Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) --
The global clinical trial market size is estimated to rise exponentially during the forecast period, as the need for advanced vaccines and drugs to combat fatal diseases is growing. The regional trends that will positively impact the market landscape are explained below:
- North America (regional valuation predicted to cross $29.6 billion)
Canada clinical trial market size exhibits steady growth:
Canada market size is predicted to register a steady CAGR of 2.5% through 2027. Health Canada is the fundamental regulatory body that authorizes the import and sale of medicines to carry out clinical trials. Members of this organization review the Clinical Trial Applications (CTAs) sent by sponsors for conducting phase I, II, and III trials.
Health Canada allows nearly 900 clinical trials to take place in the country every year. The patients can have access to the medical database to know whether the clinical trial they are participating in, has met the regulatory criteria or not. In addition, the database can help them find out the clinical trials that are most relevant to their medical condition.
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Phase III clinical trials gain momentum:
Phase III clinical trials held a share worth $11.3 billion in 2020. There is a growing demand among end-users to assess the newly discovered treatment with the existing one to find out any areas of improvement. These trials are mainly conducted to compare the new medication with the existing ones. This phase creates a greater need for outsourcing services as compared to phase I and II trials as it involves a higher level of complexity, thereby increasing its demand.
Oncology remains a dominant therapeutic area:
Oncology held a share worth $8.8 billion in the North America clinical trial market in 2020. Incidences of chronic diseases like cancer are growing at an alarming rate. According to the U.S. FDA, the pharmaceutical sector spends more than $38 billion in the preclinical and clinical development of products to fight severe oncological disorders. Moreover, the investments made in this field are growing every year, thereby increasing the rate of clinical trials.
- Europe (regional valuation may exceed $13.8 billion)
Phase II clinical trials gain traction:
Phase II clinical trials are expected to generate a revenue of more than $2.3 billion by 2027. Trials in this phase consist of around 300 patients with the medical study being conducted simultaneously for several months or years. While the cost of carrying out these trials does increase, this phase also presents great evidence for the researchers.
It helps them decide whether they want to go ahead with the third phase of trials and a larger pool of patients. Since a significant number of patients succeed in this phase of trial and move on to the next one, it shows that the second phase is strictly supervised and there are stringent laws in place to ensure the patient’s safety.
Access sample pages of the report, “Europe Clinical Trial Market Forecasts 2027” in detail along with the table of contents (ToC) @
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Use of observational study to conduct trials:
Observational study captured more than 20% share of the Europe market in 2020. This type of study design is an important part of epidemiological research. Researchers observe the patients without causing any intervention.
The patient pool selected for this kind of study must meet all the strict parameters, such as existing illnesses, age, and many others. There are several advantages of using observational study for clinical trials, such as reduced cost, time saving, and ability to understand a wide range of subjects for different research.
Demand for drugs to treat cardiac diseases:
The regional clinical trial market size from cardiology is projected to expand at 5.7% CAGR up to 2027. The cases of cardiac disorders are growing at a notable rate as the percentage of the elderly population is high. This factor has compelled pharmaceutical scientists to develop new and effective medicines, thereby increasing the number of clinical trials in this field. Moreover, Contract Research Organizations (CROs) are offering high-end services to carry out clinical trials for cardiology.
- Asia Pacific (regional valuation may surpass $12.1 billion)
Phase I clinical trials conducted to find cure for chronic diseases:
Phase I clinical trials captured a share worth $1.1 billion in 2020. The aim of this phase of trial is to find out the medical efficacy of an Investigational New Drug (IND), understand its PD and PK features and prescribe a permissible dosage. Many pharmaceutical and biotechnology organizations are conducting trials to discover potential cures for chronic ailments, such as cancer and HIV.
Access sample pages of the report, “Asia Pacific Clinical Trial Market Forecasts 2027” in detail along with the table of contents (ToC) @
https://www.graphicalresearch.com/request/2004/sample
Japan industry outlook improves:
Japan clinical trial market size may record 8.3% CAGR over 2021-2027 as the country has showcased a good blend of high-quality medical infrastructure, great clinical experience, high population density, and supportive government initiatives. The rising COVID-19 cases in the country boosted the approval rate of clinical trials to help the medical authorities find effective vaccines to combat this virus.
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