Global Clinical Trials Market (2023-2028) by Study Phases, Study Design, Indications, End Users, and Regional Analysis, AI and Sustainability Footprints, and Market Share Analysis

Publish Date

13-02-2024

Report ID

JI-H-003

Pages

233

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Introduction

The Global Clinical Trials Market is set to surge from USD 79.28 Bn in 2023 to a projected USD 112.23 Bn by 2028, growing at a CAGR of 7.20%.

Clinical trials, fundamental to medical research and innovation, have become a linchpin in advancing healthcare by evaluating the safety and efficacy of new treatments, drugs, and medical devices. Over the past decade, the global clinical trials market has experienced notable growth, spurred by evolving regulatory landscapes, technological advancements, and a heightened emphasis on personalized medicine.

One of the primary driving forces behind the market’s expansion is the escalating demand for innovative therapies to address unmet medical needs. The increasing prevalence of chronic diseases, coupled with a globally aging population, has intensified the urgency for ground-breaking solutions. This has prompted pharmaceutical and biotechnology companies to invest substantially in clinical research. Additionally, the widespread adoption of precision medicine and the continuous expansion of biopharmaceutical research further contribute to the market’s upward trajectory.

Globalization has significantly influenced market dynamics, marked by a surge in multi-regional and multinational clinical trials. Collaborations between pharmaceutical companies and research organizations across diverse regions facilitate more extensive patient recruitment, providing access to a broader participant pool and enhancing the efficiency of clinical trials. According to the IQVIA report, Global Trends in R&D 2023, the research and development pipeline has grown over 49% since 2017.

However, the high costs entwined with conducting clinical trials is major hindrance for the market. The intricacies of trial protocols, coupled with stringent regulatory demands and the necessity for extensive data collection, contribute to the financial burden. Moreover, the prolonged and intricate approval processes introduce an additional layer of complexity, hindering the swift introduction of new therapies.

Nevertheless, amid these challenges, the market witnesses a transformative phase driven by technological advancements. Data analytics, artificial intelligence, and telemedicine emerge as pivotal forces reshaping the clinical trial terrain. These cutting-edge technologies play a pivotal role in streamlining data management and revolutionizing various facets of trials, from patient recruitment to monitoring and engagement. The integration of real-world evidence and the utilization of electronic health records offer invaluable insights, fostering a paradigm shift toward more efficient and patient-centric trials.

The increasing focus on patient-centric approaches presents an opportunity to boost participant engagement and retention. Initiatives like patient advocacy groups, enhanced communication channels, and integrating patient feedback into trial design play pivotal roles. These measures contribute to a more inclusive and collaborative research environment, promoting efficiency and transparency.

Moreover, several trends are poised to shape the future of the clinical trials market. Decentralized clinical trials, leveraging digital technologies for remote data collection and patient monitoring, are gaining traction. This not only enhances participant convenience but also accelerates trial timelines. Additionally, the rise of real-world evidence, incorporating data from daily patient experiences, is influencing trial design and post-market surveillance. Additionally, emerging biotech firms, fuelled by venture capital, are also making significant contributions, bringing agility and innovation to the industry. According to the IQVIA report Global Trends in R&D 2023, emerging BioPharma’s accounted for 67% of 2022’s R&D pipeline.

 

Segment Analysis of the Global Clinical Trials Market

The Global Clinical Trials Market is segmented based on Study Phases, Study Design, Indications, End Users, and Geography.

By Study Phases, the Global Clinical Trials Market is segmented into Phase I Trials, Phase II Trials, Phase III Trials, and Phase IV Trials. Phase III segment holds the largest market share in the Global Clinical Trials Market. The Phase III segment holds a significant market share. A single-Phase III trial costs over USD 19 million, showing a big financial commitment. Also, Phase III trials need more patients and often take longer, increasing the overall cost of the trial.

