Cromos Pharma launches new series to explore the latest developments in clinical trials sector
2020 marks the start of a new decade when we can anticipate several trends to take hold in the global clinical research market. What can we expect in terms of the market in terms of growth and trends? Throughout 2020 Cromos Pharma’s team of experts will look at some of the major trends dominating the current market and future influences on clinical research.
As we begin a new decade, the clinical research market continues to experience steady growth. The global clinical trials market is expected to reach USD 68.9 billion by 2026, according to Grand View Research, Inc. The market is projected to experience a 5.7% compound annual growth rate (CAGR) in the next 6 years.
Major factors driving this growth include the high demand for clinical trials in emerging markets, an overall increase in research and development (R&D) expenditure in the pharmaceutical sector, the global ageing population and the increase in prevalence of chronic diseases, the shift to personalized healthcare and precision medicine, advances and greater adoption of new technologies and increasing focus on rare diseases and orphan drugs. These key drivers are leading to a rising demand for clinical research organizations (CROs) to conduct clinical trials.
Cromos Pharma has identified the top trends set to exert their influence in the coming years and will publish a new Insights@CromosPharma series which explores these trends and their impact on the clinical research market.
Top trends for 2020
Biosimilars: As the demand for biologic treatments increases so too will the role of biosimilars which offer the potential to expand access to novel treatments as well as offering cost savings for healthcare systems. Cromos Pharma will examine the growth and development of the biosimilar market. It will consider global trends in the uptake of biosimilars and the contrasts between development in the US and EU. It will look at opportunities and challenges facing the biosimilar market while assessing the role of governance, regulation and industry in its growth.
Innovative trial designs: Increase in demand for precision medicine and personalized healthcare is leading to new directions in drug discovery including innovative trial designs including the use of master protocols. Cromos Pharma will explore some of the benefits and the challenges facing the pharmaceutical sector in relation to complex innovative trial designs (CIDs) and consider the impact of a collaborative model for clinical research.
Increasing the accessibility to innovative treatments: There is a rising global demand for effective treatments for a variety of diseases from cancers to chronic diseases and rare diseases. Currently there are large unmet clinical needs in emerging markets and rising demand for clinical trials as a way for patients to access innovative therapies. In addition, there are moves to increase access to experimental treatments for example in the US passed legislation to allow patients “The Right to Try”. There are also moves to expand the availability of orphan drugs in several countries as a means of addressing rare diseases.
Technological Innovations in drug development and Big Data: The role of AI and machine learning is set to expand its influence on clinical research. Cromos Pharma will take a look at the impact of technological innovations and how can midsized and small CROs can keep abreast of these developments. Big data also continues to extend its influence on the sector raising issues relating to accessibility to data, privacy (GDPR in the EU vs US models) and cybersecurity.
Real World Evidence: Real World Evidence (RWE) is going to be become even more important in clinical research. In 2019, the Food and Drug Administration (FDA) approved the first drug where its analysis was largely based solely on real world data (RWD) with Pfizer’s Ibrance. The growing demand for RWE will require CROs to address how it can best manage and access this data and to keep up to date with the latest technologies to process data.
Throughout 2020, Cromos Pharma will publish papers on these trends as well as providing updates on other industry-relevant developments including issues around pricing and outsourcing, developments in the EU and Asia-Pacific as well as providing information about markets in which we operate.