Clinical Trials Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Feb 2021 | No. of Pages : 250 Pages | Category : Healthcare

The global Clinical Trials market size is expected to be worth around US$ 69.7 billion by 2030, according to a new report by Vision Research Reports.

The global Clinical Trials market size was valued at US$ 44.3 billion in 2020 and is anticipated to grow at a CAGR of 5.10% during forecast period 2021 to 2030.

Growth Factors

An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and other products. Also, clinical studies have become increasingly costly ventures, adding to the overall cost of developing a drug. Hence, big pharmaceuticals as well as small biotechnology firms are looking for innovative ways to improve research outcomes and decrease research costs.

The increasing need to develop new therapeutics for chronic diseases such as cancer, respiratory disorder, diabetes, cardiovascular disease, and others is creating immense pressure on healthcare. The global pandemic caused due to COVID-19 and the increasing demand for developing a suitable treatment for the same is driving the market’s growth. The number of people affected by the coronavirus has reached one million, which further depicts an increasing need for therapeutics and vaccines. Currently, there are 288 therapeutics and 106 vaccines in development. Out of this, nearly 7.0% therapeutics are in Phase IV, 21.0% in Phase III, 43.0% & 13.0% in Phase II & Phase I respectively.

Report Highlights

The Phase III segment accounted for the largest revenue share of 53.2% in 2020. This growth is attributed to the fact that Phase III trials are the most expensive ones and involves huge subjects. The median cost for a single Phase III trial is around USD 19.0 million with 59 new therapeutic agents approved by the FDA from 2015 to 2016. Also, Phase III requires a higher number of patients and often a longer treatment period.

The Phase II segment followed Phase III in terms of market share accounting for 19.6% in 2020. It is also the second most expensive stage after Phase III. This study is performed in two parts. The first part includes exploring a range of doses along with efficacy studies, and the second part includes finalizing the dose. Phase II plays a crucial role, especially in oncology-related studies. The FDA estimates that about 33.0% of medication goes into the Phase III trial. Besides, there are various therapeutic and vaccines currently in Phase II for the treatment of coronavirus, thereby, boosting the market growth.

For instance, there are currently 43 therapeutics in Phase II for COVID-19. Companies engaged in the development are AstraZeneca plc; Arch Biopartners Inc.; Applied Therapeutics Inc.; Apeiron Biologics GmbH; 4D Pharma plc; and AB Science SA. Companies are collaborating with other firms to accelerate the development of therapeutics and vaccines. Examples include Eli Lilly partnered with AbCellera for the development of vaccines; GSK, Novartis, and MSD working with the Bill and Melinda Gates Foundation. GSK and Sanofi are working together to develop an adjuvanted COVID-19 vaccine.

The expanded access trials segment, also referred to as compassionate use trials is anticipated to register the fastest CAGR of 5.9% during the forecast period. It is a potential pathway for patients with serious disease conditions to carry out treatment outside the trial when no satisfactory therapies are available. Increasing innovation in clinical trial methods is projected to drive the market growth of the expanded access trials segment. For example, numerous oncology drugs are regularly administered to patients before their approval by the U.S. FDA and are considered as a part of expanded access trial. Also, there are currently 20 therapeutics for COVID-19 in expanded access trials/compassionate use in Phase II/III. Firms currently engaged in expanded access include Incyte Corp.; Novartis AG; Capricor Therapeutics Inc.; Alexion Pharmaceuticals Inc.; Bellerophon Therapeutics Inc.; Algernon Pharmaceuticals Inc.; subsidiary Nash Pharmaceuticals, and Ansun Biopharma Inc.

Oncology segment dominated the clinical trials market and accounted for the largest revenue share of 23.5% in 2020. The segment is also anticipated to witness the fastest CAGR of 6.2% over the forecast period. As per the U.S. FDA and various other sources, more than USD 38.0 billion is currently spent by the pharmaceutical industry towards preclinical and clinical development of oncology therapy products.

The cardiovascular condition segment is also anticipated to witness a lucrative growth rate of 6.0% over the forecast period. The growing prevalence and increased demand for cost-effective medication across the world led to significant investment in R&D in this segment with more than 190 drugs in the pipeline. The majority of drugs in the pipeline are for heart failure, lipid disorders, vascular diseases, and stroke. Growing demand for cost-effective medicine in low and middle-income countries is expected to boost the R&D investment by the government in this segment, thereby strengthening market growth.

However, the current pandemic is creating a threat and acting as an obstacle in the clinical trials for finding effective treatments and cures for a myriad of diseases. At least 18 pharma or biotech companies have reported disruption to a clinical trial due to this pandemic. In March, there was around 65.0% global average decrease in the enrollment of new patients year-over-year. 84.0% reduction in India and a 43.0% decrease in Japan were also observed. The U.S. is down with an average of 67.0%.

North America dominated the market and accounted for the largest revenue share of 51.04% in 2020. The region is expected to continue its dominance over the forecast period. This can be attributed to increasing R&D in this region and increasing adoption of new technologies in clinical research. For instance, the incorporation of virtual services in the clinical trial protocol by market players such as IQVIA, and PRA Health Sciences is anticipated to further fuel the North American market’s growth.

In Asia Pacific, the market is anticipated to witness the fastest CAGR of 6.7% over the forecast period owing to the increasing availability of a large patient pool facilitating easy recruitment of candidates. The global pandemic is also the main contributing factor to market growth. As per Asia Pacific’s largest expertized biotech CRO “Novotech”, the company is observing an increase in the demand from biotechnology sponsors for studies in the APAC region due to the availability of quality and speed. An increasing number of biotechnology firms are looking at the APAC region for their COVID-19 trials to take advantage of the large patient pool and fast-track procedures.

Key Players

  • ICON Plc

  • Wuxi AppTec

  • PRA Health Sciences

  • SGS SA

  • Syneos Health

  • Eli Lilly and Company

  • Novo Nordisk A/S

  • Pfizer

  • Clinipace

Market Segmentation

  • Phase Outlook 

    • Phase I

    • Phase II

    • Phase III

    • Phase IV

  • Study Design Outlook 

    • Interventional

    • Observational

    • Expanded Access

  • Indication Outlook 

    • Autoimmune/Inflammation

    • Pain management

    • Cardiovascular

    • CNS condition

    • Oncology

    • Diabetes

    • Obesity

    • Others

  • Regional Outlook

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Spain

      • Italy

    • Asia Pacific

      • India

      • Japan

      • China

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

      • Colombia

    • Middle East & Africa

      • South Africa

      • Saudi Arabia

      • UAE

The Clinical Trials market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Clinical Trials market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Clinical Trials market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Clinical Trials market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Clinical Trials market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Clinical Trials capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Clinical Trials by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Clinical Trials market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Clinical Trials market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Clinical Trials market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Clinical Trials industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Clinical Trials market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Clinical Trials market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Clinical Trials market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Clinical Trials market. These factors have benefited the growth of the global market for Clinical Trials. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Clinical Trials. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Clinical Trials are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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