The global clinical trials market has been estimated to reach USD 14.2 billion in 2016 and is projected to reach around USD 22 billion by the year 2021, growing at a CAGR (compounded annual growth rate) of 7.5%, during the forecast period 2016 to 2021. Clinical trial is a part of clinical research that follows a regulated protocol. Clinical trials are primarily performed to get data on safety and efficacy of the new developed drug. Clinical trial data is mandatory for further approval of the drug and to bring it into the market.
The increasing disease burden is propelling the pharmaceutical and biotechnology industry to bring up new chemical entities into the market at a higher rate. Most companies are outsourcing the clinical trials of their newly developed drugs to various contract research organizations as this could save them the hassles of regulatory issues and patient recruitment burden from the research and development phase. Clinical trials allows the drug to be tested for safety by different ethnic population. Due to the higher medical needs and increasing disease prevalence, developing countries are becoming a hub for clinical trial execution. Since 2006, there has been an increased number of trials registered worldwide and it is estimated to increase further in the coming years, which would contribute to the market growth.
The United States and Canada have the highest market share in the clinical trials market, followed by Europe where Germany leads the market followed by Poland and Western Europe. Asia is one of the fastest growing markets. India, China, Singapore and South Korea are the major players involved in this market. This high growth is attributed to the fact that the cost involved in performing a trial is less and the huge domain it provides in the aspect of diseases and patients.
The report identifies the different trends and key opportunities in clinical trials market, and provides the market share of major segments and geographical regions. The major companies profiled in this report includes Quintiles, Paraxel, ICON Plc, PPD, and Charles River, among others. The report provides strategic insights on industry competition, and covers key facts, business overview, service portfolio, SWOT analysis and financial analysis of leading players in the market.