Clinical Trials Landscape Market will reach at a CAGR of 4.5% from 2019 to 2029

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Clinical Trials Landscape Market

• March 2020

Report Id REP-GB-384 Published On Jul 11,2019
Category Healthcare, Pharmaceuticals Medical
Devices
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Clinical Trials Landscape Market Analysis
A new study of Future Market Insights (FMI)
estimates the global spending on clinical
trials in 2019 at US 90 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 RD 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. The ubiquity digital technologies
is evidently growing, as these (including but not
limited to ingestible devices, sensors, and
wearable health monitors) hold the potential to
disrupt the aspects of clinical trials. Digital
technologies are revolutionizing the antiquated
process of new drug development, even as
optimizing the way health data is collected,
measured, and assessed. 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.
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Clinical Trials Landscape Market Analysis
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.
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Clinical Trials Landscape Market Analysis
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.
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Clinical Trials Landscape Market Analysis

• The study offers a long-term forecast of the
  clinical trials landscape for the period between
  2019 and 2029. The clinical trials landscape is
  projected to record a 4.5 CAGR through 2029.
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• Press Release Source https//www.prnewswire.com/n
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Clinical Trials Landscape Market Analysis
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