Global Clinical Trials Market - 2023-2030
Market Overview
The global clinical trials market reached USD 56,640.7 million in 2022 and is projected to witness lucrative growth by reaching up to USD 99,212.0 million by 2030. The clinical trials market is expected to exhibit a CAGR of 7.4% during the forecast period (2023-2030).
Clinical trials are a methodology of clinical investigation that is overseen by a designated protocol that is carefully verified to respond to a detailed patient care query. Clinical trials are bifurcated into five phases, with every phase carrying a specific intent within the clinical trial. Every trial confers to a system that defines what sorts of people may partake in the study. The increasing R&D spending, growing need for new therapeutics, and evolving regulatory guidelines are driving the global clinical trials market growth during the forecast period.
Market Dynamics
The Rising Number of Contract Research Organizations (CROS) is Expected to Drive the Clinical Trials Market Growth During the Forecast Period.
Every year, the pharmaceutical industry creates a variety of new drugs that provide significant medical advantages. Developing new medicines is a costly and uncertain process, and many potential drugs never make it to market as a result, in order to save money, companies outsource these tasks to CROs. CROs provide pharmaceutical and biotechnology industries with outsourced pharmaceutical research services.
The CROs manage and complete the imaging process in accordance with all standards and regulatory requirements, ensuring smooth image acquisition, analysis, annotation, and transfer. In recent years, CRO services have helped companies in the early stages of developing novel medicines and therapies. Pharmaceutical firms are increasingly using clinical research, consultancy, and laboratory CRO services.
The Increasing Funding for Clinical Research is Driving the Global Clinical Trials Market Growth.
The growing funding from various authorities is expected to provide the global clinical trials market with lucrative growth opportunities in the upcoming years. For instance, in January 2023, as part of Canada’s Biomanufacturing and Life Sciences Strategy (BLSS), the Canadian Institutes of Health Research (CIHR) Clinical Trials Fund (CTF) is expected to be accepting a joint investment of more than CAD 32 M to instruct a fresh generation of researchers and investigators in expertise as stroke research, behavioral change, biostatistics, and the known approach of clinical research.
COVID-19 Impact Analysis
The COVID-19 analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with pricing dynamics (including pricing change during and post-pandemic comparing it to pre-COVID scenarios), demand-supply spectrum (shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), government initiatives (initiatives to revive market, sector or industry by government bodies) and manufacturers strategic initiatives (what manufacturers did to mitigate the COVID issues will be covered here).
Russia-Ukraine War Impact Analysis
Ukraine and Russia are both extensive bases for international clinical trial activity. The attack on Ukraine may cause an underpowering of global clinical trial outcomes with the failure of prospective recruitment locations for both nations. The turmoil and disorder induced by military confrontation have a significant influence over healthcare including clinical trials and cancer care.
Global Recession Impact Analysis
As the economic slump persists, multiple specialists are concerned that many countries are on the cusp of a recession. While every enterprise is overseeing the possible fallout, those in the biopharma domain may be especially anxious regarding the outcomes. The recession is expected inevitably cause multiple firms to alter their approach. Nonetheless, it could influence a few biotechs for sounder outcomes. It is anticipated that biotechs' will look towards technology to compensate for funding shortcuts, that are expected to result in improved efficiencies, quicker results, and a shift in the way biotech researchers work.
Artificial Intelligence Impact Analysis
Artificial intelligence has a positive impact on the clinical trials market as employing AI-enabled technologies, the investigators can analyze and yield understanding from prior and recent trials, research huge data, and report the needed adjustment in prospective trial designs. In further clinical trials, AI has a tremendous possibility in the diagnosis of disorders and treatment applications as well.
Segment Analysis
The global clinical trials market is segmented based on phase, design, indication, service, and region.
The Phase III Segment is Estimated to Hold a 47.6% Share of the Global Market by 2030.
The phase III segment is estimated to hold about 47.1% of the global clinical trials market by 2030. For instance, in May 2022, the last patient is projected to begin treatment in June 2022, according to Lipidor AB (publ), which reports that half of the patients have already been enrolled in the Phase III research of the AKP02 skin spray for mild to moderate psoriasis. In the third quarter of 2022, top-line results from the Phase III investigation are anticipated.
