Westford, USA, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Global clinical trials market continues to play a vital role in the advancement of drugs, medical devices, and therapies for patients. The number of clinical trials conducted each year has been on the rise, and this trend is expected to continue. As of August 2022, there are over 427,018 clinical trials registered with ClinicalTrials.gov across 221 countries, a 7% increase from the 399000 trials registered in 2021. This increase is primarily due to an increase in Phase III and IV trials.
The US is the hotspot for the global clinical trials market as the country accounted for over 32% of total number of clinical trial register across the globe, 223,488 (52%) trials were registered outside the US, and both US and non-US held 5% share.
Clinical trial characteristics are becoming increasingly diverse, reflecting the growing number of therapeutic areas being explored by researchers. The most common type of trial is now a Phase III trial, which studies the safety and effectiveness of a new treatment or intervention in a large population. This type of trial is important because it allows researchers to learn whether the treatment is safe and effective in a large population.
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Another important trend in the clinical trials market is the increasing use of spin-off products as part of clinical trials. A spin-off product is a product that results from the development of a new therapy or from the commercialization of a new technology. Spin-off products are often studied in clinical trials so that they can be determined whether they are safe and effective.
Growing Trend of Clinical Trial Outsourcing Services
A recent study by SkyQuest on clinical trials market has found that the demand for clinical trial outsourcing services is on the rise. The study, which was based on interviews with 96 industry experts, found that there is a growing trend of clinical trials being outsourced to third-party contractors. In 2021, the contract research organization market was valued at over $43 billion and is projected to grow at a CAGR of 6% in the years to come. This is due to the large number of clinical trials that are currently underway, as well as the increasing demand from drug companies and other investors for faster results.
The study on clinical trials market also found that clinical trial outsourcing services are becoming increasingly sophisticated and efficient. Companies that offer these services are able to among other things achieve faster trial completion times and a higher quality of data. In addition, these services can be cost-effective and provide organizations with a high degree of flexibility in their trial designs. These factors are likely to help increase the demand for clinical trial outsourcing services in the future.
Apart from this, the length and complexity of clinical trials have been growing steadily over the past few years in the clinical trials market. In order to ensure that trials are conducted ethically and with the best possible results for participants, many companies are now requiring contract negotiations that are specific to clinical trials. This preference for clinical trial contracts is likely to make trials more efficient by streamlining the process. It will also make it easier for companies to identify potential trial participants, as these participants will be more interested in participating if they know what is required of them.
The study found that 42% of pharmaceutical companies and contract research organizations (CROs) surveyed in the global clinical trials market have adopted clinical trial contracts as their primary contracting strategy for conducting clinical trials. This represents a 6% increase since 2020, when the study was last conducted. The top reasons for adopting clinical trial contracts include enhancing efficiency and reducing costs. Another reason is to improve the quality of research by eliminating bias and conflict of interest. CROs can reduce their administrative costs, while pharmaceutical companies can improve their ability to track and monitor trials.
In fact, 45% of those surveyed in clinical trials market say that they have already outsourced at least one clinical trial in the past 12 months. In terms of size, most clinical trials are still being conducted in-house (57%). However, as the demand for these services grows, we can expect to see more and more trials being outsourced to third-party providers.
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SkyQuest has done through research on global clinical trials market and prepared report. We have tracked all the on-going trends in the market. The report provides deeper insights on total number of trials under CROs, money spent on each trail, top CROs, major area of study, key vendors, spending by each vendor, among others.
Oncology Trials Increased 400% Since 2000
SkyQuest’s researchers found that the percentage of trials involving cancer patients who received experimental treatments increased from 2% in 2000 to 8% in 2020. This increase in the clinical trials market was mainly due to increased trials conducted for solid cancers (such as lung, breast, and ovarian), rather than for leukemia or brain cancer.
In 2000, the numbers of cancer clinical trials were 421, which went on to increase to 1489 in 2021. This shows a 400% growth in the total number of trials being registered across the global clinical trials market. However, pharma and biotech companies are spending heavily on developing new cancer drugs and therapy, but they are facing increased difficulty in achieving their goal.
Recent studies on clinical trials market have shown that oncology trials are becoming increasingly more complex and last longer than trials performed in other areas of medicine. The reason for this trend may be the increased knowledge and understanding of cancer, as well as the development of new treatments.
The duration of trials has also increased over time, with the average trial now lasting nearly 3 years instead of 1 year in 2000. This increase may be due to the fact that some cancers now require more extensive treatment than was possible 10 or 15 years ago. While these trends are certainly positive for clinical trials market, they also pose some challenges for trialists and regulators. The complexity and duration of trials can make it difficult to identify clear clinical benefit and ensure that participants receive the best possible care.
SkyQuest’s report on clinical trials market has paid immense attention to cancer clinical trials, duration, complexity, average approval time, spend spent during trials, top players engaged in these trials and their spending capacity, outsourcing of these trials, among others.
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Top Players in Global Clinical Trials Market
- IQVIA (US)
- PAREXEL International Corporation (US)
- Pharmaceutical Product Development, LLC (US)
- Charles River Laboratory (US)
- ICON Plc (Ireland)
- PRA Health Sciences (US)
- Syneos Health (US)
- Eli Lilly and Company (US)
- Novo Nordisk A/S (Denmark)
- Pfizer (US)
- Clinipace (US)
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