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In the recent times, when technology has been advanced well to minimize tasks and to work more efficiently, the clinical trials market has enormously gained and improved in the last few decades. The level of improvement the clinical trials have achieved has set in motion the drive for innovation and new therapies. The market for clinical trials has been growing rapidly with impressive growth in revenue and expansion to newer demographics. Clinical trials are conducted all over the world; American, Australian and European countries having established the market for clinical trials since decades, Asian and African countries and pharmaceutical industries present there- are following up for better research results and growth as the demand and opportunities are huge. The paradigm shift that has undergone is due to the accessibility and technological improvements such as English speaking doctors, low-cost and efficient advantages, better health care, and growing population in which aging population is the biggest contributor and many other factors have contributed to the vast expansion of impeccable services that are present today.
Clinical research organisations (CROs) are playing an increasingly important role in drug developments across the world, from conducting phase I trials to post-marketing studies. The developing countries such as India, China, Brazil, Taiwan, Korea, and Singapore and many African countries conduct the largest chunk of late phase clinical trials that are being conducted globally. The main areas for therapy in question are oncology, diabetes, neurology and cardiovascular diseases. With so much to contribute, the important matter that is taken more prominently into consideration is of the co-operation from local regulatory agencies that is leading to the growth of the clinical trials market in developing nations such as India. Clinical studies funded by the pharma-biotech companies have a much larger share in the market in comparison to those funded by government organizations as the set of personnel and equipments used are of much sophisticated nature.
As the developing countries have opened up new avenues for the clinical trials market, regulatory environment and strict framework coupled with tight R&D budgets in the pharma-biotech industry are promoting companies to move to east and this scenario has resulted in formation of strategic alliances and partnerships between pharma-biotech companies and the CROs. The leading pharmaceutical manufacturers are increasingly seeking ways to outsource all stages of the drug development process to organizations and agencies. The main drivers for CRO revenue growth are the low-cost therapeutic expertise of regional research service providers. The off-shoring of clinical trials to emerging markets, especially in India and China- will create revenue growth of global CROs, as the growth rate is estimated to increase by 20% CAGR, according to Visiongain, which predicts that world pharmaceutical clinical trials revenue will reach $32.73 billion by 2015.
Factors that are driving increasingly growth in global clinical trial market are, ageing populations, growing demand for improved therapies, increasing prevalence of chronic diseases, and high growth of the pharma- biotech markets worldwide. The globalisation of development programmes and the increasing complexity of trials are heightening the need for larger and great numbers of trials. Many pharma companies are outsourcing clinical trials to gain cost efficiencies, greater flexibility and specialist expertise. The main reason for Asia to have immense potential as clinical trial market is because of its large and diverse patient population. Different kinds of studies and researches can be conducted and the large patient population helps drug companies complete the clinical trials efficiently.
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