Clinical Trial Market Overview for 2024 to 2034

The Global Clinical Trial Industry is projected to reach a value of US$184.61 billion by 2034, according to a recent market analysis. While the growth is anticipated to be steady, with a Compound Annual Growth Rate (CAGR) of 4.3%, the market holds significant potential for the coming decade.

Both governmental and private sponsorship of clinical trials is helping them increase in number. As the number of diseases and patients increases, there is more demand for research to come up with newer medicines and treatments. The rise in cancer patients is especially necessitating the development of more oncology clinical trials.

Clinical trials are making use of advanced technology like AI and machine learning. These technologies are helping researchers handle data, select better samples, save time, and increase effectiveness. Technology is also allowing researchers to conduct virtual trials, a holdover from the pandemic era that is still going strong.

There are, however, impediments to market growth. While more people are open to being a part of trials, sometimes researchers struggle to find the right candidates with the right symptoms or afflictions. The complex process of clinical trials, requiring significant funding, is also a roadblock in the path of the market.

“Clinical trials are no longer relegated to just labs as decentralized trials that are more convenient for the subjects are emerging as a significant trend. Outsourcing lab work to countries like India and Brazil is also being practiced by companies from developed nations. Thus, outsourcing and decentralized trials represent significant opportunities in the market”, says an analyst at FMI.

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Key Takeaways from the Global Clinical Trial Industry

The clinical trial market is projected to be valued at US$ 120.97 billion in 2024.
Industry sponsorship is the prevailing mode of sponsorship in the market. In 2024, industry sponsorship is projected to account for 55.0% of the market share.
Oncology is the prime area of concern for clinical trials. For 2024, oncology is anticipated to account for 29.7% of the market share by area.
Germany is one of the most promising countries for the market. For the forecast period, the CAGR for Germany is estimated to be 5.6%.
The United Kingdom is another European country with a bright future for the market. The CAGR for the United Kingdom is anticipated to be 4.7% for the forecast period.
The market is expected to register a CAGR of 5.0% in the United States over the forecast period.
Competition Analysis of the Global Clinical Trial Industry

Companies in the market are taking the aid of both private and government sponsorships. The nature of the market is fragmented, with scope for organizations of all scales. Some prominent companies in the market include ICON plc, Charles River Laboratories International, Inc., IQVIA, and SYNEOS HEALTH.

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Recent Developments in the Global Clinical Trial Industry

In January 2024, Abbott announced the completion of the first trials of the company’s Volt Pulsed Field Ablation (PFA) System for the treatment of heart rhythm disorders.
In August 2023, LG Chem applied to the Italian Medicines Agency for Phase 3 trials of its gout treatment Tigulixostat.
Key Companies in the Global Clinical Trial Industry

Pharmaceutical Product Development, INC. (Thermo Fisher Scientific, Inc.)
ICON plc
Charles River Laboratories International, Inc.
IQVIA
SYNEOS HEALTH
SGS SA
PAREXEL International Corporation
Wuxi AppTec, Inc
Chiltern International Ltd (Laboratory Corporation of America)
Eli Lilly and Company
Novo Nordisk A/S
Pfizer
Clinipace (Caidya)
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Global Clinical Trial Industry Key Segments

By Sponsor:

Industry
Government Organizations
Non-Government Organizations
Others
Associations
By Area:

Oncology
Infectious Diseases
Metabolic Diseases
Cardiovascular Diseases
Neuroscience
Respiratory Diseases
Others
By Phase:

Phase 1
Phase 2
Phase 3
Phase 4
By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

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How CPQ Software Accelerates the Sales Cycle

Configure, Price, Quote (CPQ) software has revolutionized the sales process for businesses across various industries, accelerating the sales cycle and driving revenue growth. By streamlining the configuration, pricing, and quoting of complex products and services, CPQ software enables sales teams to respond to customer inquiries faster, increase quote accuracy, and ultimately close deals more efficiently. Here's how CPQ software accelerates the sales cycle:

Product Configuration: CPQ software simplifies the product configuration process by guiding sales representatives through a step-by-step selection of product features, options, and configurations. With intuitive interfaces and configurator tools, sales teams can quickly create customized quotes tailored to each customer's unique requirements, eliminating the need for manual configuration and reducing errors.

Automated Pricing: CPQ software automates pricing calculations based on predefined pricing rules, discount structures, and pricing matrices. By integrating with pricing databases and CRM systems, CPQ software ensures that sales reps have access to real-time pricing information and can generate accurate quotes with consistent pricing across all sales channels. This automation saves time and enables sales teams to respond to customer inquiries promptly.

Quoting Efficiency: With CPQ software, sales reps can generate professional-looking quotes and proposals with just a few clicks. Templates and predefined content libraries allow sales teams to create visually appealing documents that showcase product features, benefits, and pricing options. By streamlining the quoting process, CPQ software eliminates manual paperwork and administrative tasks, enabling sales reps to focus on selling and closing deals.

Guided Selling: CPQ software solution provides guided selling capabilities that help sales reps identify upsell and cross-sell opportunities during the quoting process. By recommending complementary products, accessories, or add-ons based on customer preferences and past purchase history, CPQ software enables sales reps to maximize revenue potential and increase deal size. Guided selling also ensures that sales reps offer comprehensive solutions that meet customer needs and preferences.

