Clinical Trials Market Size 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, Dermatol

Clinical Trials Market Size 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) Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2022 - 2030

The clinical trials market is expected to witness substantial growth by the end of 2030 owing to a growing trend of outsourcing clinical trials to CROs. In addition, increasing research and development due to rising incidences of chronic diseases are likely to further boost market growth over the forecast period.

During the COVID-19 pandemic, restrictions on movement and various discrepancies in the healthcare sector posed a threat to market growth. Many clinical trial projects were either halted or postponed in light of the implications of COVID-19. However, ease in lockdown restrictions and declining cases across key regions have been favorable for the business scenario. Government funding and grants for clinical trials have also pushed healthcare companies to outsource clinical trials to CROs.

Additionally, major players in the industry have been focusing on new service launches and growth strategies like collaborations and partnerships to improve their standing in the competitive landscape. For instance, in February 2021, LabCorp, also known as Laboratory Corporation of America Holdings, a life sciences company, collaborated with Circuit Clinical, an American integrated research organization, to bring clinical trials to provide direct access to underrepresented patients. The collaboration was intended to give a broad and diverse patient population, who are otherwise neglected, the opportunity to participate in clinical trials.

To cite another instance, in April 2021, Bioclinica, a clinical trial service provider, introduced its new source document management solution integrated with advanced software and redaction & translation services to back global research site and trial management.

In another instance, in February 2021, ICON, a global clinical research organization, acquired PRA Health Sciences, a key participant in the market, for approximately $12 billion. The deal brought together the two firms that have a shared focus on high-quality and efficient clinical trial execution.

The clinical trials market has been segmented in terms of therapeutic area, phase, study design, and region. On the basis of phase, the clinical trials market has been divided into phase I, phase II, phase III, and phase IV. The phase I segment accounted for above $8,450.1 million in revenue in 2021.

With respect to study design, the industry has been bifurcated into expanded access study, interventional study, and observational study. The observational study segment held around 20.7% market share in 2021.

In terms of therapeutic area, the clinical trials industry has been categorized into oncology, infectious disease, autoimmune disease, ophthalmology, cardiology, dermatology, and others. The ophthalmology segment is expected to be valued at approximately $5,319.9 million by the end of 2030.

In the regional landscape, Latin America accounted for over 3.9% of the overall industry revenue in 2021. Meanwhile, the clinical trials market in Middle East & Africa is anticipated to grow at a steady rate of more than 6.6% through the analysis period.