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 Market Study Report, global clinical trials market is anticipated to register an appreciable growth rate over 2021-2027.
 

As per the findings of the research report, rising burden of chronic ailments, increasing number of FDA regulations, and ongoing R&D for treatments of various diseases are spurring global clinical trials market growth. Besides, heightened investments by governments along with escalating demand for outsourcing of clinical trials to CROs accelerating the industry expansion.
 

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On the contrary, unfavorable regulatory scenario in Asia Pacific and lack of adequate infrastructure in developing economies are negatively impacting the business dynamics.
 

Based on phases, phase IV segment accounted for over USD 7.9 billion in 2020 and is anticipated to showcase strong growth trends through 2027. A phase IV trial for drugs or medical devices generally takes place after approval from a regulatory authority like the U.S. FDA. In this phase, the efficacy as well as safety of a drug/device is monitored in a large, diverse population.
 

In terms of design, interventional study segment captured 77.4% of the overall clinical trials industry share in 2020 and is slated to record strong growth in the forthcoming years. Studies in this segment are aimed at evaluating the direct impact of treatment or preventive measures for a disease. Every one of these study designs have some specific outcome measures that rely on the type and quality of data utilized.
 

With respect to therapeutic area, ophthalmology segment is slated to generate USD 3.9 billion over the forecast duration..
 

Speaking of the geographical bifurcation, Middle East & Africa market size is touted to expand at a CAGR of 6.7% throughout 2021-2027.
 

Prominent players influencing the global clinical trials industry trends are Iqvia Inc., Apex Medical Research Inc., Charles River Laboratories International Inc., Parexel International Corp., WuXi AppTec Co Ltd., PRA Health Sciences, Pharmaceutical Product Development Inc., Medpace Inc., Laboratory Corporation of America Holdings, Icon plc, and Bioclinica.