The accelerating demand for CROs for conducting research activities anticipated to incur new growth opportunity for the global clinical trials market.
The clinical trials are research studies performed on people to further evaluate the effect of drugs or any therapeutics and to ensure that the new drug, diet, or treatment is safe and effective for people. The key benefits provided by clinical trials are that that they identify diseases early, prevents health problem, and makes life better for people living with chronic health conditions by finding new treatments or drugs.
These are the key factors that boosted the global clinical trials market growth over the years. As a result, the global clinical trials market is projected to witness strong economic gains with potential growth of approximately USD 59.60 billion until 2028 with an annual growth rate of 4.10% from 2021 to 2028. For example, finding new drugs for Alzheimer’s disease, by clubbing the nuances of cognitive and behavioural attributes along with surgical and clinical viability.
The current trends and economic scenarios in different regions and segments determine that the future of the global clinical trials market is attractive and progressive. The key influencing factors are rising pharmaceutical and biotechnology firms coming up with new therapeutics to address infections and several chronic conditions by conducting clinical trials. Factors such as high return on investment and rising prevalence of chronic health conditions are boosting the global clinical trials market.
Also, clinical trials coupled with advanced technologies, methods like virtual clinical trials are paving new possibilities. However, Covid-19 led disruption in healthcare sector, complex regulatory environment, side effects associated with the trials for the participants and failed trials are likely to hamper the global clinical trials market.
Adroit market research presents a global study with extensive analysis of each segment and region having a major influence on the market. The report studies key influencers like drivers, restraints, challenges, and underlying market opportunities. The report gives a total coverage of the clinical trials market and detailed information about virtual clinical trials market performance considering 2018-2020 as historic years, 2020 as base year, and 2021-2028 as forecast years.
The market competitiveness and the strengths, weaknesses, opportunities are analysed with SWOT Analysis and Porter’s Five Forces Model. The report also examines the competitive landscape of the virtual clinical trials. The report identifies leading players, company portfolios, and other crucial information of the market leaders.
Market players to strengthen their competitive position are performing clinical trials for introducing new therapies, vaccines, or diagnostic procedures for treating known conditions. Also, they are pursuing strategic market approaches lime mergers and acquisitions, collaborations, and expansions in the market. Researchers have developed innovative therapeutics and vaccines conducting clinical trials phases against COVID-19 strengthening their competitiveness.
The On the basis of different approaches the market has been classified on the basis of phases namely phase 1, phase 2, and phase 3. The phase I clinical trial has gathered highest market share due to various benefits like progress to new treatment, provides safety for every participant.
On the basis of different approaches the market has been classified on the basis of therapeutic areas namely Autoimmune disease, Oncology, Cardiology, Infectious disease, Dermatology, and Ophthalmology. The Oncology and infectious diseases segment accounted for maximum market share. Demand upsurge for cost effective therapeutic solutions to combat the rising number of chronic ailments as well as cancers are favoring segment expansion for oncology.
On the basis of different approaches the market has been classified on the basis of study design namely Interventional, Observational, Expanded access. The interventional clinical trials observed the maximum market growth because such clinical trials allow researchers and scientists to investigate and answer certain questions intended to boost medical knowledge and patient benefits.
The North American region gathered the highest market share and is growing with measurable CAGR annually. The region is also projected to see stable growth in forthcoming years. Increasing R&D investment, adoption of technologies, and presence of prominent biotechnology and pharmaceutical firms are some key reasons driving growth of North America in clinical trials phases and virtual clinical trials. Also, APAC and MEA are anticipated to witness fastest CAGR due to rising prevalence of chronic health conditions.
The key biotech and pharmaceutical firms dominating the global clinical trials market are Bioclinica, PAREXEL International, PRA Health Science, Pharmaceutical Product Development, IQVIA, and Laboratory Corporation of America Holdings.
Key Segments of the Global Clinical Trials Market
Phases Overview, 2018-2028 (USD Billion)
- Phase 1
- Phase 2
- Phase 3
Therapeutic Area Overview, 2018-2028 (USD Billion)
- Autoimmune disease
- Infectious disease
Study Design Overview, 2018-2028 (USD Billion)
- Expanded access
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia-Pacific
- Rest of South America
Middle East and Africa