USD 47.07 billion
Clinical Trials Market Size, Share, Growth Analysis, By Phase (Phase III Clinical Trials, Phase II Clinical Trials), By Service Type (Laboratory Services, Bioanalytical Testing Services), By Therapeutic Area (Oncology, Infectious Diseases), By Application (Small Molecules, Monoclonal Antibodies), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2641 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
69
|Figures:
75
Clinical Trials Market Insights
Global Clinical Trials Market size was valued at USD 48.20 billion in 2022 and is poised to grow from USD 52.39 billion in 2023 to USD 102.12 billion by 2031, growing at a CAGR of 8.7% in the forecast period (2024-2031).
Several key drivers are propelling the market, including clinical trials in emerging markets, pharmaceutical industry R&D expenditure, disease prevalence, rare diseases, and orphan drug research in the pipeline. The market is increasing due to several causes such as more diseases that require advanced and stronger medicines for both diagnosis and treatment. For example, according to the IDF Atlas 2021 edition, in the year 2021, an estimated 536.6 million people in the world aged between 20 to 79 years were living with diabetes, and the number may escalate to 783.7 million by 2045. The disease burden is increasingly burdening the market. Moreover, the industry is witnessing expansion from government activities in various regions. For instance, the European Commission (EC), together with the Heads of Medicines Agencies (HMA) and the European Medicines Agency (EMA) started the Accelerating Clinical Trials in the EU program in January 2022. This has the general objective in changing how clinical trials are planned for, undertaken, and conducted. ACT EU promotes Europe's role as the primary location for clinical research, fosters the development of safe, effective, and high-quality pharmaceutical development, and promotes better integration of clinical research into the European healthcare system. Governmental support and this kind of initiative is helping industries grow and expand globally.
US Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Phase I
Fastest Growth
Phase II
Growth Rate
5.8% CAGR
Global Clinical Trials Market ($ Bn)
Country Share for North America Region (%)
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Clinical Trials Market Segmental Analysis
Global Clinical Trials Market is segmented on the basis of phase, service type, therapeutic area, application, and region. By phase, market is segmented into Phase III Clinical Trials, Phase II Clinical Trials, Phase IV Clinical Trials, and Phase I Clinical Trials. By service type, market is segmented into Laboratory Services, Bioanalytical Testing Services, Decentralized Clinical Trial Services, Patient Recruitment Services, Site Identification Services, Analytical Testing Services, Supply & Logistics Services, Protocol Designing Services, Data Management Services, Medical Device Testing Services, and Other Services. By therapeutic area, market is segmented into Oncology, Infectious Diseases, Neurology, Metabolic Disorders, Immunology, Cardiology, Genetic Diseases, Women’s Health, and Other Therapeutic Areas. By application, market is segmented into Small Molecules, Monoclonal Antibodies, Vaccines, Cell & Gene Therapy, and Other Applications. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Clinical Trials Market Analysis by Phase
Phase III collected the highest market revenue in 2023 due to the growth in the number of efforts performed by industry participants while outsourcing R&Ds. This implies strategic change in companies' means of workflow optimization with resource division, which most likely increases the efficacy of productivity and thereby shortens the launch period of new products. Pharmaceutical companies can leverage third-party capabilities to free up internal expertise, thus focusing on core competencies and achieving superior efficiency in the development processes by leveraging other organizations. Furthermore, since companies are eager to share knowledge and reduce expenses while ensuring that quality and regulatory standards remain intact, the position of the Phase III segment has been further enhanced through growing partnership and collaboration initiatives by the industry itself.
However, the Phase II segment is anticipated to grow at the highest CAGR during the forecast period. Chronic diseases such as diabetes, heart conditions, and cancer are prevalent in this category, thus creating an acute need for new treatments. Pharmaceutical companies are heavily investing in R&D to discover new avenues of treatment as the global healthcare system battles to cope with the rising burden of chronic diseases. The injection of finance is predicted to bolster the production of new pharmaceuticals being driven on both sides of the public and private divide. The industry remains committed to further enhancing patient outcomes and effectively solving unmet medical needs through its focus on the development of clinical trials and new therapeutic options.