In December 2022, by showing a statistically significant decrease in HbA1c (a measure of average blood sugar) with Jardiance (empagliflozin) compared with placebo for children and adolescents aged 10–17 years with type 2 diabetes, the DINAMO phase III clinical trial fulfilled its primary aim.
Geographical Analysis
Europe is Estimated to Hold the Second-largest Share of the Global Clinical Trials Market During the Forecast Period.
The increasing government initiatives for research drive the market in the European region and are estimated to hold around 27.7% of the total global market by 2030. For instance, in January 2022, the European Commission (EC), the Heads of Medicines Agencies, and the European Medicines Agency introduced an initiative to transform how clinical trials are initiated, developed, and run, directed to Accelerating Clinical Trials in the EU (ACT EU).
The goal is to further expand the EU as a focal point for clinical research, advance the development of high-quality, safe, and effective medicines, and better incorporate clinical research in the European health system. Creating the application of the Clinical Trials Regulation and the takeoff of the Clinical Trials Information Systems in January 2022, ACT EU will support the European environment for clinical trials while maintaining data robustness, a high level of protection of trial participants, and the transparency that EU citizens expect.
Competitive Landscape
The major global players in the market include Iqvia Holdings Inc. (Q2 Solutions), Parexel International Corporation, Charles River Laboratories International, Inc., Syneos Health, Inc., WuXi AppTec Co., Ltd. (WuXi Clinical), ICON plc, Thermo Fisher Scientific (Pharmaceutical Product Development LLC), Azelix, Pharmaron Beijing Co., Ltd., and Celerion among others.
Why Purchase the Report?
• To visualize the global clinical trials market segmentation based on product, application, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of clinical trials market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.
The global clinical trials market report would provide approximately 53 tables, 54 figures, and 195 Pages.
Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies
- 1. Methodology and Scope
- 1.1. Research Methodology
- 1.2. Research Objective and Scope of the Report
- 2. Definition and Overview
- 3. Executive Summary
- 3.1. Snippet by Phase
- 3.2. Snippet by Design
- 3.3. Snippet by Indication
- 3.4. Snippet by Service
- 3.5. Snippet by Region
- 4. Dynamics
- 4.1. Impacting Factors
- 4.1.1. Drivers
- 4.1.1.1. Increasing R&D Spending.
- 4.1.1.2. Favorable Regulatory Guidelines.
- 4.1.2. Restraints
- 4.1.2.1. High Cost and Low Success Probability.
- 4.1.3. Opportunity
- 4.1.4. Government Initiatives
- 4.1.5. Impact Analysis
- 5. Industry Analysis
- 5.1. Porter's Five Forces Analysis
- 5.2. PEST Analysis
- 5.3. Regulatory Analysis
- 5.4. Pricing Analysis
- 6. COVID-19 Analysis
- 6.1. Analysis of COVID-19
- 6.1.1. Before COVID-19 Scenario
- 6.1.2. Present COVID-19 Scenario
- 6.1.3. Post COVID-19 or Future Scenario
- 6.2. Pricing Dynamics Amid COVID-19
- 6.3. Demand-Supply Spectrum
- 6.4. Government Initiatives Related to the Market During the Pandemic
- 6.5. Manufacturers’ Strategic Initiatives
- 6.6. Conclusion
- 7. Russia-Ukraine War Analysis
- 8. Global Recession Analysis
- 9. Artificial Intelligence Impact Analysis
- 10. By Phase
- 10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Phase
- 10.1.2. Market Attractiveness Index, By Phase
- 10.2. Phase III
- 10.2.1. Introduction
- 10.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 10.3. Phase II
- 10.4. Phase I
- 10.5. Phase IV
- 11. By Design
- 11.1. Introduction
- 11.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 11.1.2. Market Attractiveness Index, By Design
- 11.2. Treatment Studies*
- 11.2.1. Introduction
- 11.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 11.2.3. Randomized Control Trial
- 11.2.3.1. Double-Blind Randomized Trial
- 11.2.3.2. Single Blind Randomized Trial
- 11.2.3.3. Non-Blind Randomized Trial
- 11.2.4. Adaptive Clinical Trial
- 11.2.5. Non-Randomized Control Trial
