The increase in the research and development activities in the fields of pharmaceuticals as well as biotechnology is anticipated to fast track the growth within the global clinical trials market in the coming years. Furthermore, the rising prevalence, as well as the increasing rate of incidence of various chronic diseases, such as diabetes, cancer, neurological disorders, CRD or chronic respiratory disorders, CKD or chronic kidney disorders, and cardiac strokes, is also expected to fuel the growth of the global clinical trials market in the coming years. Furthermore, the increase in the instances of outbreak of several severe infections has also triggered an increased demand within the global clinical trials market.
The lack of proper patient recruitment, as well as diminishing rate of patient retention may hinder the growth within the global clinical trials market in coming years. Some of the major factors for poor recruitment of patients for clinical trials include illiteracy, consent recording, risks perceived by patients for side effects, and barriers in communication created by differences in languages. Dearth of patient retention can be attributed to the presence of several factors, including fear regarding complex medical procedures, dearth of practitioner dedication for safety of the patient, no support from the family, poor protocol of compliance, and severe adverse events.
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Increase in Adoption of IoMT Boosts Growth of Clinical Trials Market
The increasing innovations in healthcare technologies, as well as the rising adoption and preference for IoMT or internet of medical things, is expected to favor the development of the global clinical trials market in the coming years. Additionally, the recent success of several leading pharma players in the world, for developing effective COVID-19 vaccines has also supplemented the growth of the global clinical trials market. Furthermore, the possibility of virtual clinical trials, that took a stronghold in pandemic era, is also expected to create substantial opportunities for expansion in the global clinical trials market in coming years.
Based on design of the study, segments in the global clinical trials market include interventional trials, expanded access trials, and observational trials. Segments in the global clinical trials market based on the type of phase are phase II, phase IV, phase I, and phase III. As per the indication, the segments in the global clinical trials market include pain management, CNS condition, diabetes, autoimmune or inflammation, cardiovascular, oncology, and obesity, among others. The oncology segment accounts for the highest share within the global clinical trials market, followed by CNS conditions, as well as diabetes.
North America Tops the Charts in Clinical Trials Market
Geographically, the major regions in the global clinical trials market are Europe, Latin America, Asia Pacific, North America, and Middle East and Africa. Amongst these, the North America region accounted for the highest share of the market in the recent past, followed by Europe and Asia Pacific, respectively. Patient recruitment is one of the most essential practices in the global clinical trials market. The focus of regional players in North America clinical trials market on finding the right patients for partaking in clinical trials, as well as innovations in recruitment technologies is expected to bolster the growth of the regional market in coming years.
A few of the incumbent key players in the global clinical trials market include IQVIA, Inc., Parexel International Corporation, PPD, Inc., Charles River Laboratories, Inc., Medpace Holdings, Inc., Laboratory Corporation of America Holdings, Syneos Health, PRA Health Services, Inc., Icon Plc, and WuXi AppTec, among others. The leading companies in the global clinical trials market are focusing on gaining regulatory approvals for their new drug solutions and launching these new solutions. Other notable strategies employed by these participants in the global clinical trials market for expansion and growth include strategic collaborations and agreements, as well as acquisitions. Players in the clinical trials market are teaming up with technology partners to innovate their procedures.