Clinical Trials Market Size to Attain Valuation USD 84.43 Billion by 2030

According to Latest Report Study, the clinical trials market was estimated to be worth USD 51.05 billion in 2021 and is anticipated to grow to USD 84.43 billion by 2030, with a CAGR of 5.7% from 2022 to 2030.

The industry is expected to grow as technologically sophisticated digital solutions become more widely used, along with a number of government initiatives. Another factor driving the burden of chronic diseases and demand for clinical trials is the growing elderly population. Due to the rising prevalence of these diseases, pharmaceutical companies have increased their focus on creating novel treatments for rare or genetic diseases that necessitate specialized clinical trials. This is expected to accelerate the growth of the sector.

Clinical trials are extensive research projects that evaluate novel diagnostic and therapeutic procedures and determine how they affect human health outcomes. A variety of people/patients voluntarily take part in clinical trials to examine various medical interventions, such as medications, medical equipment, and other biological products.

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Market Growth

Clinical trials are a method of doing clinical research that are guided by a detailed protocol that has been carefully created to address a specific patient care question. Five phases can be used to categories clinical trials, each of which serves a specific function. Every trial follows a protocol that specifies which people may take part in the study.

Along with describing the duration of the study, trials also detail the precise order of steps, tests, drugs, and doses within the study. Drug development has become much more expensive in recent years, which has forced pharma and biotech organizations to explore for modernizations and more efficient ways to operate. The outsourcing by manufacturers of clinical research operations is a significant trend.

Regional Analysis

In 2021, North America held 50.7% of the global market; this dominance is anticipated to hold throughout the forecast period. This is explained by rising R&D expenditures and a rise in the use of new technologies in clinical trials in this area. Furthermore, the demand is anticipated to increase due to favorable government support for clinical trials in the US market. For instance, the FDA started the Coronavirus Treatment Acceleration Program (CTAP) in March 2020 to speed up the development of therapies for diseases around the world brought on by the coronavirus.

The availability of a sizable patient pool allowing for simple recruitment is expected to cause the Asia Pacific region to grow at the fastest CAGR of 6.8% over the forecast period.

Competitive Landscape

Some prominent players in the global clinical trials market include:

• IQVIA
• PAREXEL International Corporation
• Pharmaceutical Product Development, LLC
• Charles River Laboratory
• ICON Plc
• PRA Health Sciences
• Syneos Health
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace

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Market Report Scope

Market Dynamics of the Clinical Trials Market

Market Drivers

The industry is expected to grow as technologically sophisticated digital solutions become more widely used, along with a number of government initiatives. Another factor driving the burden of chronic diseases and demand for clinical trials is the growing elderly population. Due to the rising prevalence of these diseases, pharmaceutical companies have increased their attention on creating novel treatments for rare or hereditary diseases that necessitate specialized clinical studies. This is expected to accelerate the growth of the sector. The expansion of COVID-19-specific services by clinical research organizations is anticipated to contribute to the market's continued growth. The market has been stimulated by large expenditures made to support the manufacturing capacities targeted at completing the necessary production of COVID-19 vaccines and medicines.

Market Restraints

Inadequate research facilities and infrastructures to support their management and expansion, particularly when trial sites are dispersed across many nations, are one of the factors restricting the market growth. Specialized academic clinical trial units (CTUs) and clinical research centers (CRCs), which are designed to provide services like clinical research for any particular ailment, are examples of research infrastructures. However, in some nations, particularly in middle-income countries where there is limited government financing for clinical research, such facilities are not only completely absent but also hard to come by. As a result, the development of the market is threatened by the lack of suitable infrastructure, which makes it necessary for clinical trials to be conducted in low- and middle-income nations with well-developed infrastructure.

Market Opportunities

Due to the expanding use of cutting-edge medical technologies and the growing demand for breakthrough pharmaceuticals, the clinical trials sector is in greater demand. Furthermore, the pharmaceutical and biotechnology industries face significant risks during the medication development process due to the significantly lower approval rates and expensive costs, which restrain the market growth for clinical trials. So outsourcing clinical trials to contract research organizations (CROs) is seen to save sponsors a lot of time and money, allowing them to concentrate mostly on medication discovery and improving the market impression.

Report Highlights of the Clinical Trials Market

• Phase Insights

By contributing 53.4% of the global market in 2021, the Phase III sector had the biggest revenue share. This is so because Phase III trials are the priciest and have the most participants. 59 novel therapeutic compounds were approved by the FDA between 2015 and 2016, with the typical cost of a single-Phase III trial being roughly USD 19.0 million. Phase II is essential, especially for research involving cancer. According to the FDA, 33.0% of drugs are typically undergoing Phase II trials. Additionally, a number of medicines and vaccines that are suggested for the treatment of COVID-19 are now in Phase II, which will help the market develop.

