USD 47.07 billion
Report ID: SQSG35A2088 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 69 | Figures: 75
Global 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.
Global Market Size
USD 47.07 billion
Largest Segment
Phase I
Fastest Growth
Phase II
Growth Rate
5.8% CAGR
To get more reports on the above market click here to Buy The Report
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.
To get detailed analysis on other segments, Request For Sample Report
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.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Clinical trials Market Driver
Clinical trials Market Restraint
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
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
Clinical trials Market Recent Developments
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 49.8 billion |
Growth Rate | 5.8% |
Base year | 2021 |
Forecast period | 2023-2030 |
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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
Our industry expert will work with you to provide you with customized data in a short amount of time.
SPEAK TO AN ANALYSTGet lifetime access to our reports
Basic Plan $5,000 Team Plan $10,000 SUBSCRIBE NOWWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQSG35A2088