Global Clinical Trials Market

Global Clinical Trials Market Size, Share, Growth Analysis, By Phase(Phase I, Phase II), By Disease(Autoimmune/Inflammation, Pain Management) - Industry Forecast 2023-2030


Report ID: SQMIG35A2641 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 69 | Figures: 75

Global Clinical Trials Market Insights

Clinical Trials Market size was valued at USD 47.07 billion in 2021 and is poised to grow from USD 49.8 billion in 2022 to USD 82.72 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

Clinical trials are extensive research projects that evaluate novel diagnostic and therapeutic procedures and determine how they affect human health outcomes. A variety of people/patients voluntarily take part in clinical trials to examine various medical interventions, such as medications, medical equipment, and other biological products. Clinical trials are carried out in four stages and are closely monitored by regulatory agencies throughout the course of the study. Furthermore, the burden of chronic diseases is rising, according to WHO data published in April 2021. This is anticipated to boost demand for clinical trials as well as the development of new medications. It has been noted that cardiovascular illnesses, obesity, and diabetes are to blame for over half of all chronic disease deaths. For instance, non-communicable diseases (NCDs) account for 41 million annual deaths, or 71% of all fatalities worldwide. Due to the high prevalence of NCDs, there is a significant need for novel medications and technologies, which drives up the number of clinical studies and, ultimately, propels market expansion.

The market is expected to grow as technologically sophisticated digital solutions become more widely used, along with a number of government initiatives. Another factor driving the burden of long-term diseases and demand for clinical trials is the growing elderly population. The companies' focus on creating novel treatments for rare or genetic conditions that necessitate concentrated and specialised clinical trials has increased as a result of the rising burden of these diseases. This is expected to accelerate the growth of the sector. Additionally, the size and quantity of clinical trials have increased steadily as the commercial approach to clinical research extends from Europe and the US to the majority of the world. As a result, pharmaceutical companies are under more pressure to meet deadlines. Even huge pharmaceutical companies are finding it challenging to handle the rising workload, which is driving up outsourcing. So, during the course of the projection period, the market is expected to grow as demand for clinical trials outsourcing rises.

US Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2023-2030

Global Market Size

USD 47.07 billion

Largest Segment

Phase I

Fastest Growth

Phase II

Growth Rate

5.8% CAGR

Global Clinical Trials Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Clinical Trials Market By Phase , 2021-2028($ Bn)
Global Clinical Trials Market Size By Phase , 2021-2028 (%)

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Global Clinical Trials Market Segmental Analysis

Global Clinical trials Market is segmented based on the phase, disease and region. Based on Phases Clinical trials Market is segmented into Phase I, Phase II, Phase III, Phase IV. Based on diseases the Clinical trials Market is segmented into Autoimmune/Inflammation, Pain management, Oncology, CNS condition, Diabetes, Obesity, Cardiovascular, Others.  Based on Region Clinical trials Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.

Clinical trials Market Analysis by Phase

Based on Phases global clinical trials market is segmented into Phase I, Phase II, Phase III, Phase IV. Phase III segment accounted for the largest market share in 2021. The most costly and extensive trials are those in phase III. With 59 new therapeutic medicines approved by the FDA between 2015 and 2016, the median price for a single Phase III trial is approximately USD 19.0 million. Additionally, Phase III calls for a larger patient population and frequently a longer course of treatment. In terms of market share, the Phase II sector came in second with 19.4% in 2021. In terms of cost, it ranks second only to Phase III. This study is carried out in two stages: the first stage involves investigating a range of doses and conducting efficacy tests, and the second stage involves deciding on the dose.

Particularly in trials including oncology, phase II is important. About 33% of drugs, according to the FDA, are typically undergoing Phase II trials. Additionally, a number of medicines and vaccines that are suggested for the treatment of COVID-19 are now in Phase II, which will help the market develop. For instance, 43 treatments are currently in Phase II for COVID-19. These vaccines are being developed by AstraZeneca plc, Arch Biopartners, Inc., Applied Therapeutics, Inc., Apeiron Biologics GmbH, 4D Pharma plc, AB Science SA, and other businesses.

