The North American clinical trials market is estimated at USD 6.07 billion in 2022. It is projected to reach USD 8.67 billion by 2027 at a CAGR of 7.40% during the forecast period from 2022 to 2027.
Healthcare systems are witnessing tectonic shifts and a massive inflow of new models of clinical trials being coordinated, standardized, and nurturing patient interest. Pharmaceutical companies' expenditure on research and development (R&D) has rapidly increased over the past few years. This is mainly due to several patent expiries because, before the patent expiry, several pharmaceutical companies will have no choice but to develop new medicines. Therefore, the firms are to invest more in R&D to boost drug development through clinical trials and increase the overall demand. It is anticipated that strategic partnerships between pharmaceutical companies and CROs will have a significant impact on market growth during the forecast period.
The increasing R&D and growing adoption of new technologies in clinical research majorly drive the clinical trials market in North America. However, due to the growing prevalence of infectious and tropical diseases in emerging nations, there are various unmet needs for clinical trials for new drugs. In addition, 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 clinical trials market in North America is predicted to show rapid growth due to emerging market demand for clinical trials, high R&D spending by pharmaceutical companies, and increasing prevalence of various diseases. For Instance, The National Clinical Trials Registry (NCT) Says that in 2020, around 11,865 active clinical trials were carried out across different phases for cancer indication in the United States.
YOY growth in the patient count suffering from chronic diseases is anticipated to favor the clinical trials market in North America. Hence, the a growing focus from pharmaceutical companies to figure out effective drug combinations and medical procedures to tackle the growing burden of chronic diseases. According to the Centers for Disease Control and Prevention (CDC), nearly 6 in 10 people in the United States have a chronic disease. Due to the increasing number of chronic diseases such as cancer and kidney-related disease, clinical trials help to get a new way to prevent, treat or detect disease, which helps improve the quality of life of a person suffering from a chronic illness.
The growing adoption of personalized medicine among North American countries supports the growth rate of the clinical trials market in North America. Personalized medicine helps get better treatment and cures for people suffering from chronic diseases such as cancer. For example, precision cancer medicine helps match target agents with tumor molecules to help kill the tumor cells in the body. These medicines are manufactured based on the person’s samples and increase their survival rate.
On the other hand, factors such as lack of skilled clinical research in the workforce, poor healthcare reimbursement in developing nations, and strict patient enrolment regulations hamper market growth. As a result, 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 on the North American clinical trials market has been segmented into the following categories:
Geographically, North America is the biggest market in terms of market share across the globe. The ample availability of funds to outsource clinical trials serves as the major growth driver for North America. In addition, growing healthcare expenditure, the presence of key market participants, and increasing investments from public and private sectors are primarily promoting the clinical trials market in North America.
The U.S. clinical trials market held the most significant share of the North American market in 2021. The increasing adoption of technological developments in the United States propels the market growth. North America conducts several clinical trials and spends 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. In 2019, nearly 16,000 clinical trials were reported in the United States. These clinical trials help get new drugs, treatments, medical devices, and gene therapies. Increasing approvals of new drugs in the United States further favors the U.S. to hold a promising share in the North American region. In 2022, nearly 30 FDA approvals have been received for new chemotherapeutic drugs. Along with these drugs, clinical trials related to infectious, digestive, and musculoskeletal diseases also increased.
The Canadian clinical trials market size is expected to grow more in Phase III by 2027. Health Canada supports several clinical trials by maintaining the Clinical Trials Database to provide information related to different phases of trials. This database also stores information on biological drugs. Health Canada also encourages a sponsor to register their clinical trials on clinical Trials.gov and ISRCTN websites. As a result, the government in Canada has taken several measures for the implantation of clinical trials for the development of quality drugs for people who are suffering from different kinds of diseases.
KEY MARKET PLAYERS:
Companies playing a vital role in the North American clinical trials market profiled in this report are Chiltern, Omnicare, PPD, Parexel, Kendle, Quintiles, ICON Plc, and Charles River. In addition, 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.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2000
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: firstname.lastname@example.org