By the end of 2023, the Global Clinical Trials Industry is anticipated to be worth US$ 115.4 billion, and it will grow at a CAGR of 4.41% to reach US$ 177.7 billion by the year 2033. Industry sponsors are in the lead with a predicted market share of about 54.7% in 2023, according to a recent study by Future Market Insights.
A new study of Future Market Insights (FMI) estimates the global spending on clinical trials in 2019 at ~US$ 90 Bn, recording a ~4% Y-o-Y over 2018. The healthcare sector is closing in on a new era of clinical trials, which are more engaged with patients, streamlined and connected. With development costs reaching record highs and patents approaching cliffs, companies are strengthening their R&D efforts to keep pace with change. Medical device and pharma giants are already eyeing better approaches for clinical trials, implementing a combination of their current systems and better technologies to ebb challenges in critical areas – orphan drugs and rare diseases.
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“The ubiquity of digital technologies is evidently growing, as these (including but not limited to ingestible devices, sensors, and wearable health monitors) hold the potential to disrupt the aspects of clinical trials. Digital technologies are revolutionizing the antiquated process of new drug development, even as optimizing the way health data is collected, measured, and assessed”.
According to the study, the clinical trials landscape is witnessing a paradigm shift toward patient-centricity, in a bid to incorporate the perspective of patients during the clinical trial design. Clinical trial sponsors have aligned their methods with the voice of patients, by launching communication channels during the study’s execution. Key enterprises are adopting unconventional approaches by implementing site-centric methods, using operational support systems and technology for bringing studies to the trial-naïve physicians.
Industry Sponsors Account for Majority Clinical Trial Spending
The most remarkable advances in medicine are realized from sponsorships of companies for clinical trials, in the anticipation of turning a profit. A notable percentage of clinical trials being conducted to support the approval of vaccines, devices, or drugs, and track their safety, have been industry-sponsored in recent years.
The study estimates industry-sponsored clinical trials to account for ~60% of overall spending in 2019 and in the foreseeable future. Recent studies state that industry-sponsored trials yield positive results compared to academic-run trials, which also account for a significant share of clinical trial spending.
According to FMI, sponsors, such as academic institutes, research institutes, and medical centers, are estimated to account for ~30% of clinical trial spending in 2019. As the imperativeness of evidence-based therapies continues to be progressively emphasized, most of the randomized clinical trials are driven by the ability to develop profitable new therapies. Guidelines recommended by regulatory bodies for clinical trial enrichment, and risk-based monitoring are likely to lay the groundwork for a more targeted approach toward cost-intensive clinical trials.
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The study opines that North America and Europe will continue to lead the clinical trials landscape, collectively accounting for ~80% of global spending. These regions present a standardized and favorable environment for the clinical trials landscape, in light of their economic vigor that enables them to benefit from most of the technology disruptions before other nations. Pharmaceutical and medical device giants in these two regions are adopting AI to disrupt every stage of the clinical trial, which ranges from linking studies to eligible patients to data collection and adherence.
According to the study, opportunities abound for conducting clinical trials in developing economies, such as in East Asia and South Asia, owing to the access to the huge patient pool. Sponsors are likely to realize greater success in these regions as low government healthcare budgets represent cost-effective methods of providing patients with access to innovative therapies. Additionally, conducting clinical trials in these regions comes with other broader advantages, including pragmatic & efficient regulatory pathways, and tax incentives for conducting the trials.
Key Segment
By Area
- Oncology
- Infectious Disease
- Metabolic Disorders
- Cardiovascular
- Neuroscience
- Respiratory
- Others
By Phase
- Phase 0
- Phase I
- Phase II
- Phase III
- Phase IV
By Sponsor
- Industry-sponsored
- Government / Public
- Non-governmental Organizations
- Others (Academic Medical Centers, Individuals, etc.)
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Author
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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