The worldwide market for Clinical Trial Services is expected to grow at a CAGR of about 5.7% over the next five years, will reach more than USD 65 billion by 2026, according to a Wiseguy report.
Clinical trials includes finding new or existing medicines, medical devices, biologicals, vaccines, surgical and other medical treatments and procedures. Clinical trials are also used to assess diagnostic tests and to find new methods to treat diseases.
Clinical trials is used as a method to study a wide range of interventions, and by many individuals or sponsors. Clinical Trial Management system is a software system that plans, prepares, and manages clinical trials data produced by biotechnological and pharmaceutical companies. The system manages patient contact information and planning, performing and reporting functions.
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Global Clinical Trial Services Industry Market Analysis
The clinical trials support services market will grow due to demand in the emerging markets, especially from pharmaceutical industries. Emerging countries are facing a supply shortage of novel drugs while individuals suffering from insulin resistance, hyperlipidemia, and obesity is increasing rapidly in these regions.
The cost of clinical trials is less expensive, as labor and other costs are lesser. The research and development spending of pharmaceutical companies has been increasing.
Preclinical and clinical development of oncology therapy products account for more than USD 38 billion of the healthcare industry. Rising prevalence of chronic diseases such as cancer and diabetes has led to a drastic rise in the demand for effective drugs and treatments. The developments in the healthcare IT industry have led to significant improvement in the clinical trial services industry..
On the basis of type, the market has been divided into enterprise clinical trial management software and site clinical trial management software.
On the basis of applications, the market has been segmented as medical device manufacturers, pharmaceutical and biopharmaceutical companies, and others.
Global Clinical Trial Services Industry Regional Analysis
United States, Europe, China, Canada and Australia are the major regions where clinical trial management services are provided on a higher scale. North America is the largest market for global clinical trials support services.
Americas will dominate the global market because of the presence of a robust healthcare IT industry. Europe also plays an important role towards the rising need for clinical trial services. Asia Pacific is also expected to grow substantially due to the rapid developments in the healthcare sector.
Asia-Pacific, especially China, India and Southeast Asia regions are expected to be a growing market for clinical trial services.
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In July 2019, a clinical research electronic source model with direct data capture research capabilities was launched. It offers excellent new ways for management of research data required by physicians and patients.
Government issues new rules for Drugs and Clinical Trials 2019 to reduce approval time for applications to 30 days for drugs manufactured in India and 90 days for those developed outside the country.
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