Clinical Trials Market: Current Analysis and Forecast (2021-2027)

Clinical Trials Market: Current Analysis and Forecast (2021-2027)

The Global Clinical Trials Market is anticipated to grow with an elevated CAGR of around 8% over the forecast period (2021-2027). Clinical Trials are the important phases in the new drug development phase in which drug trials are conducted on human subjects to test the study of the possible side effects and to determine the dose of the medicine.

The growth of Clinical Trials market across the globe is witnessing growth on account of the rising prevalence of various chronic and rare diseases which leads to the development of new and more effective drugs for the disease. As per the national policy on rare diseases, the 7000 - 8000 rare diseases, but less than 5% have therapies available to treat them. About 95% of rare diseases have no approved treatment and less than 1 in 10 patients receive disease-specific treatment. Where drugs are available, they are prohibitively expensive, placing immense strain on resources. Additionally, the advancement in bioinformatics and the development of AI-based software that provide a better platform for artificial drug testing along with the development of large databases for drug testing during the different phases of the clinical trials and lead compound significantly contribute to the market growth of the clinical trial market.

IQVIA, PAREXEL International Corporation, ICON Plc, PRA Health Sciences, Syneos Health, Eli Lilly and Company, Novo Nordisk A/S, Pfizer, and Clinipace., are some of the prominent players operating in the Clinical Trial market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Clinical Trial devices.

Insights Presented in the Report
"Amongst Phase, Phase iii segment holds the major share”

Based on phase, the market is segmented into phase I, phase ii, phase iii, and phase iv. The phase iii segment held a significant market share in 2020. The significant share of the segment is due to the involvement of numerous subjects during the trials. Furthermore, this step is generally the last step before the licensing. The phase ii segment is also expected to have a lucrative share in the clinical trial market. As per FDA, a few hundred volunteers participate in these studies and around 33% of the drugs are passed to the next phase during this phase, the efficacy and are tested.
"Amongst Study design, interventional study segment holds the major share”

Based on the study design, the clinical trials market is divided into interventional study, observational study, and expanded access study. The interventional study segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the accurate observations taken in these studies and after the successful interventional studies, the observational and expanded access studies are conducted. Furthermore, the increasing population of people having prior medical conditions and the surging geriatric population coupled with the rising prevalence of multiple disorders requires the close monitoring of the diseases of this population which in turn increases the market size of the segment in the clinical trial market. For instance, as per the WHO, between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. Also, 1 in 6 people in the world will be aged 60 years or over by 2030.
"Amongst Therapeutic area, oncology segment holds the major share”

Based on the therapeutic area, the clinical trials market is divided into oncology, clinical pharmacology, cardiology, infectious disease, neurology, gastroenterology & hepatology, ophthalmology, and others. The oncology segment grabbed a significant market share in 2020 and is anticipated to grow at a rapid rate in the upcoming years owing to the increasing number of cancer cases which force medical professionals to develop new and effective drugs for the treatment of cancer. As per WHO, Cancer is a leading cause of death worldwide, accounting for nearly 10 million deaths in 2020. Among them, lung and colon cancers were the leading causes of death.
"North America represents one of the largest markets of Clinical Trial market”

For a better understanding of the market dynamics of the Clinical Trial market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America grabbed a significant market share of the global clinical trials market 2020, and it is expected to grow with considerable CAGR during the forecast period (2021-2027F). The major factors such as favorable government initiatives, sophisticated healthcare, and research infrastructure, and the rising incidence of rare diseases across the region are propelling the growth of this market along with the rising research and development investment in the region. For instance, the Research and development (R&D) expenditures of Canada in 2019 reached $40.3 billion, a 3.9% increase from 2018. However, in the next year, the investment decreased due to the COVID-19 pandemic.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry