Overview

Clinical Trials Market is poised to value USD 69742.5 million by 2028 end at a CAGR of 5.8% during the forecast period 2022 to 2028.

Increased occurrence of appalling diseases, acceptance of novel clinical trial technologies, increased demand for clinical trials from emerging nations are some of the key factors responsible for the proliferation of the market. Furthermore, the soaring insistence for contract research organizations for conducting clinical trials is predicted to boost the clinical trials market growth. CROs are more diversified than pharma companies in performing clinical trials over a wide range of regions and drug development in specific therapeutic areas shall further propel the market growth.

As per the BioOutsource report, 2017, the biosimilar testing is projected to witness a significant growth in the United States and this can be credited to factors like FDA addressing the dearth of clear guidance regarding the usage of biosimilars, particularly the method in which the developers offer drugs similar to the original product. Hospira, in January 2015, developed Epoetin Alfa, a version of Epogen, which received an approval from the FDA within a year. Furthermore, the regional distribution of clinical trials is gradually shifting from developed to developing nations and the increased expenditure of these trials has made the ley players to shift emphasis on regions like Eastern and Central Europe, Latin America and Middle East & Africa for faster recruitment of patients and cost efficiency. Such factors are touted to boost the proliferation of the market. The digitization in researches related to the field of biomedicals has opened lucrative opportunities for the market growth. Acceptance of advanced systems like electronic data capture has helped companies in managing patient data, thereby reducing the cost of monitoring the cost and for improves patient compliance. Furthermore, managing patient data with digitization shall help in reducing the errors related to clinical trials and can satisfy strict regulations. Such factors have contributed to the proliferation of the market.

Market Segmentation:

By Phase

Phase I
Phase II
Phase III
Phase IV

By Study Design

Interventional
Observational
Expanded Access

By Indication

Inflammation
Pain Management
Central Nervous System Conditions
Oncology
Obesity
Cardiovascular
Diabetes
Others

By Region

North America
Europe
Asia-Pacific
Latin America
Middle East and Africa

The market is classified into phase, study design, indication and region. The phase segment is categorised into phase I, phase II, phase III and phase IV. The phase III segment held the largest clinical trials market share owing to the huge sample population and the steep cost of these trials. The phase I clinical trials have a sample population of over 100 people, and it helps in evaluating the molecule tolerability which is considered ad the end point of trial approval. Other studies like drug and food interactions are needed to be performed. As per the Food and Drug Association, over 65% of medications move from phase I to phase II. The study design segment is fragmented into observational, interventional and expanded access. The interventional segment is anticipated to lead the market during the forecasted timeframe. The primary motive of interventional trial is to identify about a specific intervention and this method is frequently used for clinical trials. According to the stats provided by the FDA, USA, 2017, over 120,000 trials were performed using this method. Owing to the rising insistence for this study type in clinical trials, this segment is predicted to proliferate at a significant rate during the forecasted time frame. The indication segment is bifurcated into inflammation, pain management, central nervous system conditions, oncology, obesity, cardiovascular, diabetes and others. The oncology segment is anticipated to proliferate at a significant rate during the forecasted timeframe.

Regional Analysis:

The North America region is expected to lead the market owing to rising research and development activities and increased acceptance of these clinical research technologies in the region. North America region has the greatest number of clinical trials, especially in the Unites States and they spend over USD 750 million provided by the NIH in 2018. Such factors shall boost the augmentation of the market.

Competitive Landscape:

The key players of the market are Pfizer, QVIA, PAREXEL International Corporation, Pharmaceutical Product Development LLC, Charles River Laboratory, ICON Plc, Wuxi AppTec Inc., PRA Health Sciences, SGS SA, Syneos Health, Chiltern International Ltd., Eli Lilly and Company, Novo Nordisk A/S, Clinipace.

FutureWise Key Takeaways:

Growth prospects
SWOT analysis
Key market trends
Key data-points affecting market growth

Objectives of the Study:

To provide with an exhaustive analysis on the global clinical trials market by phase, by study design, by indication and by region
To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
To evaluate and forecast micro-markets and the overall market
To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions

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