Global Clinical Trials Market Size Projected to Grow $85 Billion by 2030 With a CAGR of 5.93% | Transforming Healthcare
NEW YORK, May 3, 2023 /PRNewswire/ -- As per Zion Market Research study, The global clinical trials market size is set for rapid growth over the forecast period. In terms of revenue, the global clinical trials market accounted for USD 53.92 Billion in 2022 and is expected to reach USD 85.01 Billion by 2030, growing at a CAGR of 5.93% during the forecast period.
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Clinical Trials Market: Overview
Clinical trials are research experiments carried out in individuals aimed at testing a medical, behavioral, or surgical intervention. They are the key platform for researchers to find out if a new medication is safe and successful in humans, such as a new medicine, medical device, or diet. A clinical study is also used to assess whether new treatments are more successful and/or have fewer adverse side effects than traditional therapies.
Other clinical trials are exploring ways of detecting disease early, even before symptoms appear. It also researches ways to stop a health condition. A clinical study can also look at how people coping with a life-threatening illness or a chronic health condition can make life easier. Often, clinical trials research the involvement of caregivers or support groups.
Before the United States Food and Drug Administration (FDA) approves the launch of a clinical trial, in which scientists conduct experimental tests and animal trials to assess the safety and effectiveness of possible treatment. The FDA gives permission for the intervention to be studied in humans if these studies produce favorable results.
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Key Industry Insights & Findings of the Clinical Trials Market Reports:
- As per the analysis shared by our research analyst, the global clinical trials market is expected to grow annually at a promising CAGR of around 5.93% during the forecast period 2023-2030.
- In terms of revenue, the global clinical trials market size was valued at around USD 53.92 billion in 2022 and is expected to reach USD 85.01 billion by 2030.
- The clinical trials market is experiencing significant growth due to the increasing prevalence of chronic & infectious diseases, demand for personalized medicine, and advancements in technology.
- Based on phase, the phase 3 segment held the largest market share in 2022.
- Based on study design, the interventional segment held the dominating market share in 2022.
- Based on region, the North American region held the largest market share in 2022.
Zion Market Research published the latest report titled "Clinical Trials Market By Phase (Phase I, Phase II, Phase III, Phase IV) By Study Design (Observational, Interventional, Expanded Access) By Indication (Gastrointestinal, Cardiovascular, Autoimmune/Inflammation, Pain Management, CNS Condition, Cancer, Mental Disorders, Oncology, Diabetes, Obesity, Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Clinical Trials Market: Growth Drivers
- Increase in the prevalence of chronic diseases and surge in demand for personalized medicine drive the market growth.
The global clinical trials market is experiencing significant growth due to the increasing prevalence of chronic and infectious diseases, demand for personalized medicine, and advancements in technology. The market is further driven by the rising investment by pharmaceutical and biotechnology companies and favorable government initiatives to support clinical research and development. Moreover, the increasing adoption of virtual and decentralized clinical trials is fueling market growth, as they enable faster recruitment, reduce trial costs, and offer improved patient experiences. Additionally, the emergence of contract research organizations (CROs) is contributing to market expansion, as they provide cost-effective solutions to drug developers.
Furthermore, the use of artificial intelligence, machine learning, and big data analytics is expected to transform the clinical trials landscape by improving trial efficiency and accuracy. Thus, the clinical trials market is expected to grow significantly in the coming years.
Clinical Trials Market: Restraints
- Extortionate cost of conducting trials to hamper the growth of the industry.
The clinical trials industry also faces several restraints, including the high cost associated with conducting trials and complex regulatory requirements. Additionally, the COVID-19 pandemic has disrupted clinical trials, leading to delays, cancellations, and reduced enrollment. Moreover, the lack of patient diversity in clinical trials is a significant challenge, as it limits the generalizability of trial results to broader populations. Furthermore, ethical concerns and the need for informed consent from participants pose additional challenges to the market. Finally, there is a need for increased collaboration between stakeholders, including sponsors, CROs, regulators, and patients, to overcome these challenges and ensure the success of clinical trials.
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Clinical Trials Market: Opportunities
- Increase in the development of new technologies create ample opportunities for the industry.
Despite the challenges, the global clinical trials market presents several opportunities for growth. One of the significant opportunities is the increasing focus on precision medicine, which requires personalized and targeted therapies based on patient-specific characteristics. This approach necessitates the development of more sophisticated and specialized clinical trials, providing opportunities for CROs and other service providers.
Moreover, the growing interest in rare diseases and orphan drugs presents significant opportunities for clinical trials, as these areas require specialized expertise and resources. Furthermore, the emergence of real-world evidence (RWE) and patient-generated health data (PGHD) offers new avenues for clinical research, improving trial design and outcomes.
The adoption of new technologies, such as telemedicine and wearables, is also expected to expand the reach of clinical trials and increase patient participation. Furthermore, collaborations and partnerships between pharmaceutical companies, CROs, and academic institutions can help drive innovation and improve the efficiency of clinical trials.
Clinical Trials Market: Challenges
- Shortage of skilled professionals to act as a challenge for the industry.
