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Clinical Trials Market Size
Clinical Trials Market size recorded more than USD 55.5 billion in 2022 and will exhibit 5.9% CAGR from 2023-2032. Burgeoning prevalence of chronic diseases is expected to favor market dynamics.
The significantly increasing number of initiatives undertaken by several government and non-government organizations will anchor clinical trials industry expansion. To illustrate, the WHO introduced an international clinical trial, Solidarity, for offering efficient treatment to the COVID-19 infected patients. The rising funds for several clinical trials from government funding agencies as well as pharmaceutical companies will also influence the industry dynamics.
Report Attributes | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 55.5 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5.9% |
2032 Value Projection: | USD 96.4 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 178 |
Tables, Charts & Figures: | 313 |
Segments covered: | Phases, Study Design, Therapeutic Area and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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The limitations of R&D infrastructure in most Asian countries considering its large concentration in the metropolitan areas may minimise the demand for clinical trials. With insufficient amount of research across several developing nations, clinical trials are constituting a small part of the total research output. Hence, infrastructural constraints across the healthcare domain, mostly in the smaller cities and remote parts of the developing countries may restrict the industry share. The dearth of adequate number of experienced investigators and trained support personnel is another limiting factor for the industry development.
Clinical Trials Market Analysis
Clinical trials market size from the phase III segment will exceed USD 45.5 billion by 2032. Phase III clinical trials are increasingly used for demonstrating the improvements and equality to the standard of care of new combination of drugs. These clinical trials are also deployed for determining and confirming the primary evidence collected during the previous phases of the drug candidates. Hence, the rising demand for phase III clinical trials as they are safe and beneficial while offering efficient treatment for the intended actions will contribute to the market expansion.
Based on study design, the clinical trials market share from the interventional study segment will reach over USD 75 billion by 2032. Interventional study can be considered an improved method of measuring the efficacy of new intermediation to provide relatively more evidence. They are hence conducted for a large number of biologics and drugs. The declined recall bias given that the information on exposure is achieved before the disease development is another advantage associated with interventional study.
Clinical trials market valuation from the cardiology therapeutic area segment may exhibit 6.5% CAGR from 2023-2032. The influx of modern lifestyle changes has spurred the higher prevalence of cardiovascular diseases globally, further leading to disorders, including myocardial infarction, such as heart attacks and strokes. The WHO (World Health Organization) estimated that strokes and heart attacks are responsible for four out of five cardiovascular disease (CVD) associated deaths. The rising demand for effective and personalized medicines will thus subsequently boost the industry trends.
North America held over 54% share of the clinical trials market in 2022 driven by the rapidly growing geriatric population in the region suffering from several chronic diseases and age-related disorders. As per the National Council on Aging, around 80% of adults aged above 65 years suffer from at least one chronic condition. This expanding disease penetration has led to the higher focus of various pharmaceutical organizations on novel drug development for effective treatment. The thriving demand for medicinal therapies, drugs, as well as medical devices will thus favor the regional market progression.
Clinical Trials Market Share
- Thermo Fisher Scientific (PPD, Inc)
- Clinipace Inc
- ICON plc
- Charles River Laboratories (MPI Research)
- IQVIA
- Medpace,Laboratory Corporation of America Holding (Covance Inc)
- The Emmes Company LLC
- Parexel International Corporation
- Syneos health
- WuXi AppTec
are some of the well-known clinical trial companies worldwide. Apart from focusing on innovative ventures, these industry players are actively adopting several collaboration initiatives to expand their global presence.
Clinical Trials Industry News
- IQVIA, in March 2022, teamed up with argenx SE for developing new therapeutic areas for VYVGART to effectively manage generalized myasthenia gravis in adult patients with particular antibody receptors.
The clinical trials market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments:
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By Phases
- Phase I
- Phase II
- Phase III
- Phase IV
By Study Design
- Interventional Study
- Observational Study
- Expanded Access Study
By Therapeutic Area
- Autoimmune Disease
- Oncology
- Cardiology
- Infectious Disease
- Dermatology
- Ophthalmology
- Others
The above information is provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Poland
- Netherlands
- Switzerland
- Rest of Europe
- Asia Pacific
- Japan
- India
- China
- Australia
- South Korea
- Indonesia
- Thailand
- Singapore
- Malaysia
- Philippines
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Columbia
- Peru
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Iraq
- Israel
- Rest of Middle East & Africa
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