According to the research report titled ‘Clinical Trials Market Size By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with MarketStudyReport, clinical trials market is anticipated to amass substantial returns by the year 2027.
 

Report findings suggest that rising prevalence of chronic diseases, growing FDA regulations, and ongoing efforts to discover new treatments for various diseases are the major growth determinants for clinical trials market.

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For the unversed, clinical trials refer to the research that examines new tests and treatments in depth to assess their impact on human health outcomes. These studies are frequently carried out in order to discover new and improved ways to prevent, detect, treat, or diagnose a disease.

Moreover, clinical trials might also exhibit which medical approaches might work best for certain group of people or illnesses. They are also known for producing high-quality data that can be used to make healthcare decisions, thereby augmenting the industry expansion.

Based on phases terrain, the phase IV segment amassed revenues worth USD 7.9 billion in 2020 and is anticipated to grow at a rapid pace over the forecast period. A phase IV study for medical devices or medications is normally conducted after it has been approved for use by a regulatory health body, such as the U.S. FDA.

In terms of study design ambit of clinical trials market, the interventional study segment accounted for 77.4% revenue share in 2020 and is predicted to grow at a substantial pace over the analysis period. These studies are presumptive and are customized to analyze direct impact of preventive measures on a disease.

On the basis of therapeutic area, the ophthalmology segment is expected to amass a valuation of USD 3.9 billion by the end of 2027.

Regionally speaking, Latin America held 3.8% market share and is anticipated to showcase a strong growth during 2021-2027. Whereas Middle East & Africa is likely to showcase a CAGR of 6.7% during the analysis timeframe.

IQVIA, Apex Medical Research, AMR, Inc., Charles River Laboratories International, Inc., Parexel International Corporation, WuXi AppTec, PRA Health Sciences, Pharmaceutical Product Development, Medpace Holdings, Inc., Laboratory Corporation of America Holdings (LabCorp), ICON plc, and BioClinica, Inc. are the major players in clinical trials marketplace.