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(Medical-NewsWire.com, June 05, 2018 ) Middle East and Africa Clinical Trials market has been estimated at USD 1.18 Billion in 2016 and is projected to reach USD 1.70 Billion by 2021, at a CAGR of 7.55% during the forecast period from 2016 to 2021. Clinical trials are conducted to collect data regarding the safety and efficacy of new drug and device development. Trials can be quite costly, depending on a number of factors. The sponsor may be a governmental organization or a pharmaceutical, biotechnology or medical device company. Certain functions necessary to the trial, such as monitoring and lab work, may be managed by an outsourced partner, such as a contract research organization or a central laboratory.
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The market for Clinical Trials is mainly driven due to alliances between the pharma-biotech companies and the clinical research organizations, increasing demand for outsourcing clinical development and increasing demand of innovative solutions in healthcare industry. But, the market growth can be hampered due to emerging shortage of clinical resources such as lack of disease population, well trained labor, and sound medical infrastructure are delaying the process to initiate trials.
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Middle East and Africa market for Clinical Trials is segmented based on Phase, design and indication. By Phase, the market is further sub-segmented into Phase I, Phase II, Phase III. By design, the market is further sub-segmented into Interventional trials, Observational trials, Expanded Access trials. By indication, the market is further sub-segmented into Autoimmune, Blood disorders, Cancer, Circulatory, CNS, Congenital, CVS, Dermatology, Ear, Gastrointestinal, Genitourinary, Infections, Mental disorders, Metabolic, Musculoskeletal, Nose, Ophthalmology. Cancer and CNS are the largest market share contributors to the market. Segments like Gastrointestinal, Circulatory, Dermatology and Mental Disorders are moving with high CAGR due to their increasing occurrence.
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Geographically, Middle East and Africa market for Clinical Trials is segmented into Middle East region and Africa region. The Clinical Trials market in the Middle East and Africa region is projected to grow at the high CAGR. Emerging countries account for the largest share due to support from the respective government bodies and growing trend of rising strategic alliances, joint ventures and acquisitions.
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Chiltern, Omnicare, PPD, Parexel, Kendle, Quintles, ICON Plc, and Charles River, are the major players of Middle East and Africa Clinical Trials market.
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