New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- According to the market.us, the size of the clinical trials market is anticipated to reach approximately USD 887.0 Billion by 2032, showing a significant increase from its 2023 value of USD 483 Billion. This growth is expected to occur at a compound annual growth rate (CAGR) of 7.2% over the forecast period spanning from 2024 to 2032.
Market Overview
Clinical trials, vital for discovering innovative treatments like new diets, medical devices, or drugs, assess their safety and efficacy in humans. The clinical trials market is expanding due to factors such as increased demand in developing nations, a growing elderly population, globalization of trials, and technological advancements. Online resources enhance patient recruitment rates, fostering market growth. Global drug development and the surge in chronic diseases contribute to the overall expansion, yet the high costs and prolonged approval periods act as obstacles. Despite these challenges, the market presents opportunities driven by the rising need for Clinical Research Organizations (CROs) in the pharmaceutical sector. CROs bring diverse expertise and advanced technologies to clinical trials. However, a shortage of skilled personnel for device operation may impede market growth. In navigating these dynamics, the clinical trials market is poised for both challenges and opportunities.
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Key Takeaway:
- Market Growth: Clinical Trials Market to reach USD 886.5 Bn by 2032, growing at 7.2% CAGR from USD 450.1 Bn in 2022.
- Challenges: High costs and prolonged approval periods hinder market growth, impacting the expansion of clinical trials.
- Phase Impact: Phase III trials lead, generating the highest revenue, while Phase II plays a pivotal role in oncology studies.
- Oncology Revenue: Oncology segment dominates, contributing the most significant revenue and projecting the highest CAGR in the market.
- Pandemic Disruption: COVID-19 disrupts clinical trials, causing a global decline in new patient enrollments by approximately 65.0% YoY.
- End-User Dominance: Pharmaceutical & Biopharmaceutical Companies maintain a leading position, fueled by increased clinical trials and R&D investments.
- Outsourcing Trends: Outsourcing clinical trials to Contract Research Organizations (CROs) is a key trend, saving time and costs for drug development.
- Innovative Opportunities: Government initiatives and technological advancements contribute to market expansion, addressing chronic disorders and rare conditions.
- Regional Dynamics: North America holds 47.2% of the global market, driven by technology use and R&D investments, while the Asia-Pacific region anticipates the fastest CAGR of 6.8%.
Factors affecting the growth of the Clinical Trials industry
The clinical trials industry's growth is propelled by diverse factors. Scientific and technological progress, along with disease prevalence, underpin the escalating demand for trials. As the global population ages, the incidence of complex diseases rises, necessitating rigorous testing. Regulatory frameworks significantly impact the industry, with streamlined processes fostering growth. Technological innovations, spanning genomics to electronic data capture, enhance trial efficiency. The globalization of trials, patient-centric approaches, and collaborations between entities further contribute to industry expansion. Additionally, healthcare policy changes, public awareness, and responses to global health threats, such as pandemics, shape the landscape. A dynamic interplay of scientific, regulatory, and socio-economic elements defines the industry's trajectory.
Regional Analysis
During the forecast period, North America is poised to maintain its dominance in the global clinical trials market, holding 47.2% of the overall share. This stronghold is attributed to the region's extensive use of new technologies in clinical trials and substantial investments in research and development. Notably, PRA Health Sciences and IQVIA have plans in the works to expand North America's market expansion through virtual services integration at various stages of clinical trials. The United States market in particular benefits from government support through programs like the FDA's Coronavirus Treatment Acceleration Program launched in March 2020 aimed at speeding the development of cures for global diseases like COVID-19.
Asia-Pacific region is projected for rapid expansion with an anticipated compound annual growth rate of 6.8%. A large patient pool provided by global pandemic aids this rapid expansion. Novotech, one of the premier biotech contract research organizations (CROs) in this region, reported increased research demand from biotechnology sponsors specifically related to COVID-19 trials; biotechnology companies often opt for this location due to its large patient pool and streamlined procedures which make this an attractive region.
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Scope of the Report
| Report Attributes | Details |
| Market Value (2023) | USD 483 Billion |
| Forecast Revenue 2033 | USD 887 Billion |
| CAGR (2024 to 2033) | 7.2% |
| North America Revenue Share | 47.2% |
| Base Year | 2023 |
| Historic Period | 2018 to 2022 |
| Forecast Year | 2024 to 2033 |
Market Drivers
The clinical trials industry is rapidly growing due to the increasing use of medical technologies and a rising demand for innovative drugs, but high costs and approval rates pose difficulties for biotech and pharmaceutical firms. Subcontracted clinical trials to Contract Research Organizations (CROs) is becoming a trend, enabling sponsors to save both time and money while focusing on drug discovery - something expected to become an industry-wide trend in time. Government support also contributes to this trend; for instance, the World Health Organization's "Solidarity" global clinical trial on COVID-19 treatments showcases international cooperation in creating vaccines to contain its spread.
Market Restraints
Budgetary constraints and a dearth of foreign direct investment (FDI) pose significant impediments to market growth. The absence of essential infrastructure and research facilities in certain nations stands out as a major limiting factor. Notably, the lack of specialized academic clinical research centers (CRCs) and clinical trial units (CTUs) hampers the provision of critical services, particularly in the realm of clinical research for specific diseases. Unfortunately, due to financial limitations and a paucity of FDI, these crucial research infrastructures are often nonexistent in many developing countries. This deficiency underscores the challenging landscape faced by these nations in advancing research and healthcare capabilities.
