Clinical Trials Market Growth & Trends
The global clinical trials market size is expected to reach USD 69.3 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and other products. The market witnessed a decline of 6.0% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. Also, clinical trials have become increasingly costly ventures, adding to the overall cost of developing a drug. Hence, big pharmaceuticals and small biotechnology firms are looking for innovative ways to improve trial outcomes and decrease operational costs.
The increasing need to develop new therapeutics for chronic diseases such as cancer, respiratory disorder, diabetes, cardiovascular disease, and others is creating immense pressure on healthcare. The global pandemic caused due to COVID-19 and the increasing demand for developing a suitable treatment for the same is driving the market’s growth. The number of people affected by the coronavirus has reached one million, which further depicts an increasing need for therapeutics and vaccines. Currently, there are 288therapeutics and 106 vaccines in development. Out of this, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, and 43.0% and 13.0% in Phase II and Phase I respectively.
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The pandemic has also resulted in the global disruption of traditional onsite clinical trials. Hence, regulatory bodies all over the world have launched various initiatives for fast-tracking clinical trials for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find effective treatment against COVID-19.
Though COVID-19 is forcing many medical device and drug developers to revise the approach they prepare for these types of crises, integrating best practices within clinical trial procedures and adapting to virtual trials can support the continuous development of therapeutics even in the presence of this pandemic.
Clinical Trials Market Report Highlights
The phase III segment dominated the market and accounted for the largest revenue share of 53.2% in 2020. This is attributed to the complexity level associated with this phase
The interventional segment accounted for the largest revenue share of 82.1% in 2020 owing to the increasing demand for the intervention for clinical trials by researchers
North America dominated the market and accounted for the largest revenue share of 51.0% in 2020. Favorable government initiatives and the presence of large numbers of players in the U.S. offerings advanced services are responsible for market growth
In Asia Pacific, the market is expected to expand at the fastest CAGR of 6.7% over the forecast period owing to the increasing patient pool and cost-efficient services
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Clinical Trials Market Segmentation
Grand View Research has segmented the global clinical trials market based on phase, study design, indication, indication by study design, and region:
Clinical Trials Phase Outlook (Revenue, USD Million, 2016 – 2028)
Clinical Trials Study Design Outlook (Revenue, USD Million, 2016 – 2028)
Clinical Trials Indication Outlook (Revenue, USD Million, 2016 – 2028)
Irritable Bowel Syndrome (IBS)
Parkinson’s Disease (PD)
Traumatic Brain Injury (TBI)
Amyotrophic Lateral Sclerosis (ALS)
Clinical Trials Indication By Study Design Outlook (Revenue, USD Million, 2016 – 2028)
Clinical Trials Regional Outlook (Revenue, USD Million, 2016 – 2028)
Middle East & Africa
List of Key Players of Clinical Trials Market
PRA Health Sciences
Eli Lilly and Company
Novo Nordisk A/S
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About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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