Clinical Trials Market Analysis by Therapeutic Area
Oncology was leading in the segment with the highest revenue amount by 2023 because of its rapid growth in the drugs approved for the different types of cancer and the greatest need to have a right chemotherapy regimen. This has greatly contributed to the rise in targeted drugs development and increased funding for cancer research. For instance, FDA approved Pralsetinib (Gavreto) on 2020 for treatment in patients from 12 years with locally advanced or metastatic RET-mutant medullary thyroid carcinoma. The same approach is aimed at making advanced treatments accessible to patients diagnosed with challenging-to-access conditions.
During the forecast period, the CNS disorder segment is expected to grow with a notable CAGR. The major driving force of this increase is the rise in the prevalence of CNS diseases such as multiple sclerosis, Parkinson's disease, and Alzheimer's disease. Incidences of neurological diseases per 100,000 people have emerged in the US with 47.39 in the year 2019. With improved funding for research and awareness of it, the demand for new treatments within the CNS disease segment increases, just like the focus of the healthcare sector on improving outcomes for the people who suffer from such debilitating disorders.
Global Clinical Trials Market By Phase
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Clinical Trials Market Regional Insights
The regional market is dominated by North America with a share of 50.3% in the year 2023. The increase in R&D funds coupled with an increased adoption of modern technology in clinical trials have been some of the contributing factors to the growth here. For instance, the growth of virtual services of industry participants such as PRA Health Sciences and IQVIA at all levels of clinical trials is anticipated to propel the North America market further. In addition, growing government support for the clinical trials sector of the US is expected to create a huge demand for the same. For instance, to accelerate the development of treatments for coronavirus-related conditions globally, it released the Coronavirus Treatment Acceleration Program in March 2020. According to the FDA program, it puts every resource to work to make patients get innovative treatments as soon as possible while determining if they work.
Asia Pacific is expected to grow with the fastest CAGR during the forecast period due to the substantial pool of patients in this region, thereby making recruitment easier. As one of the major triggers driving the market, the global COVID-19 pandemic is mainly responsible for the growth in the market. Asia Pacific's largest, most experienced biotech CRO, "Novotech" has announced a rise in demand for studies from biotechnology sponsors because the studies have high quality and short turn-around times. More biotech companies are taking their COVID-19 trials to the Asia-Pacific region to cash in on the region's vast patient base and quicken the processes. Indian clinical trials market is expected to grow at a CAGR of 8.3% during the forecast period. Growth drivers for the market include globalization of clinical trials, application of new technologies in clinical research, increasing diversity and prevalence of diseases, and growing R&D supporting outsourcing.
Global Clinical Trials Market By Geography
- Largest
- Fastest
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Clinical Trials Market Dynamics
Clinical trials Market Driver
Rising Investment in R&D
- Biotechnology and pharmaceutical companies' clinical trials are primarily boosted by the growth in investment of R&D. The companies need to more strongly design a clinical trial to develop and market new therapies into the market. The more public and private funding that an organization receives allow the organization to conduct larger-scale research designs, which improve the efficacy and safety ratings of drugs. This investment accelerates the process of medication approval and enhances patient access to cutting-edge medicines by encouraging the discovery of new treatments and raising the standard of clinical research.
Growing Prevalence of Chronic Diseases
- The other major growth driver for the clinical trials market is the increasing prevalence of chronic diseases, including diabetes, cancer, and cardiovascular diseases. More clinical trials are being conducted by pharmaceutical companies because the urgent need for proper treatment options increases with the continued increase of these diseases throughout the world. Research is based on the demand for new therapeutics that would address the health challenges while further testing on new drugs and treatment methods makes its pace. This subsequently increases industry players to collaborate with each other and hence, results in wider and more diversified clinical research trials that can easily address the problems associated with long-term diseases.
Restraints
Regulatory Issues
- Regulatory issues restrict the clinical trials market very much as sometimes access to clearance is difficult and there is much delay in R&D. Tight regulations by bodies such as the FDA and EMA demand proper documentation, ensuring full compliance with Good Clinical Practice (GCP), and rigorous safety procedures. Such barriers might hinder small companies from beginning clinical studies due to the enormous costs of compliance with regulatory requirements. Further hurdles include the national regulations that arise in multi-national trials. These make the process slower and reduce access to diverse patient populations.