• Study Design Insights

With 45.7% of the market's sales in 2021, the interventional design segment dominated the industry. It is among the most widely used techniques in clinical studies. As of May 2020, interventional studies made up 79.0% of all registered studies. The majority of these studies were for drugs or biologics, then came behavioral, clinical procedure, and device interventional studies. These studies account for 94.0% of all studies with results, with pharmacological or biologic contributions accounting for the greatest share, followed by behavioral, device, and clinical procedure intervention studies.

• Indication by Study Design Insights

The market for autoimmune/inflammatory interventional trials held the highest proportion in 2021, with 82.0%. This is explained by the enormous number of interventional studies on autoimmune/inflammation that have been conducted globally. The growth can also be linked to the benefits of interventional research, such as the reduction of confounding effects, avoidance of bias in exposure group allocation, and effective identification of minor to moderate clinically significant effects. On clinicaltrails.gov, there are almost 7,000 interventional trials about autoimmune/inflammation.

• Sponsor Insights

In the report's in-depth analysis of the industry's sponsors, it is shown that, in 2021, pharmaceutical and biopharmaceutical businesses would hold the highest share, with 70.0%. This can be linked to the pharmaceutical industry's increased interest in the subject of research. Additionally, there have been more clinical trials supported by pharmaceutical and biopharmaceutical firms. The financing of the research necessary to create new medications is a crucial responsibility of the pharmaceutical business.

• Indication Insights

In 2021, the oncology market category had a 23.5% revenue share of the overall market. Over the projection period, the segment is also expected to experience the quickest CAGR of 6.3%. The pharmaceutical sector is now investing more than USD 38.0 billion in the preclinical and clinical development of oncology therapeutic items, according to the U.S. FDA and a number of other sources. Over the forecast period, the cardiovascular condition segment is expected to grow profitably at a CAGR of 6.1%. More than 190 pharmaceuticals are now in development due to the enormous investment being made in R&D in this field as a result of the rising prevalence and global demand for cost-effective medications.

Recent Development of the Clinical Trials Market

• In April 2021, A leader in clinical imaging technology and science, Bioclinica, and ERT, a provider of clinical endpoint data solutions, announced their full merger. The merger aims to offer top-tier technology, medicinal and scientific knowledge, and digital innovation. The company's business portfolio and service offerings across several therapeutic areas were both expanded thanks to this strategy. However, the united business was given the name Clario in November 2021.
• In April 2021, In a deal worth approximately USD 760 million, IQVIA Holdings Inc. purchased the remaining 40% of Q2 Solutions' shares from diagnostic information services provider Quest Diagnostics, giving IQVIA 100% ownership of the business. The goal of this acquisition was to enhance IQVIA's laboratory services division and bolster its market position.

Major Market Segments Covered:

By Phase

• Phase 1
• Phase 2
• Phase 3
• Phase 4

By Study Design

• Observational
• Interventional
• Expanded Access

By Indication

• Autoimmune/Inflammation
  • Rheumatoid arthritis
  • Multiple Sclerosis
  • Osteoarthritis
  • Irritable Bowel Syndrome (IBS)
  • Others
• Pain Management
  • Chronic Pain
  • Acute Pain
• Oncology
  • Blood Cancer
  • Solid Tumors
  • Other
• CNS Condition
  • Epilepsy
  • Parkinson's Disease (PD)
  • Huntington's Disease
  • Stroke
  • Traumatic Brain Injury (TBI)
  • Amyotrophic Lateral Sclerosis (ALS)
  • Muscle Regeneration
  • Others
• Diabetes
• Obesity
• Cardiovascular
• Others

By Service Type

• Protocol Designing
• Patient Recruitment
• Laboratory Services
• Site Identification
• Bioanalytical Testing Services
   
  • Cell-based Assays
  • Virology Testing
  • Method Development, Optimization, & Validation
  • Serology, Immunogenicity, & Neutralizing Antibodies
  • Biomarker Testing Services
  • PK/PD (Pharmacokinetics/Pharmacodynamics) Testing Services
  • Other Bioanalytical Testing Services
• Analytical Testing Services
• Clinical Trial Supply & Logistic Services
• Clinical Trial Data Management Services
• Decentralized Clinical Services
• Medical Device Testing Services
• Others

By Sponsor

• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Others

By End User

• Hospital
• Laboratories
• Clinics

By Application

• Vaccine
• Cell & Gene Therapy
• Small Molecules
• Other Applications

Regional Segmentation

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
• Latin America (Brazil and Rest of Latin America)
• Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

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