Market Overview
The Global Clinical Trials Market is expected to attain a valuation of
USD 61.3 billion in 2023, and
USD 117.3 billion in 2032. It is anticipated to further grow with a
CAGR of 7.5% for the forecast period (2023-2032).
Clinical trials involve a systematic process of medical research marked by a precise & proper protocol made to address specific patient care questions. These trials progress through five distinct phases, each serving a unique purpose within the research. Each trial follows a set procedure that outlines the eligible participants and specifies the study's duration, along with detailing the procedures, medications, tests, & doses involved.
In recent times, the rising costs of drug development have led pharmaceutical and biotech entities to look for innovations and more efficient business approaches.The market is further segmented based on Phases (Phase I, Phase II, Phase III, and Phase IV), Study Design (Interventional Study, Observational Study, Expanded Access Study), Therapeutic Area (Autoimmune Disease, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology, and Others), Service (Laboratory Services, Site Identification, Patient Recruitment, Protocol Designing, Bioanalytical Testing Services, Clinical Trial Data Management Services, and Others), and Sponsor (Medical Device Companies, Pharmaceutical & Biopharmaceutical Companies, and Others).
Market Dynamic
The market growth can be attributed to several crucial factors. Firstly, the rising incidence of chronic disorders has significantly contributed to the expansion of the market. Secondly, there has been a notable increase in the number of clinical trials conducted in developing regions, further driving the market growth. Additionally, the market has experienced growth due to the escalating demand for biologics, reflecting the evolving landscape of healthcare. Lastly, the market is also being propelled by the surging need for advanced treatments, especially personalized medicines, showing a shift towards more targeted & effective healthcare solutions. These factors collectively play a significant role in shaping the market's upward trajectory.
A significant trend in response to this challenge of clinical trials in several phases (which require heavy costs) is the outsourcing of clinical research activities by manufacturers. By giving their R&D activities, pharmaceutical and biotech companies are reshaping the landscape of drug development operations. Research & Development service providers once limited to serving specific clinical trial services, have evolved into large conglomerates providing a wide range of services like preclinical assessments, study design, clinical trial management & planning, independent safety data audits, biostatistical analysis, & much more. CROs (Contract Research Organizations) initially focused on providing preclinical and clinical trial services, but they have now expanded their scope to include project management as well.
Research Scope and Analysis
By Phases
The segment phases can be further categorized as Phase I, phase II, phase III, and phase IV. Among these, phase III dominates, commanding the maximum share of the market. This prominence is due to several reasons, including the huge population of patients in this particular phase along with the usage of advanced services to evaluate the efficacy of the medication. This particular phase needs well-developed technologies and advanced clinical equipment. Its enhanced trial in recent years has resulted in a surge in the growth of this market especially in this segment.
Moreover, Phase II is also expected to exhibit a robust Compound annual growth rate for the forecast period. It plays a vital role in the study of diseases related to oncology. Several vaccines are still in trial in phase II and entities involved in such vaccine development include Arch Biopartners, Inc., AstraZeneca plc, 4D Pharma plc, Applied Therapeutics, etc.
By Study Design
The sub-segment of Interventional design leads the market with the maximum share in 2023. It is one of the most significant & efficient kinds of study wherein intentionally some sought interventions are done to gather the information regarding effects observed after such interventions. These study designs are followed for several drugs & biologics for better enhancements of medications. This study is efficient in most cases dealing with numerous drug designs as it works on a comparison basis or confounding bias, wherein exposures & health outcomes form the basis of such studies. Its increased desire among the entities leads to the elevated trajectory of this market in the upcoming years.
By Therapeutic Area
Under the segmentation of the therapeutic Area, the further categorization is among, Autoimmune Diseases, Oncology, Cardiology, Infectious Disease, Dermatology, Ophthalmology, and Others. The sub-segment of Oncology dominates the market, holding a maximum share in terms of revenue, in 2023. It is also expected to observe the highest compound annual growth rate for the forecast period. Clinical trials of oncology-related products have attracted the most spending from various pharmaceutical sectors. Several sources such as the United States Food & Drug Administration, and various others revealed the figure to cross 37 billion.
Another sub-segment with attractive growth is the cardiology domain, with an increase in the number of cases of cardiovascular diseases among older people led to the elevation in the further setup of clinical trial mechanisms.
By Service
Under the segmentation of service, it is further categorized into Laboratory Services, Site Identification, Patient Recruitment, Protocol designing, Bioanalytical Testing Services, Clinical Trial Data Management Services, and Others. Among these, the laboratory services domain holds prominence, commanding a maximum share of the market in 2023. These laboratory services are vital in enhancing clinical trials with further development & advancements. Every step & phase of drug manufacturing & advancement depends on such services.
All the entities involved in pharmaceutical, medical device, and biopharmaceutical domains rely on laboratory services for the upliftment & better-quality product formations. Regulatory rules & policies play a crucial role which is adhered to by such entities to ensure the best outcomes.
By Sponsor
Under the segmentation of sponsors, the sector is sponsored by various entities, such as Medical Device Companies, Pharmaceutical & biopharmaceutical Companies, and others. Among these entities, Pharmaceutical & biopharmaceutical Companies hold the dominance with the maximum share in the market, in terms of revenue, in 2023. This dominance can be accredited to the growing desire among pharmaceutical entities to have advanced & well-developed techniques & trial mechanisms with research & development work.