Clinical trials Market Analysis by Disease

Based on diseases the global clinical trials market is segmented into Autoimmune/Inflammation, Pain management, Oncology, CNS condition, Diabetes, Obesity, Cardiovascular, Others. The segment of Oncology held the largest market share in 2021. Additionally, the segment is expected to experience the quickest CAGR of 6.3% during the projection period. The pharmaceutical sector is now investing more than USD 38.0 billion on the preclinical and clinical development of oncology therapeutic items, according to the U.S. FDA and a number of other sources. Over the forecast period, the cardiovascular condition segment is expected to grow profitably at a CAGR of 6.1%. More than 190 pharmaceuticals are now in development due to the enormous investment being made in R&D in this field as a result of the rising prevalence and global demand for cost-effective medications.

Global Clinical Trials Market By Phase, 2021(%), 2021 (%)

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Global Clinical Trials Market Regional Insights

Global clinical trials market is dominated by North America. The growth of region is attributed to rising pharmaceutical industry's focus on developing new drugs to treat a variety of chronic conditions is predicted to increase industry income. The demand for medications, medical equipment, and therapeutic interventions is also anticipated to increase due to the ageing population, which is also projected to suffer from a number of chronic diseases and age-related disorders. This will raise market statistics. For instance, the number of people over 65 in the US was estimated at 54 million in 2019 and is projected to increase to about 98.2 million by the end of 2060, according to the US Census Bureau. Consequently, businesses are generally investing more in research and development. Furthermore, it is projected that strong government backing for clinical trials in the US market will increase demand. For instance, to hasten the discovery of medicines for diseases around the world brought on by the coronavirus, the FDA announced the Coronavirus Treatment Acceleration Program (CTAP) in March 2020. The programme uses every method at its disposal to quickly provide innovative treatments to patients while determining whether they are beneficial or dangerous.

Asia Pacific on the other hand held the second largest market share in 2021. Due to the existence of a sizable patient pool that facilitates easy recruiting, the region is predicted to develop at the quickest CAGR during the projected period. One of the main factors influencing the industry is the global pandemic. Due to the high quality and speedy turnaround of its studies, Asia Pacific's largest, most experienced biotech CRO, "Novotech," has seen an increase in interest from clinical trials sponsors. For COVID-19 studies, a growing number of clinical trials companies choose the APAC area due to its huge patient pool and quick processes.

Global Clinical Trials Market By Geography, 2021 - 2028, 2023-2030
  • Largest
  • Fastest

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Global Clinical Trials Market Dynamics

Clinical trials Market Driver

  • Increasing prevalence of chronic illnesses is believed Chronic conditions are now more common than ever. With the growth of the middle class and the speeding up of urbanization, people are becoming more sedentary. As a result, there are more cases of genetic abnormalities, diabetes, malaria, HIV, and other diseases like TB and obesity. Additional factors driving market revenue growth include an increase in the prevalence of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, financing, and grants for scientific research. The biopharmaceutical sector aids in the prevention of chronic diseases. The biopharmaceutical sector is focusing on creating individualized therapies. This will help develop individualized procedural healthcare standards and aid in the treatment of some hereditary genetic diseases.
  • Pharmaceutical and biopharmaceutical businesses are choosing fully integrated or functional outsourcing services from the early development stage to the late-stage development phase for both drug discovery and development as a result of their increasing R&D spending. Due to the intense pressure on these businesses to keep fixed costs under control, outsourcing has emerged as a tactical solution to the lack of internal resources needed for new product development. Particularly large pharmaceutical businesses are changing to a leaner business strategy that mainly relies on outsourcing to increase profitability, adhere to the timescales required for drug development, and save expenses, the majority of pharmaceutical and biopharmaceutical businesses often outsource their testing functions during R&D. The most recent contracts between big pharma and CROs are proof of this. In order to manage capacity and access scientific and process advancements to generate cost-effective and efficient drug molecules, it has become important to outsource various drug development phases due to the growing number of medications in the pipeline. The market for clinical trials is projected to develop as a result of this trend.

