The spending on Clinical Trials is projected to grow at ~4% CAGR through 2029
Collaboration at Its Peak: Key Strategy of Manufacturers in Clinical Trials Market
For reducing economic burden, many companies are planning to shift their focus towards on-core business activities, thereby outsourcing their clinical trials activities to the CROs (contract research organizations). This in turn influences biotechnology and pharmaceutical companies for outsourcing clinical trials activities to the CROs in APAC. Major CROs are approached by the drug companies at a notable rate for close business collaboration, which in turn results in increasing number of consolidations by means of M7A in CRO industry.
- Eli Lilly and Company:The clinical trials company has made an announcement regarding its collaboration with NextCure, Inc. for discovering and developing immuno-oncology therapies. This collaboration will mainly help in discovering new cancer targets using proprietary FIND-IO platform of NextCure, Inc. This in turn is likely to create ample growth opportunities for clinical trials market with increasing number of research activities probable to take place.
- Novo Nordisk A/S:The clinical trials company recently entered into a research collaboration with Embark Biotech ApS for discovering new treatments beneficial for obesity and its related metabolic pathologies by means of mechanisms, which increase energy expenditure. Clinical trials market is likely to witness major revenue contribution from the emerging development of the next-gen anti-obesity therapies by Novo Nordisk A/S and Embark Biotech ApS.
- Sanofi Aventis A.S.:The clinical trials company lately introduced Aubagio®, which is a once-a-day oral medicine that is highly effective and convenient for Multiple Sclerosis diagnosed patients. Better diagnostic facilities and growing awareness is leading to new cases of Multiple Sclerosis. This proven clinical-efficiency can be taken up as a long-term treatment with safe and tolerable outcomes, thereby stimulating the need for further clinical trials.
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India to Take a Major Toll in Clinical Trials Market
Developing economies such as India clinical trials market is expected to prove attractive markets owing to increasing availability of expert practitioners, growing government support with regards to development of the outsourcing hubs. Growing prevalence of metabolic disorders with rising number of patients suffering from obesity, metabolic disorders and are insulin resistant continues to offer growth opportunities for APAC clinical trials market. Lesser insurance coverage and growing medical expenses due to increasing presence of private hospitals is leading to rapidly increasing need for clinical trials for accessing free-of-cost high-quality healthcare. Reduced labor cost for the clinical operations personnel, lower recruitment costs, low costs related to handling of clinical trial supplies and growing focus on multiple orphan drugs further drives the growth of APAC clinical trials market.
Biopharmaceutical Companies to Significantly Drive Revenue Growth of Clinical Trials Market
Virtual development models are expected to provide new pathways for the clinical trials market in the near future with surging demand from the pharmaceutical companies. Introduction of new medications such as personalized medicine and growing demand for CROs for conducting clinical trials is expected to drive clinical trials market across the globe. Growing number of patients suffering from special diseases offers biopharmaceutical companies manufacturing opportunities, which in turn leads them to make heavy investments in clinical trials. Dearth of experts for the purpose of operating innovative and advanced CTMS solutions is likely to pose significant challenges for the clinical trials market.
Bifurcation of Clinical Trials Market Is Done Based On Indication and Phases
On the basis of indication, clinical trials market is segmented into
- Mental disorders
- Gastrointestinal diseases
- Cardio vascular system (CVS) diseases
- Metabolic disorders
- Central nervous system (CNS)
- Musculoskeletal diseases
- Congenital diseases
- Genitourinary diseases
- Circulatory diseases
- Autoimmune diseases
- Blood disorders
On the basis of phases, clinical trials market is segmented into
- Phase IV
- Phase III
- Phase II
- Phase I
The clinical trials market research report offers comprehensive analysis of the global market and consists of thoughtful insights, historical data and facts along with industry validated and statistically supported market data. In addition, the clinical trials market research report had mentioned forecasted information by means of suitable set of methodologies and assumptions. The report further offers information and analysis based on market segments.
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