Clinical Trials Market Growth Bolstered by Rising Disease Prevalence
The pharmaceutical industry is witnessing a remarkable surge in clinical trials as drug development becomes increasingly complex and regulated. With only 1 in 5000 drugs making it from pre-clinical testing to market, the need for rigorous testing is evident. The transition from pre-clinical research to clinical stages marks a pivotal point in bringing new medicinal products to market, ensuring safety and efficacy for patients.
Pharmacovigilance Activities: Clinical trials, the gold standard in modern medicine, play a vital role in demonstrating the efficacy and safety of medicinal products. These highly structured trials not only identify efficacy but also examine side effects, interactions, and long-term effects in diverse patient groups, following strict regulatory and ethical guidelines.
Meeting Compliance and Complexity Challenges: The clinical trials process operates according to detailed protocols, including patient criteria, testing schedules, drug dosages, and study duration. Extensive paperwork is essential, with clinical trial filing packages spanning thousands of pages. The industry faces growing challenges due to escalating research costs, clinical trials, manufacturing, and compliance, leading to the adoption of new technologies.
Power of Data Science: To streamline drug development, pharmaceutical majors are increasingly embracing data science, machine learning, neural networks, and statistical techniques. Leveraging vast amounts of clinical and molecular data, these innovations provide critical guidance in the drug commercialization process.
Increasing Clinical Trials: According to ClinicalTrials.gov, the number of registered clinical trials worldwide continues to grow, reaching 354,130 with 71,256 ongoing trials as of October 2020. The United States alone sees more than 2.3 million participants in over 80,000 clinical trials annually. While North America and Europe lead in clinical trial numbers, costs have risen by 13.52% in recent decades, resulting in approximately 293 approved medicines over the past decade.
Rising Disease Prevalence: The rise in chronic diseases, with projections of seven of the top 10 causes of death by 2030, emphasizes the need for innovative treatments. Approximately 350-400 million individuals worldwide have rare diseases, driving focus on cancer and rare disease treatments. This demand fuels the global clinical trials market, increasing the need for sites and investigators.
Industry Deterrents: Clinical trials are not without challenges, as over 45% face delays, and 70% encounter study start-up delays. Patient recruitment remains a significant hurdle, with 80-90% of trials struggling to enroll participants. Attrition of key personnel and budget constraints further impede progress, while concerns persist about the influence of major players on trial results.
COVID-19 Impact: The COVID-19 pandemic has shifted industry focus towards infectious disease-related research and COVID-19 clinical trials. Non-COVID trials have faced delays, with disruptions in planning and ongoing trials. Regulatory agencies fast-tracking COVID-19 therapeutics and vaccines have exacerbated this trend.
Competitive Landscape: Key players in the global clinical trials market include Covance, IQVIA, Syneos Health, PPD, PRA Health Sciences, Icon plc., Charles River Laboratories, Parexel International Corporation, WuXi Apptec, Medpace Holdings, KCR Pharmaceuticals Pvt. Ltd., and PSI.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/clinical-trials-market
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This press release first seen on Brilad