Clinical Trials Market Size, Share & Trends Analysis Report By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design, By Indication (Pain Management, Oncology, CNS Condition, Diabetes, Obesity), By Region, And Segment Forecasts, 2022 - 2030

Clinical Trials Market Growth & Trends

The global clinical trials market size is expected to reach USD 78.3 billion by 2030, registering a CAGR of 5.8% during the forecast period, according to a new report by Grand View Research, Inc. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug.

The increasing need for developing new drugs for chronic diseases, such as cancer, respiratory disorders, diabetes, cardiovascular diseases, and others, is creating immense pressure on the healthcare industry. The COVID-19 pandemic and the increasing demand for developing a suitable treatment are driving the market. The high number of people affected by the disease further depicts an increasing need for therapeutics & vaccines. Currently, there are 288 therapeutics and 106 vaccines under development, out of which, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, and 43.0% & 13.0% in Phase II & Phase I, respectively.

The pandemic has resulted in the global disruption of traditional onsite clinical trials. Hence, regulatory bodies worldwide have undertaken various initiatives for fast-tracking clinical trials for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find effective treatment against COVID-19. Although the pandemic has forced many medical device & drug developers to revise the approach to such crises, integrating best practices within clinical trial procedures & adapting to virtual trials, which can support the continuous development of therapeutics.

Clinical Trials Market Report Highlights

• The phase III clinical trials segment dominated the market with a 53.4% share in 2021. This can be attributed to the complexity of this phase
• The interventional design segment accounted for the largest share of 45.7% in 2021 in the study design segment owing to the increasing demand for the intervention for clinical trials by researchers
• North America held 50.7% of the market share in 2021. Favorable government initiatives and the presence of a large number of players in the U.S. that offer advanced services are responsible for market growth
• The Asia Pacific region is expected to grow at the fastest CAGR of 6.8% over the forecast period owing to the increasing patient pool and cost-efficient services.