Covid-19 Clinical Trials Market Size, Share & Trends Analysis Report 2020-2027
COVID-19 Clinical Trials Industry Overview
The global COVID-19 clinical trials market size is valued at 5.0 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 9.5% from 2021 to 2027. The market is majorly driven by the rapid spread of coronavirus leading to a staggering number of deaths globally thus putting pressure on healthcare organizations to provide therapeutics/vaccines. The increasing research activities on a global scale are also creating demand for COVID-19 clinical trials, boosting the market growth. Factors such as globalization of clinical trials, demand for CROs to conduct clinical trials, and technological evolution, are further anticipated to drive growth. As per the World Health Organization (WHO), till June 24th, 2020, the virus had infected around 9.1 million people globally and had claimed more than 0.47 million lives with 80% cases in the U.S. and Europe overtaking China where the pandemic first began in December 2019. The U.S., Brazil, Russia, India, and the U.K. are the five most affected countries by the pandemic.
Gather more insights about the market drivers, restrains and growth of the Global COVID-19 Clinical Trials market
The WHO declared this disease as a pandemic due to the widespread scale of the outbreak and also warned that the worst of this is yet to come. Also, the United Nations stated that it is the worst global crisis since World War II. The current pandemic poses a severe health risk to the entire population. A key to successfully battling COVID-19 lies in clinical research. At present, almost all the major research-based pharmaceutical firms, numerous other biotechnology and biopharmaceutical companies, as well as research institutes are engaged in a race to develop an effective treatment against COVID-19. Hence, the regulators in the U.S. and Europe also offer various options for action and procedural facilitation to enable faster access to effective vaccines and drugs to combat the pandemic. For instance, in April 2020, the National Institute of Health together with the Foundation for the NIH (FNIH) launched a public-private partnership (ACTIV) to accelerate treatment and vaccine options for coronavirus.
The rapidly evolving threat owing to the outbreak of COVID-19 is impacting lives, communities, businesses, and industries around the world. With businesses shuttered, flights grounded, and participants scared to leave their homes, running clinical trials has become extremely difficult. Hence, the regulatory agencies such as the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), the National Institutes of Health (NIH), China’s National Medical Products Administration, along with several other countries have issued guidelines for conducting trials during the outbreak of coronavirus, and are in complete support of incorporating virtual services. In March 2020, the WHO launched “Solidarity”, international clinical trials, to provide effective treatment against the coronavirus. It consists of comparing four treatment options with the standard of care to assess their effectiveness against the virus. In May, WHO also announced an international alliance for instantaneously developing several candidate vaccines to prevent the disease spread, calling this effort the Solidarity trial for vaccines.
Browse through Grand View Research's Medical Devices Industry Research Reports.
- Plastic Surgery Instruments Market - The global plastic surgery instruments market size was valued at USD 962.7 million in 2018 and is expected to grow at a CAGR of 8.8%. The market is primarily driven by the increasing adoption of minimally invasive and non-invasive procedures coupled with the aging population.
- Eyelid Surgery Market - The global eyelid surgery market size was valued at USD 3.3 billion in 2018 and is expected to expand at a CAGR of 5.8% by 2026. As the skin ages, it gradually loses its elasticity, thereby causing wrinkles and bulges around the eyelid. Thus, rising geriatric population and growing demand for non-invasive surgical procedures are some of the major factors driving the market.
COVID-19 Clinical Trials Market Segmentation
Grand View Research has segmented the global COVID-19 clinical trials market based on phase, product, and region:
COVID-19 Clinical Trials Market Phase Outlook (Revenue, USD Million, 2016 - 2027)
- Phase I
- Phase II
- Phase III
- Phase IV
- Others
COVID-19 Clinical Trials Market Product Outlook (Revenue, USD Million, 2016 - 2027)
- Therapeutics
- Vaccines
COVID-19 Clinical Trials Market Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies profiled:
Some prominent players in the global COVID-19 Clinical Trials market include
- Moderna, Inc.
- GlaxoSmithKline plc
- Pfizer Inc.
- Johnson & Johnson
- Gilead Sciences Inc.
- INOVIO Pharmaceuticals
- AbbVie Inc.
- BioNTech SE
- Novavax
- Takeda
Order a free sample PDF of the COVID-19 Clinical Trials Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Comments
Post a Comment