Clinical Trials Market - By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology

Clinical Trials Market - By Phases (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional Study, Observational Study, Expanded Access Study), By Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology) & Forecast, 2023 - 2032

Global Clinical Trials Market size is anticipated to record an appreciable valuation by 2032, owing to the increasing prospects for performing clinical trials in the Asia Pacific. The consistent rise in the burden of chronic disorders has accentuated the need for clinical trials in the region. As per the WHO, an estimated 25 million people are prediabetic in India.

Escalating product innovations in the industry are further contributing to market expansion. For instance, in October 2022, ICON plc, a leading clinical research organization announced its selection by US Biomedical Advanced Research and Development Authority for conducting an anthrax vaccine clinical trial.

The overall clinical trials industry is segmented in terms of phases, study design, therapeutic area, and region.

Based on phases, the clinical trials market share from the phase I segment is expected to grow considerably through 2032. Phase I clinical trial results serve as the background for further progress in drug development. These studies examine the side effects, safety, and appropriate dosage level for patients. Furthermore, high efficacy of phase I clinical trials due to recent advancements in research methodologies is positively contributing to segment growth.

Based on the study design, the market size from the observational study segment recorded more than USD 11 billion in 2022. The cost-effectiveness of observational studies over their interventional and expanded access counterparts will favor segment expansion. These studies are quick and provide researchers with insights into what occurs in real-life situations. Moreover, their usefulness in investigating rare outcomes and unusual side effects will boost their adoption in the next ten years.

In terms of therapeutic area, the clinical trials market revenue from the oncology segment is poised to depict significant growth through 2032. Increasing incidences of cancer and the subsequent rise in investments by the government in cancer research are working in favor of segment growth. To illustrate, in January 2023, the government of Canada announced an investment of more than USD 23 million from the Canadian Institutes of Health Research (CIHR) for the establishment of the Canadian Pediatric Cancer Consortium for pediatric cancer research. Increasing R&D initiatives such as these will augment the demand for clinical trials in the forthcoming years.

Europe clinical trials industry is expected to be valued at over USD 23 billion by 2032. Rising number of clinical studies, along with favorable government support for clinical research, may contribute to regional expansion. In fact, the region is also home to many associations, such as the European CRO Federation (EUCROF), that provide high-quality clinical research. Moreover, the growing prevalence of chronic diseases has further increased the need for clinical research in the region.