The following couple of years are expected to construct a truly proliferating timeframe for the clinical trial sector. We often hear how joining the field is one of the wisest decisions to make when it comes to one’s professional development. And now is just the right time to finally do it. There are noted improvements in the knowledge and treatments of a number of serious diseases. But this knowledge is also combined with the use of innovative technologies, adoption of new trends and, lastly, an increased pharma and clinical outsourcing to different parts of the world. With these three being the key factors that urge medicine to gradually move up a notch, the clinical trials market is expected to envision a more eventful and thrilling future by 2020.
ADVANCEMENT AMONG SOME OF THE INDUSTRY GIANTS
As stated before, continuous growth is observed across the research and medical field due to the continuous demand for related services. Big companies such as PRA Health, INC Research, ICON and others are just a few of the examples which testify for the successful turn of events. Thus, in 2015 the first one saw a growth of up to 78%, the second one demonstrated yet another sufficient result with its 64% and the last company showed off 19%.
SERVICE PROVIDERS KEEP SCALING UP
In a recently provided report, ISR (Industry Standard Research) highlights some crucial to the market statistics. The report uses these data to forecast the expansion of the market in the years to come. And the outcomes seem to be really promising indeed. The information gathered reveals that the Pharmaceutical sector appears to be spreading further and reaching not only to multiple third-parties (firms) but also to more distant places and countries. The request for progressive clinical services derives from both big and small-size organisations and institutions. Respectively, the pool is growing bigger, the services are getting better, global capabilities are enhancing and the opportunities are, simply, many. Since we observe such a continuous outsourcing from pharma companies to other pharma companies, and if it continues with the same pace, it becomes quite obvious that all of this will definitely result in a constantly unfolding revenue for CROs as well. Is that good? Of course. The only thing that is needed is for the macro impact to keep going.
What is interesting is that the major investments in the biopharma space, for instance, are tremendous. Hence, it has denoted about 490 venture capital deals ever single year starting from 2010 and still going on. For the 2010-2013 period, these contracts and arrangements were estimated at approximately $4.4. billion per annum. But it doesn’t end here. From 2014 to 2015 including, the investments averaged jumped to the incredible total sum of $6.3 and, respectively, $7.4 billion. Clearly, the foreseeable future is expected to go through similar, and perhaps even better, market achievements.
But that’s for the past so let’s look at what the report has to say in relation to the period that lies ahead. According to the facts in figures in the ISR paper, there is an expected overall increase of up to 15.5% estimated from $262.9 billion to $303.7 billion. There is also anticipated growth in research and development (R&D) expenses of above 20% for the given period.
SO, WHAT’S THE CONCLUSIONS…
It still remains to be seen what will happen until the end of the decade and whether the forecast will turn out to be as presented in the report. Taking into account all that has been said, there will be plenty of opportunities for pharmaceutical, clinical, medical and research companies all around the globe. Still though, exciting times for life science market is ahead, thanks to this progressive expansion in the face of outsourcing, in-demand global services and partnering models.
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