The global clinical trials market size is expected to reach USD 78.3 billion by 2030, registering a CAGR of 5.8% during the forecast period, according to a new report by Grand View Research, Inc. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug.
Clinical Trials Market Report Highlights
- The phase III clinical trials segment dominated the market with a 53.4% share in 2021. This can be attributed to the complexity of this phase
- The interventional design segment accounted for the largest share of 45.7% in 2021 in the study design segment owing to the increasing demand for the intervention for clinical trials by researchers
- North America held 50.7% of the market share in 2021. Favorable government initiatives and the presence of a large number of players in the U.S. that offer advanced services are responsible for market growth
- The Asia Pacific region is expected to grow at the fastest CAGR of 6.8% over the forecast period owing to the increasing patient pool and cost-efficient services.
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Clinical trials are a type of prospective biomedical or behavioral research that studies new tests and treatments and evaluates their effects on human health outcomes. It is designed to answer specific questions about possible new treatments or new ways of using existing treatments and to determine whether new drugs or treatments are safe and effective. They are usually conducted in phases that build on one another. Each phase is designed to answer certain questions. They include treatment trials, prevention trials, screening trials, supportive and palliative care trials, and natural history studies. They have a research team that includes doctors, nurses, social workers, and other health care professionals.
The increasing need for developing new drugs for chronic diseases, such as cancer, respiratory disorders, diabetes, cardiovascular diseases, and others, is creating immense pressure on the healthcare industry. The COVID-19 pandemic and the increasing demand for developing a suitable treatment are driving the market. The high number of people affected by the disease further depicts an increasing need for therapeutics & vaccines. Currently, there are 288 therapeutics and 106 vaccines under development, out of which, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, and 43.0% & 13.0% in Phase II & Phase I, respectively.
The pandemic has resulted in the global disruption of traditional onsite clinical trials. Hence, regulatory bodies worldwide have undertaken various initiatives for fast-tracking clinical trials for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find effective treatment against COVID-19. Although the pandemic has forced many medical device & drug developers to revise the approach to such crises, integrating best practices within clinical trial procedures & adapting to virtual trials, which can support the continuous development of therapeutics.
Clinical Trials Market Insights By Region
North America accounted for half of the global market. This can be attributed to an increase in R&D investments and a rise in the adoption of new technologies in clinical trials in this region. Favorable government support in the U.S. market for clinical trials is anticipated to boost the demand. The program employs every available way to provide novel treatment to patients as rapidly as possible, simultaneously finding out whether they are harmful or helpful. Asia Pacific region is anticipated to grow at the fastest CAGR owing to the availability of a large patient pool allowing easy recruitment. The global COVID-19 pandemic is one of the major factors driving the market. An increasing number of biotechnology firms prefer the APAC region for conducting COVID-19 trials to leverage a large patient pool and fast-track procedures.
Competitive Analysis By Market Leaders
The global market is highly competitive. The major factor influencing the competitive nature is the quick adoption of advanced technology for improved healthcare. In addition, to retain their market share and expand their product portfolio, major players are often involved in mergers and acquisitions as well as initiating new product launches. it is also helpful in the current pandemic as it helps in the reduction of on-site footprints. Some prominent players in the global clinical trials market include:
- IQVIA
- PAREXEL International Corporation
- Pharmaceutical Product Development, LLC
- Charles River Laboratory
- ICON Plc
- PRA Health Sciences
- Syneos Health
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Grand View Research has segmented the global clinical trials market based on phase, study design, indication, indication by study design, sponsor, service type and region:
- Clinical Trials Phase Outlook (Revenue, USD Million, 2017 – 2030)
- Clinical Trials Study Design Outlook (Revenue, USD Million, 2017 – 2030)
- Clinical Trials Indication by Study Design Outlook (Revenue, USD Million, 2017 – 2030)
- Clinical Trials Indication Outlook (Revenue, USD Million, 2017 – 2030)
- Clinical Trials Sponsor Outlook (Revenue, USD Million, 2017 – 2030)
- Clinical Trials Service Type Outlook (Revenue, USD Million, 2017 – 2030)
- Clinical Trials Regional Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players in the Clinical Trials Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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