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 2031. The clinical trials market is expected to exhibit a CAGR of 7.4% during the forecast period (2024-2031). The clinical trials market is an essential part of the healthcare industry that involves conducting clinical studies to evaluate the safety and efficacy of new drugs, medical devices, and treatments.
The market includes various stages, including the design, conduct, and analysis of clinical trials.
There is a growing focus on a patient-centric approach in clinical trials, which involves involving patients in the trial design and giving them more control over their participation. This approach can help improve patient satisfaction, increase patient retention, and generate more accurate data.
Decentralized clinical trials involve conducting clinical trials in a patient's home or community setting, rather than in a clinical trial site. This approach can improve patient recruitment, reduce costs, and increase patient participation.
Market Dynamics
The Increase in R&D Spending is Driving the Global Clinical Trial Market Growth.
The increasing spending on R&D by major biopharmaceutical industries is driving the global clinical trials market growth. Also, big biopharma companies are planning to make powerful cumulative investments in 2023 to sustain launch outcomes and R&D assignments that are anticipated to conduct long-term growth endeavors. For instance, Pfizer's adjusted expense guidance 2023 for R&D values USD 12.4 to USD 13.4 billion compared to USD 3,615 million R&D expense in 2022 indicating about 4% growth.
The High Expense And Low Success Rate of Clinical Trials Are Hampering The Global Clinical Trial Market Growth.
According to a report presented to the U.S. Department of Health and Human Services, the moderate expense of phase 1, 2, and 3 clinical trials across therapeutic domains is about USD 4, 13, and 20 million respectively. Moreover, according to the American Council on Science and Health, the success rate varies wildly depending on the therapeutic area.
Market Segment Analysis
The global clinical trials market is segmented based on phase, design, indication, service, and region.
The Oncology Segment is Expected to Hold a Dominant Position in The Market Over The Forecast Period.
The growing number of clinical trials for cancer treatment indicates that the oncology segment dominates the global clinical trials market by withholding around 28.8%.
For instance, according to clinicaltrials.gov, for cancer treatment, there were around 106 early phase-I interventional trials active, 2478 phase-I interventional trials were active, 4219 phase-II interventional trials were active, 2031 phase-III interventional trials were active, and 585 phase-IV interventional trials were active in 2022.
Market Geographical Share
North America Holds the Largest Share of the Global Clinical Trials Market.
The increasing number of clinical trials registered in North America occupied the highest clinical trials market share of about 40.3% in 2022 which is expected to increase to 40.7% by 2030. Moreover increasing funding from various authorities for clinical research also contributes to the regional market growth. For example, the Food and Drug Administration (FDA) regulates clinical trials in the U.S. National Cancer Institute (NCI) Clinical Trials. This federal agency provides funding for most U.S. cancer clinical trials. Again in June 2022, the Government of Canada launched the Clinical Trials Fund (CTF), supported by a Budget 2021 investment of USD 250 million over three years for the Canadian Institutes of Health Research (CIHR).
Market Companies
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.
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.
Key Developments
• In October 2022, Q2 Solutions LLC., a top multinational clinical trial laboratory assistance organization, launched the first self-collection safety lab panel for U.S. clinical trial participants by a leading global clinical trial laboratory. Developed in collaboration with Tasso Inc, a leader in clinical-grade blood collection solutions, this unique offering combines industry-leading laboratory services, patient-focused logistics, and cutting-edge, self-collection technology.
• In June 2022, Parexel, an American provider of biopharmaceutical services, launched its Community Alliance Network, a novel program further integrating clinical research into the community healthcare setting to serve patients better and, in turn, create further opportunities for increased diversity in clinical trials. CVS Health, the leading healthcare solutions company, and Javara, the leading Integrated Research Organization, have joined the network as inaugural members, opening the door to community-based research sites and increasing access to new patient populations to support trial delivery for Parexel’s biopharmaceutical customers.
• In April 2022, Charles River Laboratories International, Inc., an American pharmaceutical corporation with expertise in a mixture of preclinical and clinical laboratory, gene therapy, and cell therapy assistance for the medical device, biotechnology, and pharmaceutical industries, acquired Explora BioLabs Holdings, Inc., a premier provider of contract vivarium research services.
Why Purchase the Report?
• To visualize the global clinical trials market segmentation based on phase, designs, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analysing 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.
- 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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