As per our report, the global clinical trials market size to grow USD 26.9 Billion by 2025 from USD 18.4 Billion in 2020. This market to witness a CAGR of 7.83% during the forecast period from 2020 to 2025.
Clinical trials promote the safety and efficacy of a newly developed product which includes novel vaccines, drugs, dietary supplements, and medical devices. There are four phases in clinical trials: Phase I, II, III, and IV. A clinical trial should happen only after receiving approval from the health authority/ethics committee on human participants. Implementing digital health in clinical trials and operations by biopharmaceutical companies is highly convenient and leads to personalized approaches. The investments in digital health in the clinical trial market are to rise in the coming years. Pfizer, a leading biopharmaceutical company, focuses on developing web-based clinical trials, which is undoubtedly a new effort to perform clinical trials more effectively in less time.
Developing countries are rapidly adopting different procedures and action plans from developed countries. In 2017, the BioOutsource report stated that the Food and Drug Administration took a step towards biosimilars, where the developer needs to prove their drug similarity concerning the originator product.
MARKET DRIVERS:
Technological advancements, increasing demand for innovative solutions in the healthcare industry, boosted alliances between the pharma-biotech companies and the clinical research organizations are primarily driving the growth of the global clinical trials market.
On-going research to ensure better treatment procedures for the patient's wellbeing is a significant factor that is opening growth opportunities for the global clinical trials market. The rise in the scale of pharmaceutical and biopharmaceutical companies is to surge growth opportunities for the Global Clinical Trials Market. Increasing patient flow in the hospitals and clinics is also elevating the demand of this market.
Additionally, growing support from government and non-government organizations in real-time applications is significantly influencing the market. Increasing the prevalence of personalized medicine in urban areas is lavishing the growth of the clinical trials market. Acceptance of the latest technological developments and launch of innovative products is spurring the market's growth rate. Furthermore, rising urbanization across the world is prompting the growth rate of the Global Clinical Trials Market to the extent.
MARKET RESTRAINTS:
Rapid changes in the economic strategies are quietly restraining the demand of the global clinical trial industry.
Lack of skilled persons to operate devices in organizations is a challenging thing for the market's growth. Small scale industries cannot afford vast amounts on installation and maintenance of the latest tools, which is also a factor limiting the growth rate of the global clinical trials market. Factors such as lack of skilled professionals to operate advanced CTMS solutions and budget constraints of small- and medium-sized pharmaceutical and biotechnology companies and small CROs limit the market growth to a considerable level.
COVID-19 Impact on the global clinical trials market:
[April 2020] Clinical trials are put on the fast track to contain the spread of the coronavirus. In general, a regular vaccine takes 10-15 years to come into the market. Still, due to an emergency of COVID-19, approximately six experimental vaccines are moving forward into the human trial stage within just six months. World Healthcare Organization (WHO) announced that 83 companies are researching to figure out a vaccine for COVID-19 where 77 companies are already in the pre-clinical evaluation phase, on April 23, 2020. Surveys also suggest that the coronavirus outbreak may not be typical until the drug or vaccine comes into the market. Experts saying that the vaccine may get ready by 2021 as there is some work already done to develop a vaccine on other diseases caused by a coronavirus.
Clinical trials need to have real-time data and detailed information regarding the impact of the virus on the human body. Leading companies are identifying the indicators to create a solution to prevent the spread of this disease.
On April 23, 2020, BioNTechSE announced that it received approval for the phase l/ll clinical trial of the BNT162 vaccine. This company has joined hands with Pfizer in developing this program to prevent COVID-19. BNT162 is the first clinical trial to receive approval and soon conduct experiments in the US with regulatory approval. The partnership between these companies is enhancing the speed of the development. Also, BioNTechSE is merging with Fosun Pharma, a leading biopharma company in China, to improve the development of the vaccine. The collaboration between the BioNTechSE and Fosun Pharma is also to elaborate on the development of the vaccine. These companies are to conduct clinical trials shortly.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2019 to 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 to 2025 |
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Segments Covered |
By Phase, Design, Indication, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Challenges, Opportunities, Restraints, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
This research report on the global clinical trials market has been segmented based on phase, design, indication, and region.
Clinical Trials Market - By Phase:
Based on the Phase analysis, the Phase III trials segment is accounted for a market share of 53% in the global clinical trials market. The segment growth is majorly driven due to the growing per capita income, particularly in developed and developing countries. Growing patients with rare diseases are further propelling the demand of the market.
Phase II trials follow Phase III trials in the leading majority of the market share and accounted for a market share of 18.9% in 2019. Phase II plays a vital role in cancer-related researches. Rising disposable income in urban areas and growing prevalence for quality treatment procedures are escalating the growth of this segment.
