Report Description of the US Clinical Trial
Research Scope and Assumption
• The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
• The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
• We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
• All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
• Inflation has not been accounted for in order to estimate and forecast the market
• Numbers may not add up due to rounding off
Reason to buy the report:
• Facilitate decision-making based on strong current and forecast data for US Clinical Trial
• Develop strategies based on the latest regulatory framework
• Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
• Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the US Clinical Trial
• Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
US Clinical Trial Executive Summary
The Clinical Trials Industry growth rate is attributed to the rising number of biologics, the need for personalized medicines and orphan drugs, and the demand for advanced technologies such as Electronic Data Capture (EDC) aid market participants in managing patient data that ultimately reduce monitoring cost coupled with the rising demand for CROs to conduct clinical trials and is anticipated bringing new opportunities. Clinical trials are time-consuming endeavours that necessitate the integration of various roles and processes. In every clinical trial, a pharmaceutical manufacturer’s primary aim is to maximize clinical trial supplies such that packed investigational materials are delivered to patients enrolled on time.
Market Size and Key Findings
The US Clinical Trial size stood at around USD 3.82 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
US Clinical Trial market, will be growing at faster pace of xx% during the forecasted period till 2028. The major factors propelling the growth of the market include the high demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, an increasing prevalence of diseases, and the focus on rare diseases and multiple orphan drugs in the pipeline.Market Dynamics
Market Growth Drivers Analysis
The major factors propelling the growth of the market include the high demand for clinical trials in emerging markets, high R&D spending of the pharmaceutical industry, an increasing prevalence of diseases. Aging is also found to be the major factor driving the burden of diseases and demand in the market. With the increasing burden of diseases, there has been a rising focus of the market players on developing new therapeutics for rare or genetic disorders that need specialization and focused clinical trials, which is expected to boost the market growth.
Some of the factors hindering the growth of the market includes Stringent regulatory policies for patient enrollment in US and Lack of skilled workforce in clinical research is becoming the main challenge in the growth of the market.
COVID-19 impact on “US Clinical Trial”
The COVID-19 pandemic has tremendously impacted the market for clinical trials, as there has been a rising focus on the development of new therapeutics or vaccines to curb or treat the disease. Also, COVID-19 has brought a slight shift in terms of the way clinical trials were performed. In the clinical trial space, usually, there has been an increased interest in virtual/decentralized trials and those have been featured on conference agendas and in magazine articles for a long time. Despite that, most companies are still opting for the same processes. However, COVID-19 has essentially forced some of the trials to move to a virtual model to keep the trials on track during this pandemic situation.
The “US Clinical Trial” study report will provide valuable insights with an emphasis on the US market including some of the key market players such as Clinipace, Pfizer Inc., Eli Lilly and company, PRA Health Sciences, Parexel, IQVAI and PRA Health Sciences.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and revenue analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players.
Notable Recent Deals
In July 2020, UC San Diego Health and the Altman Clinical and Translational Research Institute, part of UC San Diego School of Medicine, will be sites for accelerated national clinical trials to assess the efficacy and immunogenicity of a vaccine intended to protect against SARS-CoV-2, the novel coronavirus that causes COVID-19.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
This final rule details the requirements for submitting registration and summary results information, including adverse event information, for specified clinical trials of drug products (including biological products) and device products and for pediatric post market surveillances of a device product to ClinicalTrials.gov, the clinical trial registry and results data bank operated by the National Library of Medicine (NLM) of the National Institutes of Health (NIH). This rule provides for the expanded registry and results data bank specified in Title VIII of the Food and Drug Administration Amendments Act of 2007 (FDAAA) to help patients find trials for which they might be eligible, enhance the design of clinical trials and prevent duplication of unsuccessful or unsafe trials, improve the evidence base that informs clinical care, increase the efficiency of drug and device development processes, improve clinical research practice, and build public trust in clinical research. The requirements apply to the responsible party (meaning the sponsor or designated principal investigator) for certain clinical trials of drug products (including biological products) and device products that are regulated by the Food and Drug Administration (FDA) and for pediatric post market surveillances of a device product that are ordered by FDA.