Clinical Trial Market Size is Expected to Grow at a CAGR of 4.3% and Overpass a Value of USD 184.61 Billion by 2034 | Future Market Insights

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Jul 10, 2024, 06:30 ET

The Clinical Trial Market in the United Kingdom is expected to register a CAGR of 4.7% over the forecast period from 2024 to 2034. AI, machine learning, and blockchain are set to transform the clinical trials landscape

NEWARK, Del., July 10, 2024 /PRNewswire/ -- The landscape of medical discovery is on track for continued expansion. The global Clinical Trial Market Size, valued at USD 120.97 billion in 2024, is projected to reach a substantial USD 184.61 billion by 2034. This signifies a steady growth trajectory, with a CAGR (Compound Annual Growth Rate) of 4.3%.

Both governmental and private sponsorship of clinical trials is helping them increase in number. As the number of diseases and patients increases, there is more demand for research to come up with newer medicines and treatments. The rise in cancer patients is especially necessitating the development of more oncology clinical trials.

Clinical trials are making use of advanced technology like AI and machine learning. These technologies are helping researchers handle data, select better samples, save time, and increase effectiveness. Technology is also allowing researchers conduct virtual trials, a holdover from the pandemic era that is still going strong.

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There are, however, impediments to market growth. While more people are open to being a part of trials, sometimes researchers struggle to find the right candidates with the right symptoms or afflictions. The complex process of clinical trials, requiring significant funding, is also a roadblock in the path of the market.

Non-small cell lung cancer (NSCLC) and breast cancer were primarily targeted for clinical development among the numerous oncology indications. However, the market for oncology clinical trials is progressively getting more complicated in terms of patient recruitment, clinical trial design elements like outcomes, and more stringent eligibility requirements, among other things.

"Clinical trials are no longer relegated to just labs as decentralized trials that are more convenient for the subjects are emerging as a significant trend. Outsourcing lab work to countries like India and Brazil is also being practiced by companies from developed nations. Thus, outsourcing and decentralized trials represent significant opportunities in the market", Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.)

Key Takeaways from the Clinical Trial Market

The clinical trial market is projected to be valued at USD 120.97 billion in 2024.
Industry sponsorship is the prevailing mode of sponsorship in the market. In 2024, industry sponsorship is projected to account for 55.0% of the market share.
Oncology is the prime area of concern for clinical trials. For 2024, oncology is anticipated to account for 29.7% of the market share by area.
Germany is one of the most promising countries for the market. For the forecast period, the CAGR for Germany is estimated to be 5.6%.
The United Kingdom is another European country with a bright future for the market. The CAGR for the United Kingdom is anticipated to be 4.7% for the forecast period.
The market is expected to register a CAGR of 5.0% in the United States over the forecast period.

What are the Factors Restraining Demand for Clinical Trials?

Patients who match trial selection criteria have become harder to find for businesses. Additionally, the change in medication development efforts to new modalities is intensifying the competition for patients, which makes recruiting more difficult. The typical length of clinical trials has grown as a result of these considerations.

More specifically, as clinical studies move forward, more participants are needed, but the eligibility and appropriateness standards also rise. A patient's medical history or a mismatch in the stage of their sickness compared to the study protocol may disqualify them from taking part. Patients who are eligible and suitable can find the criteria demanding or the recruitment procedure difficult and time-consuming, or they might not be aware of or compelled to participate.

Another barrier to participation is the cost of frequent clinic visits. The patient population that a novel therapy is anticipated to treat and those taking part in the associated clinical study are also at odds with one another. Patients who are thinking about taking part in a clinical trial for a new drug must balance the advantages of early access to a potential new therapy against the risks of adverse events, as well as the inconvenience, potential financial load, and time commitments.

Clinical trials often encounter challenges such as poor site selection, poor research design, poor trial execution, safety concerns, and dropouts owing to logistical or financial considerations. These factors cumulatively present a limiting impact upon the growth of the overall market during the forecast period.

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Competition Analysis of the Clinical Trial Market

Companies in the market are taking the aid of both private and government sponsorships. The nature of the market is fragmented, with scope for organizations of all scales. Some prominent companies in the market include ICON plc, Charles River Laboratories International, Inc., IQVIA, and SYNEOS HEALTH.

Recent Developments in the Clinical Trial Market

In January 2024, Abbott announced the completion of the first trials of the company's Volt Pulsed Field Ablation (PFA) System for the treatment of heart rhythm disorders.
In August 2023, LG Chem applied to the Italian Medicines Agency for Phase 3 trials of its gout treatment Tigulixostat.

Key Companies in the Clinical Trial Market

Pharmaceutical Product Development, INC. (Thermo Fisher Scientific, Inc.)
ICON plc
Charles River Laboratories International, Inc.
IQVIA
SYNEOS HEALTH
SGS SA
PAREXEL International Corporation
Wuxi AppTec, Inc
Chiltern International Ltd (Laboratory Corporation of America)
Eli Lilly and Company
Novo Nordisk A/S
Pfizer
Clinipace (Caidya)

Category-wise Insights

Which Clinical Trials Sponsor is Driving Market Growth?

The industry sponsor leads the market and the segment will hold a share of around 55% globally, in 2024.

For pharmaceutical and medical device businesses, faster clinical trials are essential because they require a lot of time and money. Due to their increasing complexity and requirement for a bigger patient pool, phase III clinical trials continue to cost more than phase II and phase I trials.

Sponsors are very inclined to believe that developing nations like South Asia and East Asia have more potential for success. Conducting clinical trials in these quickly expanding regions holds forth the possibility of a new range of benefits, including financial incentives and effective regulatory processes, thus benefiting the industry sponsor segment's growth during the projected period.

What Area of Clinical Trials is Largely in Focus Globally?

The oncology segment will hold a global market share of around 29.7% in 2024.

The cancer therapeutic indication has seen the highest number of new drugs launched globally. The bulk of the leading industrial sponsors of clinical trials contributed significantly to the oncology medicine portfolio.

Among the several oncology indications, clinical development has primarily concentrated on non-small cell lung cancer (NSCLC) and breast cancer. Most firms chose oncology as their primary therapeutic focus since this therapeutic field saw a disproportionately large number of clinical studies begin in comparison to the rest of their individual portfolios. A small number of companies provided a range of therapeutic specializations. Growing interest in the area of oncology will propel the growth of this segment over the projected years.

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Clinical Trial Market Key Segments

By Sponsor:

Industry
Government Organizations
Non-Government Organizations
Others
Associations

By Area:

Oncology
Infectious Diseases
Metabolic Diseases
Cardiovascular Diseases
Neuroscience
Respiratory Diseases
Others

By Phase:

Phase 1
Phase 2
Phase 3
Phase 4

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)

Author by

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

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