Clinical Trials Market - By Design:
The segment of interventional trails has a tremendous growth rate from the past few years and occupied a share of 45% in terms of revenue in 2019. Increasing focus to develop new procedures for different diseases is leveraging the demand of the market. Increasing the scale of laboratories with the latest equipment and developing quality drugs is broadening the need for the clinical trials market. Furthermore, the concentration in developing new methods to treat various diseases and increasing demand for intervention by key players for clinical trials research.
The expanded access trials segment is next to Interventional trials in leading the market shares and growing at the highest CAGR value of 5.2% during the period. Creating awareness over the availability of different technologies is enhancing the demand of the market.
Clinical Trials Market - By Indication:
The autoimmune indication category is leading with the most significant shares of the clinical trials market. Increasing demand for early diagnosis of diseases that have a permanent cure boosts the need for this segment.
Clinical Trials Market - By Region:
Geographically, the North America Clinical trials market is the biggest in terms of market share across the globe clinical trials market, followed by Europe. Ample availability of funds to outsource Clinical Trials serves as the significant growth driver for North America. The factors responsible for the growth of the market in this region are due to the appearance of eminent pharmaceutical production industries and integration with growing funds for the development of new vaccines. The United States is to start clinical trials over using an artificially synthesized antibody, generally called gimsilumab. In this pandemic situation, scientists at Temple University Hospital have already used this therapy to treat high-risk patients. Gimsilumab is very effective in treating lung injury and other respiratory distress syndromes. So, the researchers strongly believe this therapy will work on the patients, and these clinical trials will help evaluate promising treatment procedures for the COVID-19 patients.
The Europe Clinical trials market has occupied second place with the largest revenue shares and is likely to produce profitable growth throughout the period. Germany is the leading nation with factors like support from the government for research and development for new treatment procedures and upcoming infectious diseases and chronic diseases. The spread of analytics and awareness of its potential is increasing at a rapid rate in Europe.
The Asia-Pacific Clinical trials market grew at the highest CAGR, which is significant due to initiatives from the government and contributions from academic laboratories, which helped augment growth. Rising demand for people suffering from cardiovascular diseases, cancer, and obesity in this region creates scope for the market to grow. In countries like China and Japan, the market growth is due to the increasing elderly population and common age-related health issues. Moreover, growing funds from the government and private organizations to supply medicines at an affordable price boost the growth rate of the market in this region.
Latin America Clinical trials market is observed to have a promising growth rate during the forecast period. Factors like increasing safety concerns about the people infected by COVID-19, the market has a substantial growth rate from 2020. 90% of the Brazilian population is suffering from various diseases, and it is an advantage for the laboratories to perform clinical trials and develop a vaccine. These are some factors soaring up market growth.
The Middle East & Africa Clinical trials market is estimated to have inclined growth during the forecast period and producing profitable growth in terms of revenue. In countries like UAE and Saudi Arabia, the growth is propelled due to growing financial funds from the government. Moreover, lack of scientific knowledge and a very less number of clinical trial centers, particularly in the African regions, hamper the market growth of the LATAM region.
KEY MARKET PARTICIPANTS:
Noteworthy companies dominating the global clinical trials market profiled in this report are Chiltern, Omnicare, PPD, Parexel, Kendle International Inc, Quintiles, ICON Plc, and Charles River.
RECENT DEVELOPMENTS IN CLINICAL TRIALS INDUSTRY:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Phases
5.1.1 Introduction
5.1.2 Phase I
5.1.3 Phase II
5.1.4 Phase III
5.1.5 Y-o-Y Growth Analysis, By Phases
5.1.6 Market Attractiveness Analysis, By Phases
5.1.7 Market Share Analysis, By Phases
5.2 Design
5.2.1 Introduction
5.2.2 Interventional trials
5.2.3 Observational trials
5.2.4 Expanded Access trials
5.2.5 Y-o-Y Growth Analysis, By Design
5.2.6 Market Attractiveness Analysis, By Design
5.2.7 Market Share Analysis, By Design
5.3 Indications
5.3.1 Introduction
5.3.2 Autoimmune
5.3.3 Blood disorders
5.3.4 Cancer
5.3.5 Circulatory
5.3.6 CNS
5.3.7 Congenital
5.3.8 CVS
5.3.9 Dermatology
5.3.10 Ear
5.3.11 Gastrointestinal
5.3.12 Genitourinary
5.3.13 Infections
5.3.14 Mental disorders
5.3.15 Metabolic
5.3.16 Musculoskeletal
5.3.17 Nose
5.3.18 Ophthalmology
5.3.19 Y-o-Y Growth Analysis, By Indications
5.3.20 Market Attractiveness Analysis, By Indications
5.3.21 Market Share Analysis, By Indications
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Phase
6.1.3.3 By Design
6.1.3.4 By Indication
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Phase
6.1.4.3 By Design
6.1.4.4 By Indication
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Phase
6.1.5.3 By Design
6.1.5.4 By Indication
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Chiltern
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Omnicare
8.3 PPD
8.4 Parexel
8.5 Kendle
8.6 Quintles
8.7 ICON Plc
8.8 Charles River
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
