USD 47.07 billion
Report ID:
SQMIG35A2641 |
Region:
Global |
Published Date: September, 2024
Pages:
157
|Tables:
69
|Figures:
75
Clinical Trials Market size was valued at USD 52.39 Billion in 2023 and is poised to grow from USD 56.95 Billion in 2024 to USD 111 Billion by 2032, growing at a CAGR of 8.7% during the forecast period (2025-2032).
Several key drivers are propelling the Clinical Trials Market, including clinical trials in emerging markets, pharmaceutical industry R&D expenditure, disease prevalence, rare diseases, and orphan drug research in the pipeline. The market is increasing due to several causes such as more diseases that require advanced and stronger medicines for both diagnosis and treatment. For example, according to the IDF Atlas 2021 edition, in the year 2021, an estimated 536.6 million people in the world aged between 20 to 79 years were living with diabetes, and the number may escalate to 783.7 million by 2045. The disease burden is increasingly burdening the Clinical Trials Market.
Moreover, the industry is witnessing expansion from government activities in various regions. For instance, the European Commission (EC), together with the Heads of Medicines Agencies (HMA) and the European Medicines Agency (EMA) started the Accelerating Clinical Trials in the EU program in January 2022. This has the general objective in changing how clinical trials are planned for, undertaken, and conducted. ACT EU promotes Europe's role as the primary location for clinical research, fosters the development of safe, effective, and high-quality pharmaceutical development, and promotes better integration of clinical research into the European healthcare system. Governmental support and this kind of initiative is helping industries grow and expand globally.
US Clinical Trials Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 47.07 billion
Largest Segment
Phase I
Fastest Growth
Phase II
Growth Rate
5.8% CAGR
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Global Clinical Trials Market is segmented on the basis of phase, service type, therapeutic area, application, and region. By phase, market is segmented into Phase III Clinical Trials, Phase II Clinical Trials, Phase IV Clinical Trials, and Phase I Clinical Trials. By service type, market is segmented into Laboratory Services, Bioanalytical Testing Services, Decentralized Clinical Trial Services, Patient Recruitment Services, Site Identification Services, Analytical Testing Services, Supply & Logistics Services, Protocol Designing Services, Data Management Services, Medical Device Testing Services, and Other Services. By therapeutic area, market is segmented into Oncology, Infectious Diseases, Neurology, Metabolic Disorders, Immunology, Cardiology, Genetic Diseases, Women’s Health, and Other Therapeutic Areas. By application, market is segmented into Small Molecules, Monoclonal Antibodies, Vaccines, Cell & Gene Therapy, and Other Applications. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Clinical Trials Market Analysis by Phase
Phase III collected the highest Clinical Trials Market revenue in 2023 due to the growth in the number of efforts performed by industry participants while outsourcing R&Ds. This implies strategic change in companies' means of workflow optimization with resource division, which most likely increases the efficacy of productivity and thereby shortens the launch period of new products. Pharmaceutical companies can leverage third-party capabilities to free up internal expertise, thus focusing on core competencies and achieving superior efficiency in the development processes by leveraging other organizations. Furthermore, since companies are eager to share knowledge and reduce expenses while ensuring that quality and regulatory standards remain intact, the position of the Phase III segment has been further enhanced through growing partnership and collaboration initiatives by the industry itself.
However, the Phase II segment is anticipated to grow at the highest CAGR during the forecast period. Chronic diseases such as diabetes, heart conditions, and cancer are prevalent in this category, thus creating an acute need for new treatments. Pharmaceutical companies are heavily investing in R&D to discover new avenues of treatment as the global healthcare system battles to cope with the rising burden of chronic diseases. The injection of finance is predicted to bolster the production of new pharmaceuticals being driven on both sides of the public and private divide. The industry remains committed to further enhancing patient outcomes and effectively solving unmet medical needs through its focus on the development of clinical trials and new therapeutic options.
