The global clinical trials market size is anticipated to reach around US$ 70 billion by 2030 from US$ 44.3 billion in 2020, expanding growth at a CAGR of 5.10% during forecast period 2021 to 2030. High prevalence and increase in incidence rate of chronic diseases and rise in R&D activities in biotechnology & pharmaceuticals industries are projected to drive the global clinical trials market during the forecast period.
High Prevalence and Increase in Incidence Rate of Chronic Diseases to Drive Market
Chronic diseases such as chronic respiratory diseases (CRD), diabetes, chronic kidney diseases (CKD), cancer, cardiac stroke, and neurological disorders are the leading causes of disability and mortality across the globe. The emergence and outbreak of various infectious and chronic diseases have created challenges and new opportunities for researchers to develop new diagnostic tools, tests, drugs, and vaccines for early diagnosis, prevention, and cure of such diseases. Hepatitis and HIV are the other major infectious diseases. According to the World Health Organization (WHO), as of October 2017, around 71 million people across the world were estimated to have hepatitis C infection. The WHO also stated that 36.7 million people were affected with HIV across the globe. These factors contribute to the growth of the global clinical trials market.
Rise in R&D Activities in Biotechnology and Pharmaceuticals Industries Propels Global Market
Clinical research organizations, diagnostic laboratories, and biotechnology players are engaged in the development of newer diagnostic tests to address the unmet needs in the healthcare industry. The life science industry’s R&D spending is driven primarily by the mass and research intensity of the biopharmaceutical sector, which accounts for nearly 85% of all expenditures. The acceleration in biopharmaceutical R&D innovation, buoyed by several contributing factors such as precision medicine getting into gear in rare diseases, cancer, and autoimmune diseases; immunotherapy, expansion of therapeutic modalities exploiting natural and synthetic biology innovation, and expedited regulatory pathways boost the growth of the clinical trials market.
COVID-19 Vaccines Boosts Market Growth
The coronavirus pandemic has brought research labs and healthcare institutions under great scrutiny for accelerating the clinical trials for COVID-19 vaccines. As such, the success in these clinical trials has led to global recognition of India for supplying several lack of free doses to Brazil, Bangladesh, Algeria, and South Africa. Countries such as Sri Lanka are following suit whilst creating incremental opportunities for stakeholders in the clinical trials market.
The Food & Drug Administration (FDA) is creating awareness about Coronavirus Treatment Acceleration Program (CTAP) in order to bring economies to normal. Companies in the clinical trials market are taking advantage of this program to make new treatments available to patients as quickly as possible.
Digital Health Innovations Give Impetus to IoMT for Enhancing Clinical Development Programs
The proliferation of digital innovations with the help of wearables and sensors is translating into value grab opportunities for companies in the clinical trials market. ICON plc— a clinical research organization company is researching how digital endpoints, including digital biomarkers can improve trial outcomes. This has led to the adoption of digital health technologies that enable appropriate device selection and data strategies.
Digital health innovations hold promising potentials to better manage chronic diseases and improve patient access to healthcare services. Stakeholders and sponsors are taking efforts to improve adherence to medications and prevent its complications in patients. The Internet of Medical Things (IoMT) has the potential to enhance clinical development programs involving med-tech and pharmaceutical companies.
Phase III to Dominate Market
In terms of phase, the global clinical trials market has been divided into phase I, phase II, phase III, and phase IV. The phase III segment held major market share in 2020 and the trend is projected to continue during the forecast period. The segment is anticipated to register the highest market attractiveness during the forecast period.
Oncology to be Major Indication
Based on indication, the global clinical trials market has been classified into autoimmune/inflammation, pain management, cardiovascular, CNS condition, oncology, diabetes, obesity, and others. The oncology segment accounted for major share of 23.8% of the global clinical trials market in 2020. The oncology segment is anticipated to create incremental opportunity of US$ 8,758.5 Mn during the forecast period. The segment is projected to capture 24.6% market share by 2030. The segment is expected to expand at a high CAGR of 6% from 2021 to 2030. The growth of the segment can be attributed to increase in the number of clinical trials in the oncology segment.
North America is projected to be a highly attractive market during the forecast period. The region is anticipated to account for the largest share of the global market by 2030. The market in the region is expected to grow at a rapid pace from 2021 to 2030. Increase in R&D and rise in adoption of new technologies in clinical research are likely to propel the market in North America. The incorporation of virtual services in the clinical trial protocol by market players such as IQVIA and PRA Health Sciences is projected to boost the market in North America.
Europe is anticipated to be the second most attractive market for clinical trials during the forecast period. Support from the government for activities such as research & development for new treatment procedures and upcoming infectious diseases, along with chronic diseases are expected to drive the clinical trials market in Europe during the forecast period.
The market in Asia Pacific is expected to expand at the highest CAGR from 2021 to 2030. Increase in the number of clinical trials and biotechnology firms in Asia Pacific is projected to drive the clinical trials market in the region over the next few years.
The report provides profiles of leading players operating in the global clinical trials market. These include Laboratory Corporation of America Holdings, IQVIA, Inc., Syneos Health, Parexel International Corporation, PRA Health Sciences, Inc., PPD, Inc., Icon plc, Charles River Laboratories, Inc., WuXi AppTec, and Medpace Holdings, Inc.
Global Clinical Trials Market: Segmentation
This report focuses on clinical trials market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall clinical trials market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global clinical trials market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global clinical trials market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the clinical trials market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
In this study, the years considered to estimate the market size of clinical trials are as follows:
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global clinical trials market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
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.
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) and other segments.
The research methodology adopted by analysts for compiling the global clinical trials market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global clinical trials market.
The study objectives of this report are:
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