Clinical Trials Market Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2029
A new study
of Future Market Insights (FMI) estimates the global spending on clinical
trials in 2019
at ~US$ 95 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.
According
to the study, the clinical trials landscape is witnessing a paradigm shift toward patient centricity,
in a bid to incorporate 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 method, 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 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%
clinical trial spending in 2019.
As the imperativeness of evidence-based therapies continue to be
progressively emphasized, most of the randomized clinical trials are driven by
the ability of developing profitable new therapies.
Guidelines recommended by regulatory bodies for clinical trial
enrichment, and risk-based monitoring are likely to lay the groundwork for more
targeted approach toward cost-intensive clinical trials.
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 prior to other
nations.
Pharmaceutical and medical device giants in these two regions
are adopting AI for disrupting every stage of the clinical trial, which range
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 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
pathway, and tax incentives for conducting the trials.
For More Info: https://www.futuremarketinsights.com/reports/clinical-trials-market
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