Approval Workflows: CPQ software automates approval workflows for quotes and proposals, streamlining the review and approval process. Sales reps can submit quotes for approval directly within the CPQ system, and managers can review, approve, or reject quotes with full visibility into pricing, discounts, and terms. This automated workflow ensures compliance with pricing policies and reduces delays in the sales cycle.

Integration with CRM and ERP Systems: CPQ software integrates seamlessly with customer relationship management (CRM) and enterprise resource planning (ERP) systems, providing a centralized platform for managing sales and order data. By syncing customer information, product catalogs, pricing data, and order details across systems, CPQ software eliminates data silos and ensures
consistency in sales processes. Integration with CRM and ERP systems also enables sales teams to access up-to-date information and track sales performance in real time.

Analytics and Reporting: CPQ software offers advanced analytics and reporting capabilities that provide insights into sales performance, quote-to-close ratios, win rates, and deal profitability. By analyzing sales data and trends, sales managers can identify bottlenecks in the sales process, optimize pricing strategies, and identify areas for improvement. These insights enable sales teams to make data-driven decisions that accelerate the sales cycle and drive revenue growth.

In conclusion, CPQ software plays a critical role in accelerating the sales cycle by streamlining product configuration, automating pricing, simplifying quoting processes, enabling guided selling, automating approval workflows, integrating with CRM and ERP systems, and providing advanced analytics and reporting capabilities. By empowering sales teams with the tools and insights they need to create customized quotes quickly, accurately, and efficiently, CPQ software helps businesses close deals faster and drive revenue growth.

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Clinical Alarm Management Market Outlook in Comparison to 2023 to 2033

The Global Clinical Alarm Management Industry is on the brink of an extraordinary surge, with anticipated revenues soaring to US$ 6.2 billion by 2033, representing a remarkable 7.5% Compound Annual Growth Rate (CAGR) from 2023. These insights, meticulously derived from thorough industry analysis, unveil a dynamic landscape brimming with substantial growth opportunities.

Recent projections indicate that the industry is poised for an annual expansion of approximately 13% through 2029. This surge is propelled by substantial investments in healthcare facilities and infrastructure development, reshaping the landscape of patient engagement and experience on a global scale. The unwavering commitment to crafting state-of-the-art healthcare environments has emerged as a driving force, catalyzing a revolutionary transformation in the healthcare sector.

“With global investments in the healthcare industry increasing at a rapid pace, clinical alarm management is likely to witness high demand to improve workflow, lower noise levels, and enhance patient care. In addition, solution providers are preparing to expand their portfolios and combine their services with advanced technologies such as Big Data Analytics to gain a distinct competitive edge,” says the FMI analyst.

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Key Takeaways from Global Clinical Alarm Management Industry Study

The adoption of clinical decision support tools and clinical alarm reporting software continues to broaden in both developing and developed countries.

Clinical alarm reporting software helps in identifying nonactionable alarms that could be fully adjusted or removed, contributing to an 80% reduction in ventilator alarms.

Clinical alarm management solutions – central monitoring systems in particular have been garnering significant traction, as they provide actionable intelligence to respond to alarm conditions with appropriate patient care or device management.

FMI reports that demand for clinical alarm management in hospitals and ambulatory surgical centers is likely to increase at the CAGR of ~14% and ~11% respectively, during the forecast period.

As compared to developing regions, the sales of clinical alarm management solutions is anticipated to be higher in countries of North America and Western Europe.

Key Players Eyeing Greater Opportunities in Asia Pacific

Leading players in the Global Clinical Alarm Management Industry are constantly focusing on expanding their business across Asia Pacific. Increasing investments in the digitalization of healthcare infrastructure, especially in developing countries such as China and India, is likely to help attract different clinical alarm management solution providers to continue their businesses in these countries. Further, with a wealth of innovation on the horizon, clinical alarm management market players are set to release advanced solutions and services for the end users.

Zebra Technologies offers alarm management solutions, which can deliver more than patient event notifications and secure text messaging.

The incorporation of new technologies such as the Internet of Things (IoT) in the healthcare sector along with the rising adoption of big data analytics has been leading to a paradigm shift in patient care delivery. The rapid inclination toward value-based healthcare is likely to remain instrumental to the growth of the Global Clinical Alarm Management Industry in the years ahead.

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Find More Valuable Insights on the Global Clinical Alarm Management Industry

In its new offering, Future Market Insights puts forward an unbiased analysis of the Global Clinical Alarm Management Industry, providing historical demand data (2014-2018) and forecast statistics for the period, 2019-2029. The study provides key insights on the clinical alarm management market based on components (solutions and services) and end users (hospitals, clinics, ambulatory surgical centers, long-term and palliative care centers, home care, and other end users) across seven major regions.

Global Clinical Alarm Management Industry: Segmentation

By Component

Solution
Clinical Decision Support Tool
Central Monitoring System
Mobility Solution
Clinical Alarm Reporting Software
Alarm Auditing Software
Service
Consulting
Implementation and Integration
Monitoring and Analytics
End User

Hospitals
Clinics
Ambulatory Surgical Centres
Long-term and Palliative Care Centres
Home Care
Others

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