Clinical Trials Research Market Trends

Growth Drivers

• Higher Prevalence of Chronic Diseases - Chronic diseases are the most prevalent diseases that account for approximately 40 million deaths per year. The term chronic disease is referred to a medical condition that can last for more than a year and requires constant medical attention. Some of the common chronic diseases are diabetes, heart diseases, cancer, hypertension, and others. These diseases can also cause particular disabilities in patients. Therefore, multiple clinical trials are always in progress to come up with better solutions and medical care.
• Growing Geriatric Population - Based on the data released by the World Bank, the number of geriatrics in 2021 was stated to be 747,238,580.
• Significant Growth in the Global Healthcare Expenditure - Another report provided by the World Bank showed that the global healthcare expenditure reached 1,121.9 U.S. dollars per capita in 2019.
• Rising Number of Medication Errors - The annual rate of reports associated with the medication error received by the U.S. FDA is over 100,000.
• Increasing Number of Clinical Trials - For Instance, about 425,000 studies were being conducted in the mid-2021 in almost 220 countries.

Challenges

• Challenging and Long-Term Procedure of Clinical Research
• Shortage of Skilled Workforce to Convey Trials
• Requirement for Higher Initial Investment