The global clinical trials market size is anticipated to reach around US$ 70 billion by 2030 from US$ 44.3 billion in 2020, expanding growth at a CAGR of 5.10% during forecast period 2021 to 2030.
The global clinical trials market size is anticipated to reach around US$ 70 billion by 2030 from US$ 44.3 billion in 2020, expanding growth at a CAGR of 5.10% during forecast period 2021 to 2030. High prevalence and increase in incidence rate of chronic diseases and rise in R&D activities in biotechnology & pharmaceuticals industries are projected to drive the global clinical trials market during the forecast period.
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High Prevalence and Increase in Incidence Rate of Chronic Diseases to Drive Market
Chronic diseases such as chronic respiratory diseases (CRD), diabetes, chronic kidney diseases (CKD), cancer, cardiac stroke, and neurological disorders are the leading causes of disability and mortality across the globe. The emergence and outbreak of various infectious and chronic diseases have created challenges and new opportunities for researchers to develop new diagnostic tools, tests, drugs, and vaccines for early diagnosis, prevention, and cure of such diseases. Hepatitis and HIV are the other major infectious diseases. According to the World Health Organization (WHO), as of October 2017, around 71 million people across the world were estimated to have hepatitis C infection. The WHO also stated that 36.7 million people were affected with HIV across the globe. These factors contribute to the growth of the global clinical trials market.
Rise in R&D Activities in Biotechnology and Pharmaceuticals Industries Propels Global Market
Clinical research organizations, diagnostic laboratories, and biotechnology players are engaged in the development of newer diagnostic tests to address the unmet needs in the healthcare industry. The life science industry’s R&D spending is driven primarily by the mass and research intensity of the biopharmaceutical sector, which accounts for nearly 85% of all expenditures. The acceleration in biopharmaceutical R&D innovation, buoyed by several contributing factors such as precision medicine getting into gear in rare diseases, cancer, and autoimmune diseases; immunotherapy, expansion of therapeutic modalities exploiting natural and synthetic biology innovation, and expedited regulatory pathways boost the growth of the clinical trials market.
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COVID-19 Vaccines Boosts Market Growth
The coronavirus pandemic has brought research labs and healthcare institutions under great scrutiny for accelerating the clinical trials for COVID-19 vaccines. As such, the success in these clinical trials has led to global recognition of India for supplying several lack of free doses to Brazil, Bangladesh, Algeria, and South Africa. Countries such as Sri Lanka are following suit whilst creating incremental opportunities for stakeholders in the clinical trials market.
The Food & Drug Administration (FDA) is creating awareness about Coronavirus Treatment Acceleration Program (CTAP) in order to bring economies to normal. Companies in the clinical trials market are taking advantage of this program to make new treatments available to patients as quickly as possible.
Digital Health Innovations Give Impetus to IoMT for Enhancing Clinical Development Programs
The proliferation of digital innovations with the help of wearables and sensors is translating into value grab opportunities for companies in the clinical trials market. ICON plc— a clinical research organization company is researching how digital endpoints, including digital biomarkers can improve trial outcomes. This has led to the adoption of digital health technologies that enable appropriate device selection and data strategies.
Digital health innovations hold promising potentials to better manage chronic diseases and improve patient access to healthcare services. Stakeholders and sponsors are taking efforts to improve adherence to medications and prevent its complications in patients. The Internet of Medical Things (IoMT) has the potential to enhance clinical development programs involving med-tech and pharmaceutical companies.
Phase III to Dominate Market
In terms of phase, the global clinical trials market has been divided into phase I, phase II, phase III, and phase IV. The phase III segment held major market share in 2020 and the trend is projected to continue during the forecast period. The segment is anticipated to register the highest market attractiveness during the forecast period.
Oncology to be Major Indication
Based on indication, the global clinical trials market has been classified into autoimmune/inflammation, pain management, cardiovascular, CNS condition, oncology, diabetes, obesity, and others. The oncology segment accounted for major share of 23.8% of the global clinical trials market in 2020. The oncology segment is anticipated to create incremental opportunity of US$ 8,758.5 Mn during the forecast period. The segment is projected to capture 24.6% market share by 2030. The segment is expected to expand at a high CAGR of 6% from 2021 to 2030. The growth of the segment can be attributed to increase in the number of clinical trials in the oncology segment.
North America is projected to be a highly attractive market during the forecast period. The region is anticipated to account for the largest share of the global market by 2030. The market in the region is expected to grow at a rapid pace from 2021 to 2030. Increase in R&D and rise in adoption of new technologies in clinical research are likely to propel the market in North America. The incorporation of virtual services in the clinical trial protocol by market players such as IQVIA and PRA Health Sciences is projected to boost the market in North America.
Europe is anticipated to be the second most attractive market for clinical trials during the forecast period. Support from the government for activities such as research & development for new treatment procedures and upcoming infectious diseases, along with chronic diseases are expected to drive the clinical trials market in Europe during the forecast period.
The market in Asia Pacific is expected to expand at the highest CAGR from 2021 to 2030. Increase in the number of clinical trials and biotechnology firms in Asia Pacific is projected to drive the clinical trials market in the region over the next few years.
Key Players
The report provides profiles of leading players operating in the global clinical trials market. These include Laboratory Corporation of America Holdings, IQVIA, Inc., Syneos Health, Parexel International Corporation, PRA Health Sciences, Inc., PPD, Inc., Icon plc, Charles River Laboratories, Inc., WuXiAppTec, and Medpace Holdings, Inc.
Global Clinical Trials Market: Segmentation
- Clinical Trials Market, by Phase
- Phase I
- Phase II
- Phase III
- Phase IV
- Clinical Trials Market, by Study Design
- Interventional Trials
- Observational Trials
- Expanded Access Trials
- Clinical Trials Market, by Indication
- Autoimmune/Inflammation
- Pain Management
- Cardiovascular
- CNS Condition
- Oncology
- Diabetes
- Obesity
- Others
- Clinical Trials Market, by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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