Clinical Trials Market by Design (Interventional Study, Observational Study), Phase (Phase I, Phase II, Phase III), Indication - Global Forecast 2024-2030

Clinical Trials Market by Design (Interventional Study, Observational Study), Phase (Phase I, Phase II, Phase III), Indication - Global Forecast 2024-2030

The Clinical Trials Market size was estimated at USD 38.30 billion in 2023 and expected to reach USD 41.78 billion in 2024, at a CAGR 9.16% to reach USD 70.78 billion by 2030.

Clinical trials are research activities that study new tests and treatments and evaluate effects on human health outcomes. It allows people to participate in testing medical interventions, including drugs, cells, other biological products, surgical procedures, radiological procedures, devices, behavioral treatments, and preventive care. The increased focus on developing and commercializing generics and biologics due to concerns related to chronic and infectious diseases increases demand for clinical trials. The growing emphasis on drug development activities and rising research and development expenditure from the pharmaceutical and biotechnology industry enhances the demand for clinical trials. However, the significant cost associated with clinical trial activities and stringent government regulations slow down drug development and research activities. Companies are focusing on cutting a cost alongside providing innovative research methodologies. Moreover, the worldwide focus on drug development and shift towards patient-centric clinical trials alongside rapidly improving globalization of clinical trials and greater regulatory harmonization and transparency promote innovation and better patient health and welfare.

Regional Insights

The growing expansion of clinical trials in the Americas significantly improved due to the increasing need for cancer diagnostic and cardiovascular diseases. Many regulatory organizations, such as the United States Food and Drug Administration (FDA) and the National Health Surveillance Agency (ANVISA), establish regulatory frameworks for drug development to ensure the quality of clinical trials conducted. In developing countries such as Mexico, Argentina, and Brazil, governments are making considerable investments to encourage research and technological advancements to boost the development of medical & healthcare infrastructure. The Asia-Pacific region’s clinical trial market is growing rapidly due to its evolving pharmaceutical industry in some countries, including China, India, South Korea, Taiwan, Indonesia, and Vietnam. In recent years, the growing investments in biotechnology and pharmaceutical industries in Australia and New Zealand have shown significant growth in clinical trial activities due to their emerging economies. Europe has been considered a rampart place for the global clinical trial due to the presence of numerous pharmaceutical and biotechnology companies. The European Union (EU) has a well-established framework for conducting clinical trials across its member states that ensures the safety, efficacy, and quality of investigational medicinal products.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Clinical Trials Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising prevalence of diseases and improved clinical trials due to CRO consolidation
Growing R&D expenditure of pharmaceutical and biopharmaceutical industry
Increased focus on the development and commercialization of generics and biologics

Market Restraints

Increased cost of drug development and lack of skilled clinical research professional

Market Opportunities

Increased focus on drug development and shift towards patient-centric clinical trials
Growing globalization of clinical trials and harmonization of regulations

Market Challenges

Stringent regulations for patient enrollment and cross-border logistics challenges

Market Segmentation Analysis

Design: Importance of interventional and observational clinical trial design to optimize assessment of treatment efficacy, risk, and safety
Phase: clinical trial phases in for monitoring drug metabolism and gathering initial data
Indication: Several indications suggesting suitable treatments and medications for chronic, cardiovascular, and other harmful diseases

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Clinical Trials Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Clinical Trials Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Kohlberg Acquires Majority Stake in Worldwide Clinical Trials

Kohlberg & Co., a private equity firm, has acquired a majority stake in Worldwide Clinical Trials, an affiliate company of TJC LP. Worldwide Clinical Trials, Inc. is a contract research organization that collaborates with biotechnology and pharmaceutical companies to advance the development of new medications. Headquartered in Research Triangle Park, N.C., Worldwide Clinical Trials offers various services, including bioanalytical laboratory services, Phase I-IV clinical trials, and post-approval and real-world evidence studies. Following the acquisition, TJC will retain a minority equity stake in the company.

Alcanza and Reveles Partner to Expand Inclusive Clinical Research in Underrepresented Communities

Alcanza Clinical Research, a mission-driven investigator site network, has recently partnered with Reveles, a provider specializing in equity-driven decentralized clinical trials. This partnership aims to promote health equity by implementing next-generation hybrid decentralized models. These include in-home clinical trial support services, direct-to-patient shipping, and advanced technology that enables home-based participation.

The Bristol Myers Squibb-Janssen Collaboration Launches Pivotal Phase 3 Librexia Clinical Trial Program Evaluating Milvexian, an Investigational Oral Factor XIa Inhibitor

Bristol Myers Squibb Company and Janssen Pharmaceuticals, Inc. have recently launched the Phase 3 Librexia program, which focuses on studying milvexian, an investigational oral Factor XIa (FXIa) inhibitor, in clinical trials. This comprehensive development program aims to gather data from nearly 50,000 patients participating in three clinical studies such as Librexia STROKE, Librexia ACS, and Librexia AF. The enrollment process has already commenced for the Librexia STROKE trial, which aims to compare the efficacy of milvexian with standard antiplatelet therapy in stroke prevention among individuals who have suffered from acute ischemic stroke.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Clinical Trials Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Clinical Trials Market, highlighting leading vendors and their innovative profiles. These include Accell Clinical Research, LLC, Atlant Clinical Ltd., Becton, Dickinson and Company, Bio-Rad Laboratories, Inc., Bristol-Myers Squibb Company, Charles River Laboratories International, Inc., Clinipace, Congenix LLP, Eli Lilly and Company, Icon PLC, Illumina, Inc, IQVIA Holdings, Inc., Labcorp, Merck KGaA, Novo Nordisk A/S, Parexel International Corporation, Pfizer Inc., ProPharma Group Holdings, LLC, Qiagen NV, Sartorius AG, SGS S.A., SIRO Clinpharm Private Limited, Syneos Health, Inc., Thermo Fisher Scientific Inc., and Wuxi AppTec Inc..

Market Segmentation & Coverage

This research report categorizes the Clinical Trials Market to forecast the revenues and analyze trends in each of the following sub-markets:

Design
Interventional Study
Adaptive Clinical Trial
Non-randomized Control Trial
Randomized Control Trial
Observational Study
Case Control Study
Cohort Study
Cross Sectional Study
Ecological Study
Phase
Phase I
Phase II
Phase III
Phase IV
Indication
Autoimmune/Inflammation
Cardiovascular
CNS condition
Diabetes
Infectious Diseases
Obesity
Oncology
Pain management
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year