Navigating complex trials demands cutting-edge tech and dependable clinical resources. Phase III trials, historically challenging, saw a recent upturn, attributed to reduced complexity in the latest year. Improved success rates and quicker durations signal a positive shift.

By Indications, the market is segmented into Oncology, Cardiovascular Diseases, Central Nervous System (CNS), Infectious Diseases, Autoimmune Diseases, and Others. The Oncology segment dominates the market due to rising cancer cases and global demand for affordable medications, leading to increased R&D investments. Governments, especially in low- and middle-income countries, are boosting R&D funding to meet the demand for cost-effective medicines. Oncology, accounting for 38% (2,331 products) of drug development focus, has grown at a 10.5% CAGR in the recent five years (2017-2022). A shift towards treating large-population solid tumors contributes to this growth. Over 40% of new biotherapeutics in 2022 targeted cancer, indicating significant advancements in treatment. A 2023 IQVIA report highlights the steady demand for cancer treatments, driven by an aging population and improved healthcare access in developed markets.

 

Regional Analysis of the Global Clinical Trials Market

The Americas region secures the largest market share in the Global Clinical Trials Market. This is because it boasts a highly developed and sophisticated healthcare infrastructure with a robust regulatory framework that facilitates efficient and streamlined clinical trial processes. Moreover, the Americas, particularly the United States, has numerous leading pharmaceutical and biotechnology companies. The presence of these industry giants contributes significantly to the extensive volume and diversity of clinical trials conducted in the region. The US plays a pivotal role in the market due to presence of industry giants, boosting diverse research. As a major hub for medical innovation, it attracts substantial R&D investments, creating a dynamic and competitive trails landscape.

Furthermore, the Americas have a well-established network of CROs that play a pivotal role in conducting and managing clinical trials. Regional CRO expertise boosts clinical trials efficiency, attracting sponsors for research success.

 

List of Companies

The report provides profiles of the key companies, outlining their history, business segments, product overview, and company financials. Some companies from competitive analysis are Caidya, ICON PLC, Syneos Health, Kiecana Clinical Research, IQVIA, Parexel International Corp., etc.

 

Key Developments

Novotech acquired EastHORN, a European CRO with clinical, medical and regulatory expertise. This acquisition will expand Novotech CRO operations and provide expertise across Asia-Pacific, North America, and Europe Jan 2023

Iuvo BioScience acquired Promedica International, a specialty ophthalmology-focused clinical CRO. – Jan 2024

 

Frequently Asked Questions

How Much Is The Global Clinical Trials Market Size?

The Global Clinical Trials Market is set to surge from USD 79.28 Bn in 2023 to a projected USD 112.23 Bn by 2028, growing at a CAGR of 7.20%.

What Is The Major Global Clinical Trials Market Driver?

  • Increasing Prevalence of Chronic Diseases
  • Rise in R&D Investments to Develop New Healthcare Products
  • Globalizing Drug Development Activities

What are the Major Clinical Trials Market Opportunities?

  • Increasing Partnerships Between the Pharma Bio-Tech Companies and Clinical Research Organizations
  • Technological Advancements for Enhancing Data Accuracy and Trial Efficiency
  • Growing Emphasis on Personalized Medicine

Who Are The Clinical Trials Market Players?

CTI Clinical Trial and Consulting Services, Inc., Caidya, Labcorp Drug Development, ICON PLC, Syneos Health, Kiecana Clinical Research, IQVIA, Parexel International Corp., etc.

