Clinical Trials Market Worth USD 83.5 Billion with CAGR of 5.4% to 2030 | TMR Study
13 Oct 2022
Vaccine
The high prevalence of chronic illnesses as well as the rise in their incidence rate is estimated to raise need for clinical trials
The pharmaceutical and biotechnology businesses are increasing their R&D efforts, which is estimated to assist the global market thrive
WILMINGTON, Del., Oct. 13, 2022 /PRNewswire/ -- By 2030, the clinical trials market size is likely to surpass value of US$ 83.5 Bn. According clinical trials market analysis, in 2019, the global clinical trials market was worth more than US$ 46.7 Bn. As per clinical trials market data, the global market is expected to develop at 5.4% CAGR during the forecast period, from 2020 to 2030. The high prevalence as well as rising occurrence of chronic illnesses, along with the expansion of R&D in the pharmaceutical and biotechnology businesses, are anticipated to fuel the growth of the global clinical trials market in the forthcoming years.
Globally, the main causes of disability and death are chronic diseases including neurological disorders, chronic respiratory diseases, chronic kidney diseases, cancer, cardiac strokes, and diabetes. Researchers now face new obstacles and possibilities due to development and spread of several infectious and chronic illnesses. These diseases require timely detection, prevention, as well as treatment, which calls for the development of novel diagnostic tools, medications, tests, and vaccinations.
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In order to meet the unmet demands in the healthcare sector, clinical research institutions, biotechnology businesses, and diagnostic laboratories are working to create newer diagnostic tests. This is also anticipated to emerge as one of the key clinical trials market trends. The bulk and research rigor of the biopharmaceutical industry, which contributes toward close to 85% of total expenditures, are the primary drivers of the life science industry's R&D investment.
Global Clinical Trials Market: Key Competitors
Laboratory Corporation of America Holdings
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Global Clinical Trials Market: Segmentation
Phase
Phase III
Interventional Trials
Observational Trials
Expanded Access Trials
Indication
Autoimmune/Inflammation
Oncology
Obesity
Other
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