by Success of Clinical Trials for COVID-19 Vaccines Boosts Market Growth
The coronavirus pandemic has brought research labs and healthcare institutions under great scrutiny for accelerating the clinical trials for COVID-19 vaccines. As such, the success in these clinical trials has led to global recognition of India for supplying several lack of free doses to Brazil, Bangladesh, Algeria, and South Africa. Countries such as Sri Lanka are following suit whilst creating incremental opportunities for stakeholders in the clinical trials market.
Get the sample copy of report@ https://qyresearchmedical.com/sample/111827
The Food & Drug Administration (FDA) is creating awareness about Coronavirus Treatment Acceleration Program (CTAP) in order to bring economies to normal. Companies in the clinical trials market are taking advantage of this program to make new treatments available to patients as quickly as possible.
Clinical Trial Recruitment Companies Essential for Matching Patients with Right Trial
The clinical trials market is estimated to cross US$ 83.5 Bn by the end of 2030. However, finding the right patients is one of the most important pieces of the puzzle with respect to conducting clinical trials. Hence, stakeholders are working with experts at clinical trial recruitment companies to match patients with the right trials.
Slow recruitment is another challenge faced by companies in the clinical trials market. Hence, companies are becoming aware about scrutinizing existing patient data to anticipate potential recruitment challenges in the long run. Clinical trial innovations are anticipated to bolster participation from volunteers.
FDA Guidelines Pave Way for Innovations for At-home, At-clinic Clinical Trials
Companies in the clinical trials market are following guidelines of the FDA to advance in processes. They are referring to FDA guidance about Severely Debilitating or Life-Threatening Hematologic Disorders (SDLTHDs) in patients. Companies are increasing efforts to fill in the gap between scientific and technical complexities of clinical trials. Thus, companies are investing in improving the academia and are developing new incentives that reward collaboration from volunteers.
Companies in the clinical trials market are taking additional efforts to develop networks that enable procedures at a patient’s home or at their private doctor’s clinic. This has led to innovations in sensor devices, patient reported outcomes on their computers, and flash pictures of their lesions from their cellphones that contribute toward processes.
Coronavirus Pandemic Pushes Sponsors, Patients to Adopt Virtual Clinical Trials
Compliance with protocols is one of the key trends followed by stakeholders in the clinical trials market. Clinical trials supervised by Principal Investigators are gaining prominence in the market landscape. Continued positive cases for coronavirus have increased relevancy and role of stakeholders in the clinical trials market. This shift has pushed clinical trials to go virtual.
Stakeholders in the clinical trials market are teaming up with virtual clinical trial experts to capitalize on business opportunities during the ongoing pandemic. Even regulatory authorities have released guidelines to assist sponsors and patients via telemedicine and virtual trial tools to create viable solutions for current operational problems.
Digital Health Innovations Give Impetus to IoMT for Enhancing Clinical Development Programs
The proliferation of digital innovations with the help of wearables and sensors is translating into value grab opportunities for companies in the clinical trials market. ICON plc— a clinical research organization company is researching how digital endpoints, including digital biomarkers can improve trial outcomes. This has led to the adoption of digital health technologies that enable appropriate device selection and data strategies.
Digital health innovations hold promising potentials to better manage chronic diseases and improve patient access to healthcare services. Stakeholders and sponsors are taking efforts to improve adherence to medications and prevent its complications in patients. The Internet of Medical Things (IoMT) has the potential to enhance clinical development programs involving med-tech and pharmaceutical companies.
Analysts’ Viewpoint
There is a need for trial innovations since recently several volunteers were given wrong dose of the late stage clinical trial of the Oxford/AstraZeneca Covid-19 vaccine. The clinical trials market is predicted to advance at a modest CAGR of ~5% during the forecast period. This is evident since stakeholders need to address challenges pertaining to site management and compliance in order to improve trial outcomes. Hence, companies are developing clinical trial timelines to avoid delays, and are increasing transparency with their sponsors to offer them a 360 degree view of the processes happening at development centers. IoMT is acting as a key driver for the market.
