COVID-19 Clinical Trials Market Projected To Raise At USD 9.9 Billion By 2027

 San Francisco, 31 March 2021: The Report COVID-19 Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Product (Therapeutics, Drugs), By Region, And Segment Forecasts, 2020 - 2027

The global COVID-19 clinical trials market size is expected to reach USD 9.9 billion by 2027, registering a CAGR of 9.5% during the forecast period, according to a new report by Grand View Research, Inc. An increasing number of deaths due to coronavirus is creating a need to develop effective treatments, thereby boosting the market growth. Also, the underlying economic profits for first movers are encouraging pharmaceutical players to invest in clinical trial studies for COVID-19.

The current pandemic poses an acute health risk to the entire population. A key to successfully fighting COVID-19 lies in clinical research. At present, almost all the major research-based pharmaceutical companies, many other biotechnology and pharmaceutical companies, as well as research institutes are engaged in a race to develop an effective treatment against coronavirus. There are currently 661 unique compounds in development against COVID-19, of which 292 are drugs, 173 are vaccines and 196 are antivirals.

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. In March 2020, the Solidarity Trial-an international clinical trial by the World Health Organization (WHO)-was launched to find effective treatment against COVID-19. In May 2020, WHO also announced an international alliance for developing various candidate vaccines to stop the spread of coronavirus disease, calling this effort the Solidarity trial for vaccines.

The current scenario across the globe and the need to come up with treatment options has also led to the fast-track of clinical trials. Hence, in March 2020, the Food and Drug Administration (FDA) launched a Coronavirus Treatment Acceleration Program (CTAP) for the likely therapies to accelerate the development of the treatment for the pandemic caused by a coronavirus. Recently in May 2020, the U.S. FDA granted fast track title to Moderna’s mRNA vaccine candidate, mRNA-1273, to protect against COVID-19.

Access Research Report of COVID-19 Clinical Trials Market @ https://www.grandviewresearch.com/industry-analysis/covid-19-clinical-trials-market

COVID-19 Clinical Trials Market Report Highlights

  • Phase II COVID-19 clinical trials dominated the market with a share of 35.0% in 2020. This is attributed to the maximum number of products currently in development.
  • The vaccines segment accounted for the largest share of 77.1% in 2020 owing to the increasing investments towards it.
  • Europe held 46.8% of the market share in 2020. Favorable government initiatives such as the UK’s “ACCORD” clinical trial program are contributing to market growth.
  • The Asia Pacific region is projected to witness the fastest CAGR of 11.8% during the forecast period as the increasing number of biotechnology firms are looking at the region for their COVID-19 trials to take advantage of the large patient pool and fast-track procedures.

List of Key Players of COVID-19 Clinical Trials Market

  • Moderna, Inc.
  • GlaxoSmithKline plc
  • Pfizer Inc.
  • Johnson & Johnson
  • Gilead Sciences Inc.
  • INOVIO Pharmaceuticals
  • AbbVie Inc.
  • BioNTech SE
  • Novavax
  • Takeda

Access Press Release of COVID-19 Clinical Trials Market @ https://www.grandviewresearch.com/press-release/global-covid-19-clinical-trials-market

 

Comments

Post a Comment

Popular posts from this blog

U.K. Point Of Sale Software Market To Expand Industry Growth At USD 1.05 Billion By 2028

Image
  San Francisco, 21 Jan 2022:   The Report  U.K. Point Of Sale Software Market  Size, Share & Trends Analysis Report By Application (Fixed POS, Mobile POS), By Deployment, By Organization Size, By End-user, And Segment Forecasts, 2021 - 2028 The global U.K. point of sale software market size is expected to reach USD 1.05 billion by 2028, expanding at a CAGR of 8.1% from 2021 to 2028, according to the new study conducted by Grand View Research, Inc. The integration of a Point-Of-Sale (POS) solution with capabilities such as sales reports monitoring, cash flow recording, product demand analysis, tracking delivery status, and inventory management ensure systematic functioning and upscaling of a business. The adoption of POS software is directly impacted by the demand for POS terminals, which is witnessing growth in demand due to changing lifestyles and government policies. However, the COVID-19 pandemic disrupted the industry's business, wherein ...
Read more

Gas Detection Equipment Market Anticipated To Expand At A CAGR 9.7% From 2021 To 2028

  San Francisco, 5 May 2021:   The Report  Gas Detection Equipment Market  Size, Share & Trends Analysis Report By Product, By Technology (Infrared, Catalytic, PID), By End-use, By Region, And Segment Forecasts, 2021 - 2028 The global gas detection equipment market size is expected to reach USD 8.38 billion by 2028, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 9.7% from 2021 to 2028. The market growth can be attributed to the growing awareness among governments regarding the harmful effects of greenhouse gases, coupled with their increased efforts toward protecting the environment. Major industries such as petroleum, oil, and gas, among others are needed to comply with safety and environmental regulations which are also major factors driving the market growth. Many companies are focused on introducing drone-based gas detection equipment, which is expected to create new opportunities for market growth in...
Read more