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, namely, Phase I, II, III and IV. A clinical trial should happen only post to receiving approval from the health authority/ethics committee on human participants.
Implementation of digital health in clinical trials and operations by biopharmaceutical companies are highly convenient and lead 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, is focusing on the development of 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.
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 doing researches 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.
Moderna, a biological company, has already started phase-1 human clinical trials on COVID-19. This company has made a lot of efforts to develop a vaccine for Mers, which helped them to move forward quickly in developing a vaccine for this deadly disease.
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 for the prevention of the spread of this disease.
On April 23, 2020, BioNTechSE has announced that it received approval for the phase l/ll clinical trial of BNT162 vaccine. This company has joined hands with the Pfizer in developing this programme to prevent COVID-19. BNT162 is the first clinical trial to receive approval and soon to 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.
The United States is to start clinical trials over the use of an artificially synthesized antibody, generally called gimsilumab. In this pandemic situation, scientists at Temple University Hospital have already using this therapy to treat patients with high risk. 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 to evaluate promising treatment procedure for the COVID-19 patients.
MARKET DRIVERS:
Factors like advancements in technology, increasing demand for innovative solutions in the healthcare industry, and further boosted the 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 wellbeing of the patient is a significant factor which is opening growth opportunities for the global clinical trials market. Rise in the scale of pharmaceutical and biopharmaceutical companies is to surge growth opportunities for the Global Clinical Trials Market. Increasing patient's 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 growth rate of the market. Furthermore, rising urbanization across the world is prompting the growth rate of the Global Clinical Trials Market to the extent.
MAJOR CHALLENGES
However, rapid changes in the economic strategies are quietly restraining the demand of the clinical trial industry. Lack of skilled persons to operate devices in organizations is a challenging thing for the growth of the market. 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 are limiting the market growth to a considerable level.
REPORT COVERAGE:
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REPORT METRIC |
DETAILS |
|
Clinical Trials Market Size Available |
2019 – 2025 |
|
Base Year |
2019 |
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Forecast Period |
2020 - 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 if 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 form 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 researches in clinical trials.
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 the diseases which have a permanent cure is boosting up the need for this segment.
Clinical Trials Market - By Region
Geographically, North America Clinical trials market is the biggest market 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 is due to the appearance of eminent pharmaceutical production industries, and integration with growing funds for the development of new vaccines.
Europe Clinical trials market has occupied second place with largest shares in terms of revenue and is likely to produce profitable growth throughout the period. Germany is the leading nation with factors like support from the government for activities like research and development for new treatment procedures and upcoming infectious diseases along with 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 to grow 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 is creating scope for the market to grow. In countries like China and Japan, the market growth is due to increasing elderly people population and common age-related health issues. Moreover, growing funds from the government and the private organizations to supply medicines at an affordable price is boosting up 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 substantial gro3wth rate form the year 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 very less number of clinical trial centres, particularly in the African regions hamper the market growth of the LATAM region.
TOP COMPANIES IN THE MARKET
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:
In February 2018 — PPD and Acurian have introduced an innovative clinical trial patient concierge service that provides personalized patient support and improves customer retention. The Site Coach Service of PPD addresses this by "providing specialized clinical research education, coaching, and support to new clinical research physicians, hospitals and academic institutions."
In November 2019, PPD launched site coach where doctors and healthcare centres will receive clinical research at new sites which will provide sufficient training for the physicians and other academic institutions through online for the new clinical researchers.
In October 2019, ICON acquired Symphony Clinical Research to enhance the ability in offering customers hybrid trial solutions and site support services. This acquisition will impact the clinical trials directly and improve the services in the research centres.
In October 2018, Parexel announced that it would launch new wearable, mobile tech for clinical trials which will expand the services in the clinical research. Microsoft's Azure App Services is one of the mobile tech services which alert the healthcare team when there is a patient safety threat.
In April 2018, ICON PLC., a global biopharmaceutical company, has announced that it recently agreed with the Intel Pharma Analytics platform in clinical trials which will help to reduce costs in clinical trials and also delivers an excellent patient experience.
In March 2017, Omnicare was staying ahead in the clinical trials as it started using e-trials and licensed over its e-clinical technology. Using these techniques, this company is to expand its research with pharma clients.
In August 2017, LabCorp's, a leading company in Lifesciences, has acquired Children with a transaction of approximately USD 1.2 billion. This company is to enhance end to end drug development services and engage patient care in the coming years more effectively.
In June 2016, Quintiles, the most significant research organization, has launched a continuous glucose monitoring device which is very helpful to record a person's glucose levels throughout the day. Medical device CGM is combined with the consumer wearable devices to record the readings.
In June 2015, Quintiles and PRA Health Sciences, two leading companies in pharmaceuticals have announced that with new predictive and advanced analytics technology they are going to improve the performance in the clinical trials and improve safety issues.
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