Clinical Trials Market: Overview
The global clinical trials market for the historical period 2018–2019 and forecast period 2020–2030, high prevalence and increase in incidence rate of chronic diseases and rise in R&D activities in biotechnology & pharmaceuticals industries are projected to drive the global clinical trials market during the forecast period
According to the report, the global clinical trials market was valued over US$ 46.7 Bn in 2019 and is anticipated to expand at a CAGR of ~5% from 2020 to 2030
High Prevalence and Increase in Incidence Rate of Chronic Diseases to Drive Demand for Clinical Trials: Key Drivers
Chronic diseases such as chronic respiratory diseases (CRD), diabetes, chronic kidney diseases (CKD), cancer, cardiac stroke, and neurological disorders are the leading causes of disability and mortality across the globe
The emergence and outbreak of various infectious and chronic diseases have created challenges and new opportunities for researchers to develop new diagnostic tools, tests, drugs, and vaccines for early diagnosis, prevention, and cure of such diseases
Hepatitis and HIV are the other major infectious diseases. According to the World Health Organization (WHO), as of October 2017, around 71 million people across the world were estimated to have hepatitis C infection. The WHO also stated that 36.7 million people were affected with HIV across the globe.
An article published by Columbia, Mailman School of Public Health on infectious disease epidemiology stated that infectious diseases continue to have a substantial impact on the health of communities across the world. Various seasonal outbreaks of diseases in certain parts of the world, global epidemics, the threat of resistant bacteria, and the challenge of emerging and newly identified pathogens increase the need of new methods to detect such pathogens, to understand their pathogenesis, and to devise effective interventions for their prevention and control.
These factors have led to an increase in demand for clinical trials, and are expected to drive the clinical trials market from 2020 to 2030
Rise in R&D Activities in Biotechnology and Pharmaceuticals Industries Boosts Market Growth
Clinical research organizations, diagnostic laboratories, and biotechnology players are engaged in the development of newer diagnostic tests to address the unmet needs in the healthcare industry. The life science industry’s R&D spending is driven primarily by the mass and research intensity of the biopharmaceutical sector, which accounts for nearly 85% of all expenditure.
Additionally, laboratories strive to improve equipment cost and performance. UHPLC and ultra-fast mass spectrometers are more reliable, faster, and more sensitive as a result of research initiatives by major players.
Acceleration in biopharmaceutical R&D innovation, buoyed by several contributing factors such as precision medicine getting into gear in rare diseases, cancer, and autoimmune diseases; immunotherapy, expansion of therapeutic modalities exploiting natural and synthetic biology innovation, and expedited regulatory pathways boost the growth of the clinical trials market
Patient Recruitment and Retention to Hamper Global Market
Shift in focus toward genetic and rare diseases has made recruitment of relevant patient population a challenging task. Moreover, lack of awareness among patients of clinical trials presents a challenging environment for CROs.
Lack of appropriate patient recruitment could have an impact on the scientific and financial viability. According to the Tufts Center for the Study of Drug Development, in 2013, 11% of the sites failed to recruit even a single patient for clinical trial.
Other factors responsible for poor patient recruitment are patient’s fear of side effects, illiteracy, language barrier for region-specific clinical trials, and recording of the consent process
Factors affecting the retention of patients for clinical trials include serious adverse events, fear of complex medical procedures, poor compliance of protocol, lack of dedication toward patient safety, and lack of support from family. This significantly affects the advancement of clinical trial process and product development.
Clinical Trials Market: Competition Landscape
This report profiles major players in the global clinical trials market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
Leading players operating in the global clinical trials market are
- Laboratory Corporation of America Holdings
- IQVIA, Inc.
- Syneos Health
- Parexel International Corporation
- PRA Health Sciences, Inc.
- PPD, Inc.
- Icon plc
- Charles River Laboratories, Inc.
- WuXi AppTec
- Medpace Holdings, Inc.
Key Questions Answered in Clinical trials Market Report
- How does the development of clinical trials provide scope of growth in the global clinical trials market?
- How alliances and partnerships between players are widening the scope of new line of technologies for clinical trials?
- What are the revenue share projections of key segments under various criteria in the clinical trials market during the forecast period?
- Which segment is likely to register leading revenue until the end of the forecast period in 2030?
Clinical Trials Market – Segmentation
Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Study Design
- Interventional Trials
- Observational Trials
- Expanded Access Trials
Indication
- Autoimmune/Inflammation
- Pain Management
- Cardiovascular
- CNS Condition
- Oncology
- Diabetes
- Obesity
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Purchase Complete Report Now@ https://qyresearchmedical.com/report/checkout/111827/2900
