World News: 11:47 GMT Friday 7th December 2018. [Research and Markets via Globe Newswire via SPi World News]
Dublin, Dec. 07, 2018 (GLOBE NEWSWIRE) -- The report has been added to offering.
The Clinical Trials Market was valued at USD 32,700 million in 2017, is expected to register a CAGR of about 4.2% during the forecast period, 2018-2023.
Demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, increasing prevalence of diseases, and focus on rare diseases and multiple orphan drugs in pipeline are the major factors fueling the growth of the clinical trials market.
There are still a large number of unmet clinical needs in the emerging countries, due to the prevalence of infectious and tropical diseases in the region. India and China have the highest prevalence rate for metabolic disorders, due to the increase in number of individuals combined with the prevalence of insulin resistance, hyperlipidemia, and obesity.
Medical expenses tend to be more expensive in these countries as healthcare is provided chiefly by private hospitals. It is to be noted that insurance coverage on healthcare is extremely low, in comparison with developed countries. Owing to these aforementioned factors, a large section of the population participates in clinical trials to access high quality healthcare free-of-cost.
Another factor that drives the clinical trials market growth in emerging countries is the cost of conducting these trials. The cost is around 40-60% lesser in emerging countries, as compared to the cost in developed countries, such as the United States, Germany, and the United Kingdom.
The cost of clinical trials is the lowest in India, accounting to 36% of the total cost in the United States. This is largely attributed to the reduced labor costs for clinical operations personnel, low costs for handling clinical trial supplies, low cost involved in the recruitment of patients and physicians, and low distribution cost, due to cheap local courier services.
The other factors, such as high R&D spending of the pharmaceutical industry, increasing prevalence of diseases, and focus on rare diseases and multiple orphan drugs in pipeline are also driving the clinical trials market.
Clinical trials involve human subjects, which forms a complex environment to work. It was observed that the number of tenure-track principal investigators conducting clinical trials within the NIAID/NIH intramural program had decreased with years.
The clinical investigators do not get enough support from their academic institutions and are largely left to design a trial and gather the necessary resources on their own. Therefore, there is an increased shrinkage in the number of clinical research personnel who are interested to work in this sector.
This is a challenging factor for the clinical trials market, as they require knowledgeable and well-trained staff. This is one of the major factors that hinder the growth of the clinical trials market in emerging countries of the Middle East & Africa.
The other factors, such as regulatory quality in emerging markets and stringent regulations for patient enrollment are also hindering the growth of the market.
The global clinical trials market is segmented by phase and by design. By phase, it is further segmented into phase I, phase II, phase III, and phase IV. The phase III segment of the market studied is one of the most critical phases assessing the effectiveness of the new intervention as well as its value in clinical practice.
Most of the phase III clinical trials can be marketed FDA norms through approval of a New Drug Application (NDA) containing all manufacturing, pre-clinical, and clinical data. The patients' size is huge and varied between 300-3000 and several cases much higher. In 2017, this segment held 54% revenue share in the market.
By type of design, it is further segmented into treatment studies and observational studies. Further, treatment studies is divided into three major categories, including Randomized Control Trial, Adaptive Clinical Trial, and Non-Randomized Control Trial.
Whereas the observational studies can be divided into four sub-segments, which are cohort study, case control study, cross sectional study, and ecological study.
Laura Wood, Senior Press Manager
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Related Topics: Clinical Trials
Globe Newswire: 11:47 GMT Friday 7th December 2018
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