Clinical Trials Market to Cross $ 544.78 Billion Revenue by 2030

Clinical Trials Market Snapshot

“The Clinical Trials Market is estimated to increase at a CAGR of 5.78% from $ 58.98 Billion in 2023 to $ 81.45 billion by 2030.”

Clinical trials are studies that evaluate new diagnostic and therapeutic methods on volunteers, assessing their impact on patient outcomes, and evaluating various medical interventions like medications, biological products, surgical techniques, gadgets, behavioral therapies, and preventative care.

Clinical studies are meticulously planned, examined, and completed, requiring approval before commencing, and are open to participants of all ages, including young toddlers.

Governments and private payers are scrutinizing the economic impact of innovative therapies as healthcare costs rise as a percentage of GDP. Clinical trials are expected to demonstrate safety, efficacy, and significant patient impact, especially for expensive, specialized medicines.

As regulatory expectations increase, clinical research development and design complexity increase, particularly for pricy, specialized medicines for selective patient populations.

Despite a third of the global clinical trials industry being registered in the US, sponsors are outsourcing to countries like China, India, Russia, and Brazil due to their larger patient pool, urban healthcare systems, and a surplus of experienced clinical staff for managing trials.

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Growth Drivers

Chronic diseases are increasing due to sedentary lifestyles, urbanization, genetic anomalies, diabetes, malaria, HIV, TB, and obesity. Technological breakthroughs in Polymerase Chain Reaction technologies and increased investments in scientific research contribute to this trend. The biopharmaceutical industry is working to combat chronic illnesses by developing customized treatments, individualized healthcare standards, and treatments for inherited genetic disorders. This growth in the market is influenced by factors such as increased investment, finance, and grants for scientific research.

• Chronic illnesses worldwide are increasing
• Necessitating the hiring of Clinical Research Organizations (CROs) for clinical trials
• with increased funding from public and private sources
• expanding opportunities in Asia Pacific nations.

Market Restraints

Clinical trials pose significant risks due to the potential for injuries and fatalities due to the new technology's testing. It is crucial for scientists and medical professionals to be aware of potential repercussions and inform patients of potential risks. Unwell individuals may experiment with new treatments in hopes of improving, highlighting the ethical responsibility of scientists and medical professionals. Additionally, the lack of research facilities and infrastructure, particularly in trial locations, hinders market expansion and administration.

Clinical Trials Market Segment Analysis

Clinical Trials Market Analysis by Phase

“The biomedical clinical trials consist of four phases:”

Phase I studies are used to determine the safe dose range and identify adverse effects of new medications by testing them on a limited number of individuals.

Phase II trials are examining safe therapies that require a larger human population to monitor for potential negative effects.

Phase III studies are the final stage before the approval of a new medication, conducted on larger populations and across different locations and nations.

Phase IV studies are conducted post-national approval, necessitating more extensive testing over a longer period in a large population.

Clinical trials Market Analysis by Disease

The global clinical trials market comprises autoimmunity/inflammation, pain management, oncology, CNS problems, diabetes, obesity, and cardiovascular segments. In 2021, the oncology sector had the largest market share and is expected to grow at a 6.3% CAGR. The pharmaceutical industry is currently spending over USD 38.0 billion on preclinical and clinical research for cancer therapeutic products.

Competitive Landscape of the Clinical Trials Market Analysis

• IQVIA
• PAREXEL International Corporation
• PRA Health Sciences, Inc.
• Syneos Health, Inc.
• Charles River Laboratories International, Inc.
• ICON plc
• Wuxi AppTec Inc.
• Medpace Holdings, Inc.
• Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings)
• Novotech Pty Ltd.
• Medidata Solutions (a subsidiary of Dassault Systèmes)
• Premier Research Group plc
• LabCorp Clinical Trials (a subsidiary of Laboratory Corporation of America Holdings)
• SGS S.A.
• PPD, Inc.
• PSI CRO AG
• Clinsys Clinical Research Limited (a subsidiary of PRA Health Sciences, Inc.)
• Worldwide Clinical Trials, Inc.
• Pharmaceutical Product Development, LLC (a subsidiary of ICON plc)
• Chiltern International Ltd. (a subsidiary of LabCorp)

New Developments in Clinical Trials Market

30/11/2022 WuXi AppTec Receives 2022 Global Contract Research, Development and Manufacturing Organization Company of the Year Award from Frost & Sullivan

WuXi AppTec, a global company that provides a broad portfolio of R&D and manufacturing services for the pharmaceutical, biotech and medical device industries to advance discoveries and deliver groundbreaking treatments to patients, announced that it is a recipient of the 2022 Global Contract Research, Development and Manufacturing Organization Company of the Year Award from Frost & Sullivan, a global research & consulting firm that helps customers accelerate growth. This marks the sixth consecutive year that WuXi AppTec has been recognized by Frost & Sullivan for its leadership and innovative services.

July 2022: An early-stage clinical trial investigating an investigational vaccine to stave off Nipah virus infection was started by the National Institute of Allergy and Infectious Diseases (NIAID), a division of the National Institutes of Health (NIH) of the United States.

May 2022: The International AIDS Vaccine Initiative (IAVI) and Moderna Inc. started a Phase I clinical trial of an mRNA vaccine antigen in Rwanda and South Africa.

Regional Analysis

“The forecast predicts North America to dominate the market.”

The North American pharmaceutical market is expected to grow significantly due to high R&D spending, established players, robust regulatory environment, rising disease prevalence, and the US's significant contribution. The American Cancer Society predicts 1,918,033 new cancer cases in 2022, increasing the need for medications and medical tools for detection and treatment, fueling market expansion. The region's significant contribution is expected to drive market growth.

The Canadian Institutes of Health Research (CIHR) received a USD 250 million investment in the 2021 Budget, enabling the launch of the Clinical Trials Fund (CTF) in June 2022. The funding aims to improve Canadian health outcomes, prepare the country for pandemics, and fund the education of new clinical researchers. The CTF will also enhance Canada's clinical trial infrastructure.

In 2022, Asia Pacific held the second-largest market share in biotech CROs, with the region expected to grow at the fastest CAGR due to its large patient pool and easy recruitment. The global pandemic has impacted the sector, leading to increased interest in Asia Pacific's largest biotech CRO, "Novotech," for its quality and quick turnaround of studies. As a result, more clinical trial businesses are choosing the APAC region for COVID-19 investigations.

Segments Covered in the Clinical Trials Market Report

Clinical Trials Market Analysis by Phase

• Phase I
• Phase II
• Phase III
• Phase IV

Clinical trials Market Analysis by Disease

• Autoimmune/Inflammation
• Pain Management
• Oncology
• CNS Condition
• Diabetes
• Obesity
• Cardiovascular
• Others

Frequently Asked Questions

What is the expected growth rate of the Clinical Trials market over the next 7 years?

Clinical Trials Market is estimated to increase at a CAGR of 5.78% from $ 58.98 Billion in 2023 to $ 81.45 billion by 2030.

Who are the major players in the Clinical Trials market and what is their market share?

IQVIA,PAREXEL International Corporation,PRA Health Sciences, Inc.,Syneos Health, Inc.,Charles River Laboratories International, Inc.,ICON plc,Wuxi AppTec Inc.,Medpace Holdings, Inc.,Covance Inc. (a subsidiary of Laboratory Corporation of America Holdings) , are prominent players operating and dominating in the market.

What are the main market Trends for Clinical Trials worldwide?

The use of wearables and sensors in clinical trials is transforming businesses into value-adding opportunities.