Global Clinical Trials Research Market to Grow by CAGR of ~6% During 2022 – 2031 on the Back of Escalating Number of Clinical Trials

Research Nester published a report titled “Clinical Trials Research Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers a detailed overview of the global clinical trials research market in terms of market segmentation by phase, study design, application, and by region

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, and supply and demand risk, along with a detailed discussion of current and future market trends that are associated with the growth of the market.

The global clinical trials research market is projected to grow at a CAGR of ~6% by attaining robust revenue during the forecast period, i.e., 2022 – 2031. Increasing adoption and development of novel drugs are anticipated to propel the growth of the market during the forecast period. Center for Drug Evaluation and Research (CDER) gave its approval to about 50 novel drugs. Additionally, around 550 new medicine were found to be under development procedure in 2020. Furthermore, a higher prevalence of chronic diseases across the globe is also projected to influence the growth of the market positively over the forecast period. For instance, around 40 million deaths are caused by the chronic disease every year.  

Additionally, by application, the global clinical trials research market is segmented into cardiology, oncology, dermatology, ophthalmology, and autoimmune diseases. Out of these sub-segments, the cardiology segment is estimated to obtain the largest share in the market during the forecast period. The growth of the segment can be accounted to the rising cases of cardiovascular diseases. As of 2019, approximately 18 million individual lost their life on account of cardiovascular diseases worldwide summing up to nearly 30% of the entire population.

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Furthermore, the global clinical trials research market, by region, is bifurcated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Out of these regions, the market in the North America region is estimated to grow at a rapid pace over the forecast period on the back of a growing number of clinical trials in the region. For instance, around 55,000 medical studies were conducted in the USA by the end of 2022 which increased from about 50,000 in 2021.

The research is global in nature and covers a detailed analysis of the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook, etc. have also been covered and displayed in the research report.

Spiking Cases of Medication Errors to Foster the Growth of the Market

U.S. FDA receives the number of reports associated with medication errors per year is stated to more than 100,000. 

Medication errors can be life-threatening and that’s the reason, proper initiatives must be applied before administering new medical medicine or methods. In such circumstances, clinical trials research becomes very necessary. Therefore, such a significant requirement is anticipated to propel the growth of the market during the forecast period.

However, the challenging and long-term procedure of clinical research and the shortage of skilled workforce to convey trials is expected to operate as a key restraint to the growth of the global clinical trials research market over the forecast period.

This report also provides the existing competitive scenario of some of the key players in the global clinical trials research market which includes company profiling of IQVIA Inc., Clinipace Inc., Parexel International Corporation, Pfizer Inc., PPD Inc., Novo Nordisk A/S, Eli Lilly and Company, GSK plc, Merck & Co., Inc., and AstraZeneca plc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the global clinical trials research market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching for possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.     

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