High Costs and Resource Limitations
- The market is heavily constrained by the extremely high costs incurred in carrying out clinical research. There are numerous companies faced with the challenge of budgetary constraints because of the very high expenses in designing the trials, recruiting patients, data management, and meeting all the regulatory requirements. More specifically, this may prove to be tough for the smaller biotechnology firms to gather funds that is used for research; therefore, new drugs are not able to be designed. Other challenges, such as available skilled labor and the right facilities may equally affect the progress of clinical trials. This may affect the growth of the market.
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Clinical Trials Market Competitive Landscape
Global Clinical trials market is competitive and fragmented. The major industry players keep introducing a variety of growth strategies for maintaining a position for a sustainable competitive advantage. Innovations, mergers and acquisitions, collaborations, and partnerships are used by these players for sustaining themselves in the competitive environment. For developing the most effective and economical solutions for industries, significant market players are constantly focusing on R&D.
Clinical trials Market Top Player's Company Profiles
- Thermo Fisher Scientific, Inc. (US)
- IQVIA, Inc. (US)
- ICON plc (Ireland)
- Laboratory Corporation of America Holdings (US)
- Syneos Health (US)
- WuXi AppTec (China)
- Charles River Laboratories (US)
- PAREXEL International Corporation (US)
- Fortrea, Inc. (US)
- Medpace (US)
- SGS (Switzerland)
- Frontage Labs (US)
- ACM Global Laboratories (US)
- Advanced Clinical (US)
- PSI (Switzerland)
- BioAgile (India)
- Clinical Trial Service (Unknown)
- Worldwide Clinical Trials (US)
- Pepgra (India)
- CTI Clinical Trial and Consulting Services (US)
- Dove Quality Solutions (UK)
- Firma Clinical Research (US)
- Celerion (US)
- Novotech (Australia)
- Linical Americas (Japan)
Clinical trials Market Recent Developments
- In December 2023, Thermo Fisher Scientific Inc. launched CorEvidence. It is a cloud-based application that streamlines the management of safety data and processes for pharmacovigilance cases.
- In December 2021, Pharmaceutical Product Development, LLC acquired by Thermo Fisher Scientific Inc. The acquisition positioned the company to leverage more significant services and offerings.
- In December 2021, Laboratory Corporation of America Holdings acquired Toxikon Corporation with the goal to strengthen its strong portfolio of non-clinical development.
Clinical Trials Key Market Trends
- Acceptance of Decentralized Experiments: One of the recent trends in clinical trials is that decentralized clinical trials are increasingly being adopted. These studies involve technology to provide virtual attendance and remote monitoring of the patients, providing more flexibility and accessibility to them. DCTs would save expenses on trip costs and may increase patient engagement through wearable technology, telemedicine, and mobile health applications. Overall, this shift accelerates data gathering and analysis, facilitates patient recruitment and retention, and substantially aids the process of conducting clinical trials.
- New Evolution of the Clinical Trials Environment: The application of big data analytics and artificial intelligence is revolutionizing the clinical trials environment. The analysis of huge sets of data and complex algorithms allow researchers to identify proper patient groups and enhance data analysis processes. This is mainly because artificial intelligence systems can now expedite the recruiting process, predict trial outcomes, and even identify adverse effects at the earliest stages. Improved quality of data and enhanced clinical trial efficiency contribute to a faster timeline in drug development and the ability to make more informed decisions.
Clinical Trials Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the clinical trials market has significantly grown due to the escalating R&D spending, rising rates of chronic illnesses, and technology breakthroughs in areas such as AI integration and decentralized trials. Even though there are still some problems with costs of regulations and barriers to entry, the commitment of the industry to cooperation and innovation will probably help the industry to overcome all these problems. Adoption of big data analytics and shift towards a patient-centered approach will make the trials more efficient and better for the patients. The clinical trials future revolves around bringing life-saving medicines to each patient as rapidly and efficiently as possible. As players continue to navigate evolving market reality, this is how more efficient treatments for millions of patients and faster access to potentially life-saving medicines arrive in the future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 48.20 billion |
| Market size value in 2031 | USD 102.12 billion |
| Growth Rate | 8.7% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Clinical Trials Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Clinical Trials Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Clinical Trials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Clinical Trials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Clinical Trials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Clinical Trials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Clinical Trials Market Report Snapshots
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