post-marketing studies. It is often difficult for pharmaceutical and biotech companies to decide which CRO to offer a contract to. The market is due to undergo rapid change over the coming years, with different companies approaching the challenges in different ways. The CRO market, however, continues to grow steadily at an average 10% yearly growth rate. Visiongain predicts that there remains a sufficient growth opportunity for both mainstream and other CROs.
Why You Should Buy This Report:
In Global Clinical Trial Business 2008-2018 you will receive the following essential information for understanding the clinical trial business:
- The value of the clinical trial business market and its principal market segments from 2008 to 2018
- Which current or future therapies that will drive the market for clinical trial business from 2008 to 2018
- Market drivers and restraints, including a comprehensive SWOT analysis
- Comprehensive views of key opinion leaders on clinical trial business
- The companies involved in clinical trial business and their business strategy
- Forecasts for revenue in each of the phases of clinical trial business
- The present state of clinical trial business and future trends there
- What contract research opportunities exist for market entrants, both established companies and newcomers
- The main concerns for outsourcing clinical trials to CROs
- Ways to improve cost-effectiveness of clinical trial business
- Changes in clinical trial regulations
- Focus on drug safety issues.
Clinical trials are now performed in many regions of the world, with increasing numbers of major pharmaceutical and biotechnology companies performing or outsourcing clinical trials in rapidly developing nations such as India and China.
Visiongainâ€™s Global Clinical Trial Business 2008-2018 report also covers the following issues:
- Electronic data capture (EDC) systems have existed for approx. 20 years and pharma companies are beginning to recognise the value of those processes in clinical research.
- Adaptive clinical trials are a concept in development: adaptive trial designs have the potential to benefit drug development programmes, changing current processes
- Biomarkers can increase efficiency of clinical trials by identifying potential failures early, saving time and money potentially, facilitating drug development and paving the way to more-personalised medicine with better safety and efficacy profiles, especially in defined populations.
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