According to the recent research report titled ‘Clinical Trials Market Size By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design, 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 garner strong returns over 2021-2027.
 

Global clinical trials market growth is largely fueled by rising prevalence of chronic diseases, growing number of FDA regulations, and increasing research & development expenditure. Moreover, surging demand for outsourcing clinical trials to CROs, and rising government funding in the field are promulgating the industry growth.
 

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For those unfamiliar, clinical trials are a kind of research that makes an in-depth examination of new tests and treatments to assess their impact on human health outcomes. These studies are frequently conducted to discover new and improved ways to detect, prevent, treat, or diagnose a disease.
 

These trials may also reveal which medical treatments are more effective for specific group of individuals or disorders. Clinical trials are also known for producing high-quality data that can be used to make healthcare decisions.
 

Speaking of challenges in this domain, infrastructural barriers in developing economies and regulatory complications are negatively impacting worldwide clinical trials industry remuneration scope.
 

Elaborating on phases, phase IV segment accrued over USD 7.9 billion in 2020 and is predicted to continue its momentum 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 US FDA (Food and Drug Administration).
 

As per study design, interventional study segment held 77.4% of global clinical trials market share and is slated to grow substantially in the forthcoming years. Based on therapeutic area, ophthalmology segment is expected to amass USD 3.9 billion by the end of the analysis period.
 

Geographically, Latin America held 3.8% of global clinical trials market share in 2020 and is expected to expand at healthy growth rate through 2027. Meanwhile, Middle East & Africa industry value is anticipated to bolster at 6.7% CAGR over the coming years.
 

Moving on to the competitive dashboard, IQVIA (Quintiles and IMS Health Inc.), Apex Medical Research Inc., Charles River Laboratories (MPI Research), Parexel International Corporation, WuXi AppTec Co. Ltd., PRA Health Sciences Inc., Pharmaceutical Product Development (PPD) Inc., Medpace Inc., Laboratory Corporation of American Holdings (Covance Inc,), Icon plc, and Bioclinica are the major players impacting global clinical trials market dynamics.