Clinical Trials Market Analysis by Therapeutic Area
Oncology was leading in the segment with the highest revenue amount by 2023 because of its rapid growth in the drugs approved for the different types of cancer and the greatest need to have a right chemotherapy regimen. This has greatly contributed to the rise in targeted drugs development and increased funding for cancer research. For instance, FDA approved Pralsetinib (Gavreto) on 2020 for treatment in patients from 12 years with locally advanced or metastatic RET-mutant medullary thyroid carcinoma. The same approach is aimed at making advanced treatments accessible to patients diagnosed with challenging-to-access conditions.
During the forecast period, the CNS disorder segment is expected to grow with a notable CAGR. The major driving force of this increase is the rise in the prevalence of CNS diseases such as multiple sclerosis, Parkinson's disease, and Alzheimer's disease. Incidences of neurological diseases per 100,000 people have emerged in the US with 47.39 in the year 2019. With improved funding for research and awareness of it, the demand for new treatments within the CNS disease segment increases, just like the focus of the healthcare sector on improving outcomes for the people who suffer from such debilitating disorders.
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The regional Clinical Trials Market is dominated by North America with a share of 50.3% in the year 2023. The increase in R&D funds coupled with an increased adoption of modern technology in clinical trials have been some of the contributing factors to the growth here. For instance, the growth of virtual services of industry participants such as PRA Health Sciences and IQVIA at all levels of clinical trials is anticipated to propel the North America market further. In addition, growing government support for the clinical trials sector of the US is expected to create a huge demand for the same. For instance, to accelerate the development of treatments for coronavirus-related conditions globally, it released the Coronavirus Treatment Acceleration Program in March 2020. According to the FDA program, it puts every resource to work to make patients get innovative treatments as soon as possible while determining if they work.
Asia Pacific is expected to grow with the fastest CAGR during the forecast period due to the substantial pool of patients in this region, thereby making recruitment easier. As one of the major triggers driving the market, the global COVID-19 pandemic is mainly responsible for the Clinical Trials Market growth. Asia Pacific's largest, most experienced biotech CRO, "Novotech" has announced a rise in demand for studies from biotechnology sponsors because the studies have high quality and short turn-around times. More biotech companies are taking their COVID-19 trials to the Asia-Pacific region to cash in on the region's vast patient base and quicken the processes. Indian clinical trials market is expected to grow at a CAGR of 8.3% during the forecast period. Growth drivers for the market include globalization of clinical trials, application of new technologies in clinical research, increasing diversity and prevalence of diseases, and growing R&D supporting outsourcing.
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Clinical trials Market Driver
Rising Investment in R&D
Growing Prevalence of Chronic Diseases
Restraints
Regulatory Issues
High Costs and Resource Limitations
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Global Clinical trials market is competitive and fragmented. The major industry players keep introducing a variety of growth strategies for maintaining a position for a sustainable competitive advantage. Innovations, mergers and acquisitions, collaborations, and partnerships are used by these players for sustaining themselves in the competitive environment. For developing the most effective and economical solutions for industries, significant market players are constantly focusing on R&D.
Clinical trials Market Top Player's Company Profiles
Clinical trials Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the clinical trials market has significantly grown due to the escalating R&D spending, rising rates of chronic illnesses, and technology breakthroughs in areas such as AI integration and decentralized trials. Even though there are still some problems with costs of regulations and barriers to entry, the commitment of the industry to cooperation and innovation will probably help the industry to overcome all these problems. Adoption of big data analytics and shift towards a patient-centered approach will make the trials more efficient and better for the patients. The clinical trials future revolves around bringing life-saving medicines to each patient as rapidly and efficiently as possible. As players continue to navigate evolving market reality, this is how more efficient treatments for millions of patients and faster access to potentially life-saving medicines arrive in the future.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 52.39 Billion |
Market size value in 2032 | USD 111 Billion |
Growth Rate | 8.7% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Clinical Trials Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Clinical Trials Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Clinical Trials Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Clinical Trials Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2641
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