Clinical trials market 2020 is all set to project a healthy growth at a rate of 5.7% over the appraisal period (2019 to 2023), confirms Market Research Future (MRFR). We will provide COVID-19 impact analysis with the report, along with an in-depth review post the coronavirus disease outbreak.
Boosters and Challenges
The clinical trials market has been advancing steadily since the advent of SARS-CoV-2, in light of the rising number of deaths worldwide. The COVID-19 outbreak has overwhelmed the healthcare sector, with several organizations trying to supply therapeutics and vaccines without wasting any time. The increase in research activities has led to a higher number of clinical trials associated with the novel coronavirus, which has worked in the market’s favor to a large extent. Despite the lockdown imposed, there has been no decrease in the pandemic, resulting in more clinical trials across the globe. Also, the surging globalization of clinical trials, escalating demand for CROs coupled with the several technological innovations could help the market advance in the near future.
Rapid increase in chronic diseases and the soaring demand for clinical trials across emerging countries has induced massive market growth in recent years. The global market also stands to profit from the mounting number of biologics and the rising preference for personalized medicines as well as orphan drugs. Given the high demand for effective but cost-effective medicines in low as well as middle-income regions, spending on R&D by the government is expected to rise considerably in the coming years, which could be a huge opportunity for the key firms in the global market.