- 11.3. Observational Studies
- 11.3.1. Prospective Cohort
- 11.3.1.1. Retrospective Cohort
- 11.3.1.2. Time Series Cohort
- 11.3.2. Case-Control Study
- 11.3.3. Cohort Study
- 11.3.4. Cross-Sectional Study
- 11.3.5. Ecological Study
- 12. By Indication
- 12.1. Introduction
- 12.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 12.1.2. Market Attractiveness Index, By Indication
- 12.2. Oncology
- 12.2.1. Introduction
- 12.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 12.3. Immunological Diseases
- 12.4. Diabetes
- 12.5. Infectious diseases
- 12.6. Others
- 13. By Services
- 13.1. Introduction
- 13.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Services
- 13.1.2. Market Attractiveness Index, By Services
- 13.2. Laboratory Services
- 13.2.1. Introduction
- 13.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
- 13.3. Medical Device Testing Services
- 13.4. Clinical Trial Data Management Services
- 13.5. Bioanalytical Testing Services
- 13.6. Others
- 14. By Region
- 14.1. Introduction
- 14.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 14.1.2. Market Attractiveness Index, By Region
- 14.2. North America
- 14.2.1. Introduction
- 14.2.2. Key Region-Specific Dynamics
- 14.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Phase
- 14.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 14.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 14.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Services
- 14.2.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 14.2.7.1. The U.S.
- 14.2.7.2. Canada
- 14.2.7.3. Mexico
- 14.3. Europe
- 14.3.1. Introduction
- 14.3.2. Key Region-Specific Dynamics
- 14.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Phase
- 14.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 14.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 14.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Services
- 14.3.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 14.3.7.1. Germany
- 14.3.7.2. The U.K.
- 14.3.7.3. France
- 14.3.7.4. Italy
- 14.3.7.5. Spain
- 14.3.7.6. Rest of Europe
- 14.4. South America
- 14.4.1. Introduction
- 14.4.2. Key Region-Specific Dynamics
- 14.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Phase
- 14.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 14.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 14.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Services
- 14.4.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 14.4.7.1. Brazil
- 14.4.7.2. Argentina
- 14.4.7.3. Rest of South America
- 14.5. Asia-Pacific
- 14.5.1. Introduction
- 14.5.2. Key Region-Specific Dynamics
- 14.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Phase
- 14.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 14.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 14.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Services
- 14.5.7. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
- 14.5.7.1. China
- 14.5.7.2. India
- 14.5.7.3. Japan
- 14.5.7.4. Australia
- 14.5.7.5. Rest of Asia-Pacific
- 14.6. Middle East and Africa
- 14.6.1. Introduction
- 14.6.2. Key Region-Specific Dynamics
- 14.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Phase
- 14.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Design
- 14.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By Indication
- 14.6.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Services
- 15. Competitive Landscape
- 15.1. Competitive Scenario
- 15.2. Market Share Analysis
- 15.3. Mergers and Acquisitions Analysis
- 16. Company Profiles
- 16.1. Iqvia Holdings Inc. (Q2 Solutions)
- 16.1.1. Company Overview
- 16.1.2. Phase Portfolio and Description
- 16.1.3. Financial Overview
- 16.1.4. Key Developments
- 16.2. Parexel International Corporation
- 16.3. Charles River Laboratories International, Inc.
- 16.4. Syneos Health, Inc.
- 16.5. WuXi AppTec Co., Ltd. (WuXi Clinical)
- 16.6. ICON plc
- 16.7. Thermo Fisher Scientific (Pharmaceutical Product Development LLC)
- 16.8. Azelix
- 16.9. Pharmaron Beijing Co., Ltd.
- 16.10. Celerion
- LIST NOT EXHAUSTIVE
- 17. Appendix
- 17.1. About Us and Services
- 17.2. Contact Us
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