Clinical trials Market Restraint

  • Clinical trials are at serious risk from the effects of medical clinical trials. Because the technology is so new, testing has resulted in injuries and sometimes fatalities. Before employing technology on human beings, great thought should be given to these risks, and anyone taking part in a trial should be extremely informed of all possible consequences. Unfortunately, there is a paradox whereby sick people will occasionally try new things in the hopes of getting better. This suggests that scientists and medical personnel have a significant ethical obligation to properly disclose the dangers to patients and respect their ultimate decision.
  • One of the challenges to market expansion is a lack of research facilities and infrastructure to support their administration and development, especially when trial sites are located across various nations. Clinical research centres (CRCs), which are created to provide services like clinical research for any given condition, and specialized academic clinical trial units (CTUs) are examples of research infrastructures. However, such facilities are not only lacking but also rare in other countries, particularly in middle-income countries where government financing for clinical research is insufficient. In order to perform clinical trials, well-developed infrastructure must be available in low- and middle-income nations due to the threat that poor infrastructure poses to market development.

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Global Clinical Trials Market Competitive Landscape

The Global Clinical trials market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.

Clinical trials Market Top Player's Company Profiles

  • IQVIA
  • PAREXEL International Corporation
  • PRA Health Sciences, Inc.
  • Syneos Health, Inc.
  • Charles River Laboratories International, Inc.
  • ICON plc
  • Wuxi AppTec Inc.
  • Medpace Holdings, Inc.
  • Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)
  • Novotech Pty Ltd.
  • Medidata Solutions (a subsidiary of Dassault Systèmes)
  • Premier Research Group plc
  • LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)
  • SGS S.A.
  • PPD, Inc.
  • PSI CRO AG
  • Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)
  • Worldwide Clinical Trials, Inc.
  • Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)
  • Chiltern International Ltd. (a subsidiary of LabCorp)

Clinical trials Market Recent Developments

  • In Aug 2022, Pfizer, French partner Valneva begin worldwide trials for first Lyme disease vaccine. If proven safe and effective, the vaccine could help stop tick-borne disease that affect nearly half a million Americans every year.
  • In March 2022, Lilly Announces Completed Response Letter for Sintilimab in Combination with Pemetrexed and Platinum Chemotherapy for the First-Line Treatment of People with Nonsquamous Non-Small Cell Lung Cancer.

Global Clinical Trials Key Market Trends

  • For businesses in the clinical trials sector, the proliferation of digital technologies made possible by wearables and sensors is translating into value-grabbing opportunities. ICON plc, a company that does clinical research, is looking into how digital endpoints, such as digital biomarkers, can enhance trial outcomes. As a result, digital health technologies have been adopted, enabling sensible device choices and data management techniques. Innovations in digital health have the potential to improve patient access to healthcare and the management of chronic diseases. Stakeholders and sponsors are working to increase patient adherence to drugs and prevent medication-related problems. The Internet of Medical Things (IoMT) has the potential to improve clinical development initiatives run by pharma and MedTech firms.
  • One of the main trends observed by participants in the clinical trials market is adherence to procedures. Clinical studies run under the direction of Principal Investigators are becoming more popular. The relevance and significance of stakeholders in the clinical trials industry have grown as a result of ongoing coronavirus positive instances. This change has compelled clinical trials to become online. To take advantage of commercial prospects presented by the current pandemic, market participants in clinical trials are collaborating with online clinical trial experts. Even regulatory bodies have issued suggestions to help sponsors and patients develop workable solutions for present operational issues using telemedicine and virtual trial techniques.

Global Clinical Trials Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.

According to our Global Clinical trials Market Analysis, in terms of Phase analysis, Phase III segment accounted for the largest market share in 2021. Due to the involvement of a larger population and a longer duration of treatment. According to the disease analysis, the segment of Oncology held the largest market share in 2021 owing to the pharmaceutical companies’ focus on development of oncology drugs.

