Press release
Clinical Trials Market Analysis and Growth 2023 by Top Companies - Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River
Clinical Trials are research studies performed on humans to gain specific information about biomedical interventions such as novel vaccines, devices, treatments and drugs and thereby generating safety data. They are conducted in four phases namely, Phase I, II, III and IV. It is mandatory for further approval of the drug and to bring it into the market.
The Clinical Trials Market is mainly driven due to advancement in technology, increasing demand of innovative solutions in healthcare industry, and further boosted the alliances between the pharma-biotech companies and the clinical research organizations. But the market growth can be hampered due to factors such as lack of skilled professionals to operate advanced CTMS solutions and budget constraints of small- and medium-sized pharmaceutical and biotechnology companies and small CROs.
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Clinical Trials Market Size:
According to Market Data Forecast, The Clinical Trials Market has been estimated at USD 17.12 Billion in 2018 and is projected to reach USD 24.87 Billion by 2023 at a CAGR of 7.75% during the forecast period from 2018 to 2023.
Market Segmentation:
Global Clinical Trials market is segmented based on Phase, design and indication. By Phase, the market is further sub-segmented into Phase I, Phase II, Phase III. By design, the market is further sub-segmented into Interventional trials, Observational trials, Expanded Access trials. By indication, the market is further sub-segmented into Autoimmune, Blood disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology. Cancer and CNS are the largest market share contributors to the market. Segments like Gastrointestinal, Circulatory, Dermatology and Mental Disorders are moving with high CAGR due to their increasing occurrence.
Geographical Analysis:
Geographically, a Global market for Clinical Trials is segmented into North America, Asia Pacific, Latin America, Europe, and Middle-East and Africa. North America is the biggest market in terms of market share across the globe, followed by Europe. Ample availability of funds to outsource Clinical Trials serves as the major growth driver for North America. The spread of analytics and awareness of its potential are increasing at a rapid rate in Europe. The Clinical Trials market in the Asia-Pacific region is projected to grow at the highest CAGR, which is greatly due to initiatives from the government and contributions from academic laboratories, which helped augment growth.
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Key Players in this Market:
• Chiltern
• Omnicare
• PPD
• Parexel
• Kendle
• Quintles
• ICON Plc
• Charles River
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Reasons to Purchase Clinical Trials Market Report
• Current and future Clinical Trials Market Outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
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About Us
Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.
For more information:
Abhishek Shukla
Sales Manager at Market Data Forecast
Email: abhishek@marketdataforecast.com
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