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

The global clinical trials research market is segmented and analyzed for demand and supply by application into cardiology, oncology, dermatology, ophthalmology, and autoimmune diseases. Amongst these segments, the cardiology segment is estimated to acquire the largest share by the end of 2031. The growth of the segment can be attributed to the rising prevalence of cardiovascular diseases among the global population. For instance, in 2019, almost 18 million people died due to some sort of cardiovascular disease globally summing up to around 30% of the entire population.