As per our report, the global clinical trials market size will grow to USD 33.62 Billion by 2029 from USD 23.06 Billion in 2024 and is expected to witness a CAGR of 7.83% during the forecast period from 2024 to 2029.
Global Clinical Trials Market Drivers:
Technological advancements, increasing demand for innovative solutions in the healthcare industry, and boosted alliances between the pharma-biotech companies and clinical research organizations are primarily driving the growth of the global clinical trials market. Ongoing research to ensure better treatment procedures for the patient's well-being 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. The growing patient flow in hospitals and clinics is resulting in an increasing demand for effective treatment options, which is eventually contributing to an increasing number of clinical trial activities and propelling the global market growth.
Additionally, growing support from government and non-government organizations in real-time applications is significantly promoting global market growth. The growing prevalence of personalized medicine in urban areas is fueling the growth of the clinical trials market. The acceptance of the latest technological developments and the launch of innovative products are spurring the market's growth rate. Furthermore, rising urbanization across the world is prompting the growth rate of the Global Clinical Trials Market to an extent.
Global Clinical Trials Market Restraints:
Rapid changes in economic strategies are quietly restraining the demand of the global clinical trial market. The 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 of 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.
Impact of COVID-19 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 onto the market. Still, due to the emergency caused by 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 say that the vaccine may be ready by 2021 as some work has already been done to develop a vaccine for 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 experiments will soon be conducted in the U.S. 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.
Market Size Available
2023 to 2029
2024 to 2029
By Phase, Design, Indication, and Region
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
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.
Global Clinical Trials Market - By Phase:
Based on the phase, the Phase III trials segment accounts 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. The growing number of patients with rare diseases is further propelling the growth of the phase III trials segment in the global market.
Phase II trials follow Phase III trials in much of the global market share and accounted for a market share of 18.9% in 2022. Phase II plays a vital role in cancer-related research. Rising disposable income in urban areas and the growing prevalence of quality treatment procedures are escalating the growth of this segment.
Global Clinical Trials Market - By Design:
The segment of interventional trails has had a tremendous growth rate over the past few years and occupied a share of 45% in terms of revenue in 2022. Increasing focus on developing 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 on 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 owing to the rising awareness of the availability of different technologies.
Global Clinical Trials Market - By Indication:
The autoimmune segment is expected to lead the market, accounting for the major share of the global market during the forecast period owing to the rising demand for early diagnosis of diseases that have a permanent cure.
Global Clinical Trials Market - By Region:
Geographically, the North American 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 a 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 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 COVID-19 patients.
The European regional market has occupied second place with the largest revenue and will likely produce profitable growth throughout the period. Germany is the leading nation in terms of 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 market is estimated to grow at the highest CAGR during the forecast period, 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.
The Latin American region is observed to have a promising growth rate during the forecast period. Factors like increasing safety concerns about people infected by COVID-19 have caused the market to have 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 market is estimated to have inclined growth during the forecast period and produce profitable growth in terms of revenue. In countries like the UAE and Saudi Arabia, growth is propelled by growing financial funds from the government. Moreover, a lack of scientific knowledge and a very small number of clinical trial centers, particularly in the African regions, hamper the market growth of the LATAM region.
KEY MARKET PARTICIPANTS:
Some of the 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 MARKET:
The global clinical trials market size is expected to reach USD 33.62 billion by 2029.
The clinical trials market size is forecasted to grow at a CAGR of 7.83% from 2024 to 2029.
North America region holds the biggest share of the global clinical trials market.
Chiltern, Omnicare, PPD, Parexel, Kendle International Inc, Quintiles, ICON Plc, and Charles River are the companies that plays a crucial role in the global clinical trials market.
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