Global Clinical Trials Market

Clinical Trials Market Size, Share, Growth Analysis, By Phase(Phase I, Phase II, Phase III, Phase IV), By Disease(Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition) - Industry Forecast 2024-2031


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

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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FAQs

Clinical Trials Market size was valued at USD 47.07 billion in 2019 and is poised to grow from USD 49.8 billion in 2023 to USD 82.72 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The 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.

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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Global Clinical Trials Market

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