Report Metric Details
Market size value in 2021 USD 47.07 billion
Market size value in 2030 USD 82.72 billion
Growth Rate 5.8%
Base year 2021
Forecast period 2023-2030
Forecast Unit (Value) USD Billion
Segments covered
  • Phase
    • Phase I, Phase II, Phase III, Phase IV
  • Disease
    • Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular, Others
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
  • IQVIA
  • PAREXEL International Corporation
  • PRA Health Sciences, Inc.
  • Syneos Health, Inc.
  • Charles River Laboratories International, Inc.
  • ICON plc
  • Wuxi AppTec Inc.
  • Medpace Holdings, Inc.
  • Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)
  • Novotech Pty Ltd.
  • Medidata Solutions (a subsidiary of Dassault Systèmes)
  • Premier Research Group plc
  • LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)
  • SGS S.A.
  • PPD, Inc.
  • PSI CRO AG
  • Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)
  • Worldwide Clinical Trials, Inc.
  • Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)
  • Chiltern International Ltd. (a subsidiary of LabCorp)
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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 Global 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
  • 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 Global 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
  • 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
  • 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(%)

Methodology

For the Global 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 Global 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 Global Clinical Trials Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global 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.

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FAQs

Clinical Trials Market size was valued at USD 47.07 billion in 2021 and is poised to grow from USD 49.8 billion in 2022 to USD 82.72 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

The Global Clinical trials market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'IQVIA', 'PAREXEL International Corporation', 'PRA Health Sciences, Inc.', 'Syneos Health, Inc.', 'Charles River Laboratories International, Inc.', 'ICON plc', 'Wuxi AppTec Inc.', 'Medpace Holdings, Inc.', 'Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)', 'Novotech Pty Ltd.', 'Medidata Solutions (a subsidiary of Dassault Systèmes)', 'Premier Research Group plc', 'LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)', 'SGS S.A.', 'PPD, Inc.', 'PSI CRO AG', 'Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)', 'Worldwide Clinical Trials, Inc.', 'Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)', 'Chiltern International Ltd. (a subsidiary of LabCorp)'

Increasing prevalence of chronic illnesses is believed Chronic conditions are now more common than ever. With the growth of the middle class and the speeding up of urbanization, people are becoming more sedentary. As a result, there are more cases of genetic abnormalities, diabetes, malaria, HIV, and other diseases like TB and obesity. Additional factors driving market revenue growth include an increase in the prevalence of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, financing, and grants for scientific research. The biopharmaceutical sector aids in the prevention of chronic diseases. The biopharmaceutical sector is focusing on creating individualized therapies. This will help develop individualized procedural healthcare standards and aid in the treatment of some hereditary genetic diseases.

For businesses in the clinical trials sector, the proliferation of digital technologies made possible by wearables and sensors is translating into value-grabbing opportunities. ICON plc, a company that does clinical research, is looking into how digital endpoints, such as digital biomarkers, can enhance trial outcomes. As a result, digital health technologies have been adopted, enabling sensible device choices and data management techniques. Innovations in digital health have the potential to improve patient access to healthcare and the management of chronic diseases. Stakeholders and sponsors are working to increase patient adherence to drugs and prevent medication-related problems. The Internet of Medical Things (IoMT) has the potential to improve clinical development initiatives run by pharma and MedTech firms.

Global clinical trials market is dominated by North America. The growth of region is attributed to rising pharmaceutical industry's focus on developing new drugs to treat a variety of chronic conditions is predicted to increase industry income. The demand for medications, medical equipment, and therapeutic interventions is also anticipated to increase due to the ageing population, which is also projected to suffer from a number of chronic diseases and age-related disorders. This will raise market statistics. For instance, the number of people over 65 in the US was estimated at 54 million in 2019 and is projected to increase to about 98.2 million by the end of 2060, according to the US Census Bureau. Consequently, businesses are generally investing more in research and development. Furthermore, it is projected that strong government backing for clinical trials in the US market will increase demand. For instance, to hasten the discovery of medicines for diseases around the world brought on by the coronavirus, the FDA announced the Coronavirus Treatment Acceleration Program (CTAP) in March 2020. The programme uses every method at its disposal to quickly provide innovative treatments to patients while determining whether they are beneficial or dangerous.

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