The global clinical trials market is poised to reach USD 78.3 billion by the end of 2030, registering growth at a CAGR of 5.8% from 2022 to 2030. The surge of technological advancements coupled with the government initiative across the globe to get effective treatments are burgeoning the clinical trials market growth. The growing geriatric population and with that, the rising chronic disorders are demanding the need for clinical trials. Thus, the companies are now focusing on increasing the research and development activities for specialized clinical trials to get novel medications.
The emergence of digitalization and virtual trials is anticipated to have a positive impact on market growth. They have streamlined several trial processes in the healthcare systems, data capturing, regulatory compliance, logistics, supply management, and many more activities that can conduct due to digitalization. Moreover, the real-time data accumulation regarding safety and toxicity is facilitating the clinical trials processing at ease.
The COVID-19 outbreak had created an urgency for the need for treatment solutions and vaccines all over the globe. As a result, several numbers of clinical trials were performed across countries. For instance, In India, the Ministry of Ayush and Council of Scientific & Industrial Research stated that they have completed the clinical trials of the AYUSH 64 drug which was used in the country for the prevention of COVID-19 infections in April 2021. Moreover, in 2020, Parexel and Synairgen plc collaborated to conduct a Phase III study of an Interferon-beta (IFN-beta) treatment to treat COVID-19 patients. Such initiatives by clinical trial organizations are estimated to drive market growth during the forecast period.
Clinical Trials Market Key Takeaways
- The Phase III segment led the clinical trials market accounting for over 53.4% of the total market share in 2021. The average cost of the single-Phase III trial is around USD 19.0 million. These trials are the most expensive and include huge subjects. It requires a longer treatment duration and a large number of patients
- Phase II trials segment accounted for 19.4% of the total market share in 2021. As per the study conducted by FDA, 33% of medications are generally conducted under Phase II trials. For treating COVID-19, various therapeutics and vaccines are under the Phase II trial.
- The interventional design segment led the market and accumulated around 45.7% of the total market revenue share in 2021. This method is popular in clinical trials. This segment has contributed to the 79% of total registered studies in May 2020. These studies comprise 94% of the total studies that witness the results.
- The expanded access trials segment is expected to exhibit expansion at a CAGR of 6% during the forecast period. The trial is a potential pathway for patients who have been suffering through serious conditions in order to carry out treatments. Rising development in clinical trials method is giving headway for the expanded access segment, Presently, there are around 20 COVID-19 drugs in this segment that are used in Phase II/III.
- The interventional trials market for autoimmune/inflammation dominated the market accounting for over 82% of the total market share in 2021. The characteristics such as suppressing the effects of confounding and efficiency in detecting clinically crucial effects are driving the segment growth
- The observational trials market for autoimmune/inflammation led the market after the interventional trials market for autoimmune/inflammation. Around 2000 governmental clinical trials are observational trials
- A large number of clinical trials are sponsored by pharmaceutical & biopharmaceutical companies. This segment plays a crucial role in market growth.
- The oncology segment led the market with a market share of around 23.5% in the global market. The segment is expected to expand at a CAGR of 6.3% during the forecast period. According to the U.S. FDA, around USD 38.0 billion is being spent on the pharmaceutical industry for the development of oncology therapy products.
- North America dominated the market accounting for over 50.7% of the global market revenue share in 2021. The growth of the market in the region is attributed to the growing R&D investments and availability of new technologies. Moreover, the presence of key players such as IQVIA and PRA Health Sciences is anticipated to boost the market growth in the segment.
- The market in the U.S. is growing due to continuous government support for clinical trials. For instance, in March 2020, the FDA announced a Coronavirus Treatment Acceleration Program (CTAP) for possible therapies to generate treatment solutions.
- Asia Pacific market is estimated to exhibit expansion at a CAGR of 6.8% during the forecast period. The presence of Novotech, the largest expertized biotech CRO of the region is creating opportunities for market growth in the region.
Clinical Trials Market Segments
- Clinical Trials Phase Outlook (Revenue, USD Million, 2017 - 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
- Clinical Trials Study Design Outlook (Revenue, USD Million, 2017 - 2030)
- Interventional
- Observational
- Expanded Access
- Clinical Trials Indication by Study Design Outlook (Revenue, USD Million, 2017 - 2030)
- Autoimmune/Inflammation
- Rheumatoid arthritis
- Multiple Sclerosis
- Osteoarthritis
- Irritable Bowel Syndrome (IBS)
- Others
- Pain Management
- Oncology
- Blood Cancer
- Solid Tumors
- Other
- CNS Condition
- Epilepsy
- Parkinson's Disease (PD)
- Huntington's Disease
- Stroke
- Traumatic Brain Injury (TBI)
- Amyotrophic Lateral Sclerosis (ALS)
- Muscle Regeneration
- Others
- Diabetes
- Obesity
- Cardiovascular
- Others
- Clinical Trials Indication Outlook (Revenue, USD Million, 2017 - 2030)
- Autoimmune/Inflammation
- Interventional
- Observational
- Expanded Access
- Pain Management
- Interventional
- Observational
- Expanded Access
- Oncology
- Interventional
- Observational
- Expanded Access
- CNS Condition
- Interventional
- Observational
- Expanded Access
- Diabetes
- Interventional
- Observational
- Expanded Access
- Obesity
- Interventional
- Observational
- Expanded Access
- Cardiovascular
- Interventional
- Observational
- Expanded Access
- Others
- Interventional
- Observational
- Expanded Access
- Clinical Trials Sponsor Outlook (Revenue, USD Million, 2017 - 2030)
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Others
- Clinical Trials Service Type Outlook (Revenue, USD Million, 2017 - 2030)
- Protocol Designing
- Site Identification
- Patient Recruitment
- Laboratory Services
- Bioanalytical Testing Services
- Clinical Trial Data Management Services
- Others
- Clinical Trials Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
- India
- Japan
- China
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- List of Key Players in the Clinical Trials Market
- IQVIA
- PAREXEL International Corporation
- Pharmaceutical Product Development, LLC
- Charles River Laboratory
- ICON Plc
- PRA Health Sciences
- Syneos Health
- Eli Lilly and Company
- Novo Nordisk A/S
- Pfizer
- Clinipace
