As per our report, the North American Clinical Trials Market size has been estimated at USD 6.07 billion in 2022 and is projected to reach USD 8.67 billion by 2027 at a CAGR of 7.40% during the forecast period from 2022 to 2027. North America market is accredited with increasing R&D and also increasing the new technologies in clinical research. These factors are anticipated to boost the regional market growth. Within North America, the United States Clinical Trials Market size is expected to grow at a healthy rate in the coming years.
Throughout emerging nations, due to the growing prevalence of infectious and tropical diseases in the world, there are various unmet needs for clinical trials for new drugs. It is observed that the population has a diverse disease profile that increases over time, which is expected to improve clinical trials for new or rare diseases. The number of patients with a specific disease would, therefore, serve as a catalyst to spend more in clinical trials for a disease category of biopharmaceutical companies.
The market to show rapid growth due to emerging market demand for clinical trials, high pharmaceutical industry R&D spending, and increasing disease prevalence. For Instance, The National Clinical Trials Registry (NCT) Says, in 2020 there are around 11,865 active clinical trials carried across different phases for cancer indication in the United States.
Healthcare systems are witnessing tectonic shifts as well as seeing a huge inflow of new models of clinical trials being coordinated, standardized, and patient interest nurtured. Pharmaceutical companies ' expenditure on research and development (R&D) has already rapidly increased over the past few years. This is mainly due to several patent expiries because prior to the expiry of the patent, there are several pharmaceutical companies that will have no choice but to come up with new medicines. The firms are therefore to invest more in R&D to boost drug development through clinical trials and henceforth increase the overall demand. It is anticipated that strategic partnerships between pharmaceutical companies and CROs will have a huge impact on the growth of the sector.
Factors like lack of skilled clinical research in the workforce, poor reimbursement for health care in developing nations, and strict patient enrolment regulations, however, hamper the market growth. Many companies outsource their recently developed drug clinical trials to different contract research organizations as it could save them from the research and development process the hassles of regulatory issues and the expense of patient recruitment.
This report has been segmented into the following categories:
Geographically, North America is the biggest market in terms of market share across the globe. Ample availability of funds to outsource clinical trials serves as the major growth driver for North America.
North America is leading the market in 2019 and also expected to lead in the future. The U.S. Clinical Trials Market is holding the largest shares of the market. Adoption of technological developments is levelling up the demand of the market. North America conducts a number of clinical trials spend the highest funds with USD 753.7 million given by the National Institute of Health (NHI) in 2018 which was the highest healthcare per capita. Canada Clinical Trials Market size is expected to grow more in Phase-III by 2027.
Companies playing a key role in the market profiled in this report are Chiltern, Omnicare, PPD, Parexel, Kendle, Quintiles, ICON Plc, and Charles River. Most companies are outsourcing the clinical trials of their newly developed drugs to various contract research organizations as this could save them the hassles of regulatory issues and patient recruitment burden from the research and development phase.
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