The clinical trials industry faces several challenges, including complex regulatory requirements, the shortage of skilled professionals, disruptions caused by the COVID-19 pandemic, and a lack of patient diversity. Additionally, ethical concerns and the need for informed consent from participants pose significant challenges to the market. Overcoming these challenges requires increased collaboration between stakeholders, the adoption of new technologies, and innovative trial designs that promote patient participation and diversity.
Global Clinical Trials Market: Segmentation
- The global clinical trials market is segmented based on phase, study design, indication, and region.
Based on phase, the market bifurcated into Phase I, Phase II, Phase III, and Phase IV. The Phase III segment held the largest market share in 2022 and is further predicted to grow rapidly at a notable CAGR during the forecast period. The main reason for the growth of this segment is its critical role in drug development. Phase III trials are designed to compare the safety and efficacy of new treatments to existing therapies, providing important data for regulatory approval and market access.
The increasing prevalence of chronic and infectious diseases and demand for personalized medicine is driving the need for new and innovative treatments, leading to a surge in Phase III trials. Moreover, the emergence of real-world evidence and patient-generated health data is expected to transform the Phase III landscape, enabling more efficient and effective trials.
Based on study design, the clinical trials industry is bifurcated into observational, interventional, and expanded access. The interventional design segment held the dominating market share in 2022 and is further projected to grow rapidly at a significant CAGR during the forecast period.
The interventional design segment of the clinical trials market is expected to experience significant growth due to the increasing demand for innovative and effective treatments. Interventional trials involve the use of a new treatment or drug and are designed to evaluate its safety, efficacy, and side effects. These trials play a crucial role in the development of new therapies and are essential for gaining regulatory approval and market access. The rising prevalence of chronic & infectious diseases and demand for personalized medicine is driving the need for new & innovative treatments, leading to a surge in interventional trials. Moreover, advancements in technology and data analytics are expected to transform interventional trial design, making them more efficient and effective.
Based on indication, the market is segmented into gastrointestinal, cardiovascular, autoimmune/inflammation, pain management, CNS condition, cancer, mental disorders, oncology, diabetes, obesity, and others. The oncology segment held the dominating market share in 2022 and is projected to cite a remarkable CAGR during the forecast period.
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List of Key Players in Clinical Trials Market:
- IQVIA
- PPD
- Covance
- Parexel International
- Syneos Health
- Charles River Laboratories
- ICON plc
- Medpace
- PRA Health Sciences
- WuXi AppTec
- Chiltern International
- Celerion
- Envigo
- Eurofins Scientific
- Frontage Laboratories
- Laboratory Corporation of America Holdings (LabCorp)
- Novotech Pty Ltd.
- Pharmaron
- Pharmaceutical Product Development LLC (PPD)
- QuintilesIMS (now IQVIA)
- Among Others.
Key questions answered in this report:
- What are the growth rate forecast and market size for Clinical Trials Market?
- What are the key driving factors propelling the Clinical Trials Market forward?
- What are the most important companies in the Clinical Trials Market Industry?
- What segments does the Clinical Trials Market cover?
- How can I receive a free copy of the Clinical Trials Market sample report and company profiles?
Report Scope:
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Recent Developments
- In October 2021, Novartis announced the completion of its Phase III clinical trial for a new sickle cell disease treatment. The trial showed a significant reduction in the rate of sickle cell-related pain crises compared to the placebo, and the company plans to submit the drug for regulatory approval in 2022.
- In June 2021, AstraZeneca announced positive results from its Phase III clinical trial for a new lung cancer treatment. The trial showed a significant improvement in progression-free survival compared to the placebo, and the company plans to submit the drug for regulatory approval.
- In September 2021, Pfizer and BioNTech announced the completion of a Phase II/III trial for their COVID-19 vaccine in children aged 5 to 11. The trial showed a favorable safety profile and robust antibody responses, and the companies plan to seek regulatory authorization for the vaccine in this age group.
Regional Dominance:
- North America region to dominate the global market during the forecast period.
Based on region, the North American region held the dominating clinical trials market share in 2022 and is further predicted to grow at an exponential CAGR during the forecast period. North America is a major player in the clinical trials market, with the United States accounting for the majority of the region's market share. The growth of the market in North America is driven by several factors, including the increasing prevalence of chronic & infectious diseases, the demand for personalized medicine, and the presence of a well-established pharmaceutical industry.
Furthermore, the region has a favorable regulatory environment, with the FDA playing a crucial role in the approval and oversight of clinical trials. The COVID-19 pandemic has also spurred growth in the North American clinical trials market, with a surge in trials for vaccines and treatments. Therefore, the North American clinical trials market is expected to continue growing due to the region's strong healthcare infrastructure, favorable regulatory environment, and increasing demand for innovative treatments.
Global Clinical Trials Market is segmented as follows:
Clinical Trials Market: By Phase Outlook (2022-2030)
- Phase I
- Phase II
- Phase III
- Phase IV
Clinical Trials Market: By Study Design Outlook (2022-2030)
- Observational
- Interventional
- Expanded Access
Clinical Trials Market: By Indication Outlook (2022-2030)
- Gastrointestinal
- Cardiovascular
- Autoimmune/Inflammation
- Pain management
- CNS condition
- Cancer
- Mental disorders
- Oncology
- Diabetes
- Obesity
- Others
Clinical Trials Market: By Region Outlook (2022-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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