Product ID: SQMIG35A2641
Report ID:
SQMIG35A2641 |
Region:
Global |
Published Date: April, 2024
Pages:
157
|
Tables:
69 |
Figures:
75
Global clinical trials market is dominated by North America. The growth of region is attributed to rising pharmaceutical industry's focus on developing new drugs to treat a variety of chronic conditions is predicted to increase industry income. The demand for medications, medical equipment, and therapeutic interventions is also anticipated to increase due to the ageing population, which is also projected to suffer from a number of chronic diseases and age-related disorders. This will raise market statistics. For instance, the number of people over 65 in the US was estimated at 54 million in 2019 and is projected to increase to about 98.2 million by the end of 2060, according to the US Census Bureau. Consequently, businesses are generally investing more in research and development. Furthermore, it is projected that strong government backing for clinical trials in the US market will increase demand. For instance, to hasten the discovery of medicines for diseases around the world brought on by the coronavirus, the FDA announced the Coronavirus Treatment Acceleration Program (CTAP) in March 2020. The programme uses every method at its disposal to quickly provide innovative treatments to patients while determining whether they are beneficial or dangerous.
Asia Pacific on the other hand held the second largest market share in 2021. Due to the existence of a sizable patient pool that facilitates easy recruiting, the region is predicted to develop at the quickest CAGR during the projected period. One of the main factors influencing the industry is the global pandemic. Due to the high quality and speedy turnaround of its studies, Asia Pacific's largest, most experienced biotech CRO, "Novotech," has seen an increase in interest from clinical trials sponsors. For COVID-19 studies, a growing number of clinical trials companies choose the APAC area due to its huge patient pool and quick processes.
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REQUEST FREE CUSTOMIZATIONClinical Trials Market size was valued at USD 47.07 billion in 2019 and is poised to grow from USD 49.8 billion in 2023 to USD 82.72 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
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Product ID: SQMIG35A2641