Elevated investments & spendings by pharmaceutical & biopharmaceutical entities have resulted in an enhanced fund generation for further clinical trials setup. Hence such entities play a crucial role in further enhancement & growth of such mechanisms in upcoming years. While most fundamental research in educational institutions is funded by grants from the NIH (National Institutes of Health), the cost of discovering new molecular entities & further testing them on human subjects & animal models is primarily undertaken by the industry.
The Clinical Trials Market Report is segmented on the basis of the following:
By Phases
• Phase I
• Phase II
• Phase III
• Phase IV
By Study Design
• Interventional Study
• Observational Study
• Expanded Access Study
By Therapeutic Area
• Autoimmune Disease
• Oncology
• Cardiology
• Infectious Disease
• Dermatology
• Ophthalmology
• Others
By Service
• Laboratory Services
• Site Identification
• Patient Recruitment
• Protocol Designing
• Bioanalytical Testing Services
• Clinical Trial Data Management Services
• Others
By Sponsor
• Medical Device Companies
• Pharmaceutical & Biopharmaceutical Companies
• Others
Regional Analysis
North America holds a significant market share, accounting for 51.5% of the global market in 2023, and it is expected to maintain its leading position in the forthcoming future. This dominance can be attributed to increased investments in research and development, along with the widespread adoption of innovative technologies in clinical trials within this region. Notably, market players such as IQVIA & PRA Health Sciences have implemented virtual services at various stages of clinical trials, further propelling growth in the North American market.
Additionally, favorable government backing in the U.S. market for clinical trials is expected to enhance demand. For example, the FDA initiated the CTAP (Coronavirus Treatment Acceleration Program) to enhance the development of treatments for global diseases caused by the coronavirus. The program uses all available means to swiftly deliver new treatments to patients while simultaneously evaluating their safety & efficacy.
By Regions
North America
• The U.S.
• Canada
Europe
• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe
Asia-Pacific
• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific
Latin America
• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America
Middle East & Africa
• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA
Competitive Landscape
The Clinical Trials Market is marked by intense competition, with key participants such as Pharmaceutical Product Development, PAREXEL International Corporation, IQVIA, LLC, & Charles River Laboratory. The rapid integration of advanced technology for enhanced healthcare is a vital factor driving this competitiveness.
Additionally, key players frequently engage in acquisitions, mergers, & new product launches to maintain their market dominance and expand their offerings. As an example, Wuxi AppTec revealed its introduction of a comprehensive adeno-associated virus vector suspension platform. This initiative was to expedite the development, production, & introduction of cell and gene therapy, showcasing the company's emphasis on broadening its range of services.
Some of the prominent players in the Global Clinical Trials Market are:
• ICON Plc
• Wuxi AppTec Inc
• SGS SA
• IQVIA
• PAREXEL International Corporation
• Pharmaceutical Product Development, LLC
• Charles River Laboratory
• Syneos Health
• Chiltern International Ltd
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace
• Other Key Players
COVID-19 Pandemic & Recession: Impact on the Global Clinical Trials Market:
The COVID-19 pandemic & economic recession had a profound impact on the Global Clinical Trials Market. Disruptions caused by travel restrictions & safety concerns resulted in the temporary delays of numerous trials. In response, the industry swiftly embraced virtual and decentralized trial approaches to ensure research continuity and participant safety.
The pandemic also accelerated research efforts in critical areas such as infectious diseases, with a heightened focus on COVID-19 vaccines & treatments. Additionally, economic challenges led to strategic collaborations & partnerships within the sector to optimize resources. These changes show the sector's resilience & adaptability due to numerous challenges, shaping the future of clinical trials.
Report Characteristics |
Market Size (2023) |
USD 61.3 Bn |
Forecast Value (2032) |
USD 117.3 Bn |
CAGR (2023-2032) |
7.5% |
Historical Data |
2018 – 2023 |
Forecast Data |
2024 – 2033 |
Base Year |
2023 |
Estimate Year |
2024 |
Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
Segments Covered |
By Phases (Phase I, Phase II, Phase III, and Phase IV),
By Study Design (Interventional Study, Observational
Study, Expanded Access Study), By Therapeutic Area
(Autoimmune Disease, Oncology, Cardiology,
Infectious Disease, Dermatology, Ophthalmology,
and Others), By Service (Laboratory Services, Site
Identification, Patient Recruitment, Protocol
Designing, Bioanalytical Testing Services, Clinical Trial
Data Management Services, and Others), and By
Sponsor (Medical Device Companies, Pharmaceutical
& Biopharmaceutical Companies, and Others). |
Regional Coverage |
North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
|
Prominent Players |
ICON Plc, Wuxi AppTec Inc, SGS SA, IQVIA, PAREXEL
International Corporation, Pharmaceutical Product
Development, LLC, Charles River Laboratory, Syneos
Health, Chiltern International Ltd, Eli Lilly and
Company, Novo Nordisk A/S, Pfizer, Clinipace, Other
Key Players, and Other Key Players. |
Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
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Frequently Asked Questions
The Global Clinical Trials Market is expected to attain a valuation of USD 61.3 billion in 2023.
The expected CAGR for the Global Clinical Trials Market in 2023 is 7.5% for the forecast period (2023-
2032).
North America dominates the Global Clinical Trials Market in 2023, accounting for 51.5% of the global
market.
Some of the prominent players include ICON Plc, Wuxi AppTec Inc, SGS SA, IQVIA, PAREXEL International
Corporation, Pharmaceutical Product Development, LLC, Charles River Laboratory, Syneos Health,
Chiltern International Ltd, Eli Lilly and Company, etc."