1. Introduction
1.1 Scope of the Study
1.2 Purpose of the Study
1.3 Limitations of the Study
1.4 Currency

2. Executive Summary
2.1 Market Definition
2.2 Market Size and Segmentation
2.3 Insights for CXOs

3. Market Forces
3.1 Drivers
3.1.1 Increasing Prevalence of Chronic Diseases
3.1.2 Rise in R&D Investments to Develop New Healthcare Products
3.1.3 Globalizing Drug Development Activities
3.2 Restraints
3.2.1 Stringent Regulatory Requirements and Complex Approval Processes
3.2.2 Limited Participant Recruitment
3.3 Opportunities
3.3.1 Increasing Partnerships Between the Pharma Bio-Tech Companies and Clinical Research Organizations
3.3.2 Technological Advancements for Enhancing Data Accuracy and Trial Efficiency
3.3.3 Growing Emphasis on Personalized Medicine
3.4 Challenges
3.4.1 Lack of Skilled Workforce in Clinical Research
3.4.2 Harmonization of Data Standards

4. AI and Sustainability Footprints
4.1 Market Trends of AI and Sustainability
4.2 Application of AI - AI Adoption Levels
4.3 Environmental and Emission Reduction Initiatives

5. Market Analysis
5.1 Government Regulations
5.2 Value Chain Analysis
5.3 PESTLE Analysis
5.4 Porter's Five Forces Analysis
5.5 Ansoff Analysis
5.6 Technology Trends

6. Market Segmentations
6.1 Global Clinical Trials Market, By Study Phases
6.1.1 Market Overview, Size and Forecast
6.1.2 Phase I Trials
6.1.3 Phase II Trials
6.1.4 Phase III Trials
6.1.5 Phase IV Trials

6.2 Global Clinical Trials Market, By Study Designs
6.2.1 Market Overview, Size and Forecast
6.2.2 Observational Studies
6.2.3 Interventional Trials
6.2.4 Expanded Access Trials
6.2.5 Others

6.3 Global Clinical Trials Market, By Indications
6.3.1 Market Overview, Size and Forecast
6.3.2 Oncology
6.3.3 Cardiovascular Diseases
6.3.4 Central Nervous System (CNS)
6.3.5 Infectious Diseases
6.3.6 Autoimmune Diseases
6.3.7 Others

6.4 Global Clinical Trials Market, By End User
6.4.1 Market Overview, Size and Forecast
6.4.2 Pharmaceutical Companies
6.4.3 Biotechnology Companies
6.4.4 Contract Research Organizations (CROs)
6.4.5 Academic and Research Institutes
6.4.6 Government and Regulatory Bodies

7. Region Analysis of the Global Clinical Trials Market
7.1 Americas
7.1.1 Brazil
7.1.2 Canada
7.1.3 Mexico
7.1.4 US
7.1.5 Others
7.2 Europe
7.2.1 France
7.2.2 Germany
7.2.3 Italy
7.2.4 Russia
7.2.5 United Kingdom
7.2.6 Others
7.3 Middle East & Africa
7.3.1 Israel
7.3.2 Nigeria
7.3.3 Saudi Arabia
7.3.4 South Africa
7.3.5 UAE
7.3.6 Others
7.4 Asia
7.4.1 Australia – New Zealand
7.4.2 China
7.4.3 India
7.4.4 Japan
7.4.5 South Korea
7.4.6 Others

9. Competitive Analysis
9.1 Market Share Analysis
9.2 Accell Clinical Research LLC
9.3 Advance Clinical
9.4 Allucent
9.5 Caidya
9.6 Congenix
9.7 CTI Clinical Trail and Consulting Services, Inc.
9.8 Ergomed
9.9 Eurotrials
9.10 ICON PLC
9.11 IQVIA
9.12 Kiecana Clinical Research
9.13 Labcorp Drug Development
9.14 Medpace, Inc.
9.15 Novo Nordisk A/S
9.16 Parexel International Corp.
9.17 Pfizer, Inc.
9.18 Pharmaceutical Product Development, Inc.
9.19 Pharmanet Development Group
9.20 PRA International
9.21 SGS SA
9.22 Syneos Health
9.23 Worldwide Clinical Trails
9.24 WuXi PharmaTech

11. Appendix
11.1 Research Methodology
11.2 Assumptions for the Report
11.3 List of Abbreviations

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