What is the global market size of Clinical Trials Market?

Clinical Trials Market size was valued at USD 47.07 billion in 2021 and is poised to grow from USD 49.8 billion in 2022 to USD 82.72 billion by 2030, growing at a CAGR of 5.8% in the forecast period (2023-2030).

Who are the key vendors in the Global Clinical Trials Market?

The Global Clinical trials market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'IQVIA', 'PAREXEL International Corporation', 'PRA Health Sciences, Inc.', 'Syneos Health, Inc.', 'Charles River Laboratories International, Inc.', 'ICON plc', 'Wuxi AppTec Inc.', 'Medpace Holdings, Inc.', 'Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)', 'Novotech Pty Ltd.', 'Medidata Solutions (a subsidiary of Dassault Systèmes)', 'Premier Research Group plc', 'LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)', 'SGS S.A.', 'PPD, Inc.', 'PSI CRO AG', 'Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)', 'Worldwide Clinical Trials, Inc.', 'Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)', 'Chiltern International Ltd. (a subsidiary of LabCorp)'

What is the key driver of Global Clinical Trials Market?

Increasing prevalence of chronic illnesses is believed Chronic conditions are now more common than ever. With the growth of the middle class and the speeding up of urbanization, people are becoming more sedentary. As a result, there are more cases of genetic abnormalities, diabetes, malaria, HIV, and other diseases like TB and obesity. Additional factors driving market revenue growth include an increase in the prevalence of target diseases and genetic anomalies, ongoing technological advancements in Polymerase Chain Reaction technologies, and increased investments, financing, and grants for scientific research. The biopharmaceutical sector aids in the prevention of chronic diseases. The biopharmaceutical sector is focusing on creating individualized therapies. This will help develop individualized procedural healthcare standards and aid in the treatment of some hereditary genetic diseases.

What is the key market trend for Global Clinical Trials Market?

For businesses in the clinical trials sector, the proliferation of digital technologies made possible by wearables and sensors is translating into value-grabbing opportunities. ICON plc, a company that does clinical research, is looking into how digital endpoints, such as digital biomarkers, can enhance trial outcomes. As a result, digital health technologies have been adopted, enabling sensible device choices and data management techniques. Innovations in digital health have the potential to improve patient access to healthcare and the management of chronic diseases. Stakeholders and sponsors are working to increase patient adherence to drugs and prevent medication-related problems. The Internet of Medical Things (IoMT) has the potential to improve clinical development initiatives run by pharma and MedTech firms.

Which region accounted for the largest share in Global Clinical Trials Market?

Global clinical trials market is dominated by North America. The growth of region is attributed to rising pharmaceutical industry's focus on developing new drugs to treat a variety of chronic conditions is predicted to increase industry income. The demand for medications, medical equipment, and therapeutic interventions is also anticipated to increase due to the ageing population, which is also projected to suffer from a number of chronic diseases and age-related disorders. This will raise market statistics. For instance, the number of people over 65 in the US was estimated at 54 million in 2019 and is projected to increase to about 98.2 million by the end of 2060, according to the US Census Bureau. Consequently, businesses are generally investing more in research and development. Furthermore, it is projected that strong government backing for clinical trials in the US market will increase demand. For instance, to hasten the discovery of medicines for diseases around the world brought on by the coronavirus, the FDA announced the Coronavirus Treatment Acceleration Program (CTAP) in March 2020. The programme uses every method at its disposal to quickly provide innovative treatments to patients while determining whether they are beneficial or dangerous.

Clinical Trials Market Size, Share, Growth Analysis, By Phase(Phase III Clinical Trials, Phase II Clinical Trials, Phase IV Clinical Trials, Phase I Clinical Trials), By Service Type(Laboratory Services, Bioanalytical Testing Services, Decentralized Clinical Trial Services, Patient Recruitment Services), By Therapeutic Area(Oncology, Infectious Diseases, Neurology, Metabolic Disorders), By Application(Small Molecules, Monoclonal Antibodies, Vaccines, Cell & Gene Therapy), By Region - Industry Forecast 2025-2032

Report ID: SQMIG35A2641 | Region: Global | Published Date: September, 2024
Pages: 157 | Tables: 69 | Figures: 75

Clinical Trials Market Insights

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.

Clinical Trials Market Report Snapshots

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FAQs

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. 'Thermo Fisher Scientific, Inc. (US) ', 'IQVIA, Inc. (US) ', 'ICON plc (Ireland) ', 'Laboratory Corporation of America Holdings (US) ', 'Syneos Health (US) ', 'WuXi AppTec (China) ', 'Charles River Laboratories (US) ', 'PAREXEL International Corporation (US) ', 'Fortrea, Inc. (US) ', 'Medpace (US) ', 'SGS (Switzerland) ', 'Frontage Labs (US) ', 'ACM Global Laboratories (US) ', 'Advanced Clinical (US) ', 'PSI (Switzerland) ', 'BioAgile (India) ', 'Clinical Trial Service (Unknown) ', 'Worldwide Clinical Trials (US) ', 'Pepgra (India) ', 'CTI Clinical Trial and Consulting Services (US) ', 'Dove Quality Solutions (UK) ', 'Firma Clinical Research (US) ', 'Celerion (US) ', 'Novotech (Australia) ', 'Linical Americas (Japan)'

Biotechnology and pharmaceutical companies' clinical trials are primarily boosted by the growth in investment of R&D. The companies need to more strongly design a clinical trial to develop and market new therapies into the Clinical Trials Market. The more public and private funding that an organization receives allow the organization to conduct larger-scale research designs, which improve the efficacy and safety ratings of drugs. This investment accelerates the process of medication approval and enhances patient access to cutting-edge medicines by encouraging the discovery of new treatments and raising the standard of clinical research.

Acceptance of Decentralized Experiments: One of the recent trends in clinical trials is that decentralized clinical trials are increasingly being adopted. These studies involve technology to provide virtual attendance and remote monitoring of the patients, providing more flexibility and accessibility to them. DCTs would save expenses on trip costs and may increase patient engagement through wearable technology, telemedicine, and mobile health applications. Overall, this shift accelerates data gathering and analysis, facilitates patient recruitment and retention, and substantially aids the process of conducting clinical trials.

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.

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Clinical Trials Market Insights

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What is the global market size of Clinical Trials Market?

Who are the key vendors in the Clinical Trials Market?

What is the key driver of Clinical Trials Market?

What is the key market trend for Clinical Trials Market?

Which region accounted for the largest share in Clinical Trials Market?

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