The global clinical trials market was valued at USD 57.76 billion in 2023 and is expected to grow from USD 61.58 billion in 2024 to USD 106.78 billion by 2032, at a CAGR of 7.1% during the forecast period. The Asia Pacific region is anticipated to witness the highest growth rate during this time.
Clinical trials play a vital role in the development of new therapies and medical devices. These studies are conducted to assess the safety and efficacy of novel pharmaceuticals, medical devices, and other therapeutics. They provide a robust scientific basis for patient care, treatment protocols, and the evaluation of innovative drugs and technologies. The global increase in R&D investments by pharmaceutical and biotechnology companies has significantly driven the rise in clinical trial activities.
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In December 2023, Thermo Fisher Scientific Inc. introduced CorEvidence, a cloud-based platform aimed at optimizing pharmacovigilance case processing and safety data management processes. This innovative solution is expected to revolutionize safety monitoring in clinical trials by enhancing efficiency, accuracy, and compliance with regulatory standards.