With a valuation of US$ XX Mn in 2016 which is expected to reach US$ XX Mn by 2022 and a Compounded Annual Growth rate of XX%, the Global Clinical Trials Market is increasing at a steady pace. Clinical trials deal with research studies that verify whether a medical treatment is suitable and safe for humans. They help in the decision-making process to show which medical strategy works for certain kinds of people and illnesses. They are a part of the regulatory process to get approval for drugs to be sold in the market. Pharmaceuticals companies are now outsourcing the clinical trials process to reduce regulatory issues for them.
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The factors that drive growth for the Clinical Trials Market include ever-increasing burden of diseases and their prevalence as well as the globalization of clinical trials. The pressures of regulatory guidelines are a major challenge for this industry. Another challenge for this industry is the high cost of conducting trials and associated research.
The market also throws up several opportunities with regard to the digitization of biomedical systems.
The market is segmented in terms of the phase, study design, indication, and geography.
In terms of the phase, the market is classified into phase 1, phase 2, phase 3 and phase 4. In phase 1 trials a small group of people is tested for a new treatment for their side effects and safety. In phase 2 trials frequent reviews are conducted to find the effectiveness of these. In phase 3 trials a large group of people is tested to confirm the effectiveness of treatment and further examine its side effects and for the comparison of new treatments with existing treatments.
In terms of study design, the market is segmented into Interventional, Observational and Expanded Access. The most popular method is the interventional clinical trials method.
In terms of indication, the market is divided into Oncology, CNS condition, Autoimmune, Pain management, Diabetes, Obesity.
The different geographic market segments are North America, Europe, Asia Pacific and Rest of the world.
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North America is the dominating market in terms of market share due to the increasing number of contract outsourcing firms, and the research & development in the region. North America is followed by Europe in terms of market share. But in terms of growth rate, Asia Pacific is the expected to be the leader because of the developing infrastructure.
Some of the major players in the market include Charles River Laboratories, Quintiles IMS, and SGS SA.
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