Market Opportunities
The market is poised for growth, thanks to a combination of government initiatives and the widespread adoption of advanced digital solutions. This expansion is further driven by an aging population grappling with an increasing burden of chronic disorders. Focused efforts by companies to address the surge in genetic or rare conditions through specialized clinical trials for novel medications are expected to fuel industry growth. Clinical trials, essential for testing treatments and new tests' impact on human health outcomes, witness active participation from patients and diverse groups. Regulatory bodies diligently oversee the entire clinical trial process, spanning the four crucial phases. This commitment to innovation and rigorous evaluation underscores the industry's anticipation of substantial growth.
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Report Segmentation of the Clinical Trials Market
Phase Insight
The Phase III segment emerges as the top revenue generator in the global market, with its prominence attributed to extensive subject involvement and higher costs. These trials demand more patients and extended treatment durations, making them pivotal but expensive. Following closely, the Phase II segment secures the second-highest market share and stands as the second-most costly phase. Its significance is amplified in oncology studies, with around 33.0% of medications undergoing Phase II trials according to FDA data. Notably, Phase II contributes to COVID-19 therapeutics, with 43 in development. Collaborative efforts among companies, such as Eli Lilly and AbCellera, and partnerships involving the Bill & Melinda Gates Foundation, Novartis, GSK, MSD, AstraZeneca plc, AB Science SA, and others underscore the industry's collective drive for accelerated therapeutic and vaccine development. Sanofi and GSK collaborate in creating an adjuvant COVID-19 vaccine, exemplifying the collaborative momentum within the sector.
Indication Insight
The global market's most significant revenue is attributed to the oncology segment, projected to have the highest Compound Annual Growth Rate (CAGR) in the forecast period. Notably, the pharmaceutical industry is intensifying investments in clinical and preclinical development for oncology therapy products. The cardiovascular condition segment is also anticipated to experience profitable CAGR growth due to increased research and development investments, with over 190 drugs in the pipeline addressing heart failure, stroke, vascular diseases, and lipid disorders. Rising demand for affordable medications worldwide should drive government research and development expenditures, but pandemic has disrupted clinical trials at 18 pharmaceutical or biotech companies resulting in decreased enrollment of new patient enrollments worldwide - particularly Japan, India and the US.
End-User Insight
Pharmaceutical and Biopharmaceutical Companies will likely remain one of the primary segments in the market, given their rapid expansion. Private and public organizations alike are actively encouraging the growth of the pharmaceutical industry, making this sector one of the primary drivers. Meanwhile, Clinical Research Organizations (CROs) should experience substantial expansion. This forecast is informed by an increasing trend of chronic and rare diseases, increasing clinical trial participation rates, and an increase in investments into Research & Development within the pharmaceuticals and biopharmaceuticals sectors - although the former will still dominate during the forecast duration.
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Recent Developments in the Clinical Trials Market
- In November 2023, Eli Lilly and Company announced a strategic alliance with Precision BioSciences to accelerate the development of next-generation CAR-T cell therapies for cancer therapy.
- In October 2023, Syneos Health introduced its novel patient recruitment platform using social media and digital marketing techniques to maximize outreach and engagement.
- In September 2023, Pfizer announced that they successfully concluded the acquisition of Global Blood Therapeutics and secured access to cutting-edge hemophilia treatment programs.
- In August 2023, Charles River Laboratory unveiled an advanced gene editing technology platform designed to accelerate drug development timelines.
- In March 2023, Parexel International Corporation unveiled a cutting-edge decentralized clinical trial (DCT) platform designed to increase patient accessibility while simultaneously optimizing study efficiency.
Market Segmentation
Based on Phase
- Phase I
- Phase II
- Phase III
- Phase IV
Based on Indication
- Pain Management
- Oncology
- CNS Condition
- Diabetes
- Obesity
Based on End-User
- Pharmaceutical & Biopharmaceutical Companies
- Clinical Research Organizations
- Healthcare Providers
By Geography
- North America
- US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Competitive Landscape
Wuxi AppTec announced in January 2020 its plans to strengthen their standing in the highly-competitive global clinical trials market by taking several strategic steps. Their announcement highlighted a comprehensive adeno-associated virus vector suspension platform as proof of their commitment to speed up cell and gene therapy development, production, and launch. This expansion aligns with industry trends observed by prominent players such as Pharmaceutical Product Development, IQVIA LLC, PAREXEL International Corporation and Charles River Laboratory who utilize cutting-edge technology for enhanced healthcare solutions. SynexusPlus was introduced by Acurian and Synexus under PPD to improve patient enrollment rates for clinical studies. This initiative promises not only increased trial efficiency but also addresses challenges presented by the pandemic by minimizing on-site footprints. Due to the fluid nature of this market, key players regularly engage in mergers, acquisitions, and innovative product launches in order to maintain market share while expanding their product portfolios.
Market Key Players
- Eli Lilly and Company
- Parexel International Corporation
- Pfizer
- Charles River Laboratory
- Syneous Health
- Novo Nordisk A/S
- IQVIA
- ICON Plc.
- Other Key Players.
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