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(Health-NewsWire.Net, February 06, 2022 ) The Covid 19 Clinical Trials Market contributed revenue of $5.2 Billion in the year 2020 and is poised to grow at a CAGR of 10.1% for the forecast period of 2021-2026. Covid-19 market is a year old market, owing to the resurgence of the virus in major geographies during the year 2020. Hence, the development of the clinical trial market took momentum in the last quarter of 2020, which constituted of Prescription Drugs and vaccines amongst others. The clinical trial market is majorly driven by two products, which are vaccines and therapeutics to cure or prevent the disease. The industry is positioned to grow in the forecast period owing to the rising number of cases on a global scale, globalization of the clinical trials throughout the regions, and also because of the technological advancements in the medical field. Major drug developments from Novartis and others along with the likes of Pfizer and Moderna developed their mRNA vaccines in a record time, with higher efficacy and safety. Similar developments across the COVID-19 clinical trials industry would drive the markets forward and make the overall industry outlook buoyant.
COVID-19 Clinical Trials Market Segment Analysis- By-Products
The market of COVID-19 clinical trials is segmented into two products, which are Vaccines and the other Therapeutics. The former dominated the market segment in the year 2020. The majority of the developed countries allocated their yearly budgets and paid up-right costs to the manufacturers to spend on the development of vaccines. Vaccines are created for providing immunity to any class of virus, the work of vaccines is limited to providing instructions to the body’s immunity, to produce antibodies specific to Coronavirus. By fighting against the antigens of the vaccine, the body produces sufficient immunological response which in turn can help a body to counter an actual coronavirus. Vaccines have a proven track record to reduce the severity and mortality of the disease.
The industry paradigm is bound to shift and make it the fastest-growing segment, growing at a CAGR of 10.6% over the forecast period of 2021-2026. Therapeutics are set to dominate the Covid-19 Clinical Trials market. Drug Therapy like the development of monoclonal antibodies, anticoagulants, and other anti-viral dominant medications are under development across the globe. Nutrition Therapy has gained momentum after studies have shown that COVID-19 can be tackled by the body’s immunity if it has the right proportions of vitamins and other necessary supplements. The following reasons will aid the development of the therapeutic segment,
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COVID-19 Clinical Trials Market Segment Analysis- By Phases
The COVID-19 clinical trials market has been segmented into five pre-clinical phases Phase-I, Phase-II, Phase-III and Phase IV. The pre-clinical stage dominated the clinical trials market segment, as 166 vaccines were under pre-clinical evaluation as of December 2020, and the therapeutic segment of the clinical trials market held an unrecognizable share by the end of 2020. According to WHO data, only 7% of the vaccine candidates can sail through the pre-clinical phase, hence the numbers were staggeringly high for the pre-clinical phase. In the Pre-clinical phase, the vaccine is tested on animals, which in turn guides the researchers about the efficacy and safety of the vaccine or drug under consideration. If they don’t qualify from this phase, then the researcher has to re-conduct the study with adjusted components than before.
Phase-III is set to dominate the COVID-19 Clinical Trials and grow at the fastest pace of 10.4% over the forecast period of 2021-2026, as the number of vaccines and therapeutic have undergone the safety trials, and have shifted their focus on mass-manufacturing, and making the drugs or vaccines available to the Tier-3 countries under the scheme of COVAX.
COVID-19 Clinical Trials Market- Segment Analysis by Geography
The region of Europe held the largest share, accounting to 34.3% in terms of contribution to the COVID-19 clinical trials. The share is attributed to the contribution made by the various European governments in developing vaccines, and also owing to the COVAX facility through which the government plans to spend €2.47 billion for research, development and distribution across the low-income countries.
Asia-Pacific is set to dominate the demographics of the COVID-19 clinical trials market and grow at the fastest pace during the forecast period of 2021-2026. As numerous researchers and organizations are amidst developing therapeutic drugs and vaccines to combat the pandemic, and the associated casualties due to COVID-19.
COVID-19 Clinical Trials Market Drivers
Rising cases and Associated Deaths relevant to COVID-19 set to drive the market
The number of Covid Cases has increased from 75 million global cases in 2020 to 208 million cases as of August 2021. The deaths associated with the virus has gone up from 1.68 Million to 4.3 Million. The following reason has attributed the governments across the globe to deploy funds and infrastructure for the development of Vaccines and Therapeutics.
Global Access to technology to drive market growth
The developed countries have assured a contribution through COVAX and GAVI, to support the research and development of vaccines and therapeutics.
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COVID-19 Clinical Trials Market Challenges
High Cost for Establishing Research Centres and Activities
Even though the world has come together to combat the pandemic, the infrastructure requirements are on a higher side. The cost for the development of any research organization or to fund any associated activities require costs that are well beyond the capacities of tier-3 or developing countries. The following can hamper the growth of the COVID-19 Clinical trial market.
COVID-19 Clinical Trials Market Landscape
Acquisitions, Product Launches and Mergers are the key strategic moves deployed by the COVID-19 Clinical Trial respondents. The top 10 companies operating in this industry are Janssen, Novartis, Roche, Gilead Sciences, Cipla, AstraZeneca, Pfizer, Roivant Sciences, Bharat Biotech, and Zydus Cadilla.
Recent Developments
In May 2021, Novartis and Molecular Partners announced a partnership to form ENSOVIBEP, which will, in turn, help the COVID patients to prevent worsening of symptoms. ENSOVIBEP is a type of Antiviral Therapeutic especially for targetting the spike protein of the Covid Virus.
In January 2021, Onosec Immunotherapies augmented the use of a cancer based treatment which can be moderated and tweaked to additionally form IL-12 genes along with a looped DNA, that can provide immunity for Coronavirus as well.
In July 2020, Zydus Cadilla announced a development of DNA based vaccine-first of its kind across the world. The vaccine has passed through the phase I and II, and recently phase III- making it the second Indian based vaccine after Bharat Biotech-COVAXIN to get Emergency Use Authorization in India.
Key Takeaways
Europe constituted the maximum share of the COVID 19 Clinical Trials market in the year 2020 owing to the surge in covid cases across the region, and the associated casualties.
The growth in this industry would be on factors such as a rise in the spending of finding vaccines and other therapeutic drugs.
The report consisting of Strengths, Weaknesses, Opportunities and Threat would be provided in the xmarket report.
A challenge for the industry is the high upfront costs in setting up research and development centres.
Related Reports:
A. Clinical Trials Spending Projections Market
https://www.industryarc.com/Research/Clinical-Trials-Spending-Projections-Market-Research-508339
B. eClinical Solutions Market
https://www.industryarc.com/Report/16039/eclinical-solutions-market.html
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