Clinical Trials Market to Reach Valuation USD 84.43 BN by 2030

The global clinical trials market to reach valuation of around USD 84.43 bn by 2030 and poised to grow at a CAGR of 5.7% from 2021 to 2030.

The global clinical trials market size was reached at USD 51.05 billion in 2021, according to new report study.

Growth Factors

Clinical trials are research studies conducted on people by researchers in order to discover a new treatment such as a new medicine, medical gadget, and diet. It’s also utilized to see if it’s safe and effective in humans. The surge in demand for clinical trials in emerging nations, the growing elderly population, the technological advancements, and the globalization of clinical trials are the major drivers propelling the growth of the global clinical trials market during the forecast period. The use of internet tools to promote patient recruitment rates in clinical trials is expected to boost the growth of the clinical trials market. Furthermore, the rising prevalence of chronic disorders combined with the globalization of drug development activities is boosting the expansion of the clinical trials market.

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Digital health innovations have the potential to increase patient access to health care and better manage chronic conditions. The market players are working to enhance drug compliance and prevent problems in patients. The internet of medical things has the potential to improve clinical development programs incorporating medical technology and pharmaceutical firms.

Report Highlights:

• Based on the phase, the phase 3segment dominated the global clinical trials market in 2020 with highest market share. In the next few years, the clinical trials market need will be fueled by an increasing demand to compare new treatments to established treatments in this phase. 
• On the basis of study design, the interventional study segment holds the largest market share the global clinical trials market in 2020. As the data on exposure is gathered before illness appears, there is no recall error. Moreover, an interventional study is near the top of the evidence pyramid since it is a superior way to assess the efficacy of a novel intervention.
• By indication, the oncology segment is the largest segment in the clinical trials market. As the incidence of cancer rises, new drug research and clinical trial activities for disease treatment will expand, propelling the clinical trials market expansion.  
• North America is the largest segment for clinical trials market in terms of region. Pharmaceutical companies’ increasing focus on innovative medication development for the treatment of numerous chronic diseases is expected to boost industry income.
• Asia-Pacific region is the fastest growing region in the clinical trials market. This is mostly owing to factors such as rising research and development spending and rising demand for drug development, which are the primary drivers of the clinical trials market growth.

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Future of Clinical Trials Market

As the need for novel pharmaceuticals and advanced medical technologies grow, so does the need for a clinical trials program that is efficient, dependable, and fast paced. Furthermore, the health care development process is quite risky for pharmaceutical and biotechnology businesses with much low approval rates and huge expenses. As a result, outsourcing the clinical trials program to several contract research organizations has been highlighted as a way for the pharmaceutical businesses to save time and money. Furthermore, particular contract research organizations have been discovered to have penetration in different regions.  

COVID-19 Impact Analysis:

• The COVID-19 outbreak has caused various adverse disruptions in the health care sector with a significant impact on the growth and expansion of clinical trials market around the globe.
• Clinical trials have a key drawback in that they frequently involve vulnerable groups that are at high danger of coronavirus infection such as the elderly or patients with pre-existing diseases.
• Furthermore, some clinical experiments have been postponed or cancelled due to practical difficulties caused by restrictions on personal movement.
• The impact of the COVID-19 epidemic, on the other hand, is slowly dispersing across the business, as lockdown conditions in various regions of the world have begun to lighten.

Key Developments in the Marketplace:

• Bioclinica stated in April 2019 that it has established a team of experts focused on non-alcoholic fatty liver disease and its more advanced form, non-alcoholic steatohepatitis to develop therapies in clinical trials employing medical imaging and other biomarkers.
• PAREXEL International declared in February 2020 that it has finalized the acquisition of Model Answers, a consulting firm. The company has extensive experience in designing preclinical pharmacodynamic and pharmacokinetic models for efficacy and safety, growing to first-in-human studies and then assisting Phase I trials to NDA filing.
• Wuxi AppTec stated in January 2020 that it would be delivering a fully integrated adeno-associated virus vector suspension platform to speed up the development of cell and gene therapies and thus expanding its service capabilities.
• Pfizer and Biontech announced a favorable top line result for COVID-19 vaccine in children aged from 5 to 11 years old in September 2021.

Top Players contending in the Market:

• Parexel
• IQVIA
• Charles River Laboratory
• Omnicare
• Kendle
• Chiltern
• Pharmaceutical Product Development, LLC

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