Clinical Trials Market Overview and Analysis:
The Clinical Trials Market is currently valued at USD 47.83 billion in the year 2022 and is expected to register a CAGR of 6.2% over the forecast period, 2023-2030.
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The major factors propelling the market's growth include the high demand for clinical trials in emerging markets, increased research and development (R&D) spending in the pharmaceutical industry, an increasing prevalence of diseases; and the focus on rare diseases and multiple orphan drugs in the pipeline.
Clinical trials are prospective biomedical or behavioral research studies on human participants designed to answer specific questions about biomedical or behavioral interventions, including new treatments and known interventions that warrant further study and comparison.
Segmentation:
The Report Covers Global Clinical Trials Market Growth Analysis and is Segmented
By Phase :
- Phase I
- Phase II
- Phase III
- Phase IV
Design :
- Treatment Studies
- Observational Studies
Geography :
- North America
- Europe
- Asia-Pacific
- Middle East
- Africa
- South America
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Drivers:
Demand for Clinical Trials in the Emerging Markets and High R&D Expenditure of the Pharmaceutical Industry
Novartis AG, one of the major players in the studied market, invested USD 9,540 million in the year 2021, which increased from USD 8,980 million in 2020. In addition, another market player, Pfizer Inc., invested USD 13,829 million in 2021 on R&D as compared to USD 9,393 in FY 2020. Thus, the increased research and development expenses by the major players in the market are expected to drive the growth of the market.
Rising Prevalence of Diseases
The growing burden of diseases needs more advanced and effective medicines for treatment and thus contributes to the growth of the market. For instance, as per IDF Atlas 2021 edition, in 2021, there were 536.6 million people aged 20-79 years living with diabetes around the world and this number is expected to reach 783.7 million by 2045. Such a high burden of diseases also propels the growth of the market.
Restraints:
The lack of a skilled workforce in clinical research requires a multifaceted approach. This includes expanding educational and training opportunities, promoting diversity in the field, improving compensation and job satisfaction, and streamlining regulatory processes. Since all this requires high investment which may eventually slow down the growth of the studied market over the forecast period.
COVID-19 Impact on Clinical Trials Market
The market for clinical trials has been significantly impacted by the COVID-19 pandemic. The focus on developing new therapeutics or vaccines to treat the disease has increased, leading to a shift in the way clinical trials are performed. Virtual/decentralized trials have gained interest in the clinical trial space and have been featured in conferences and articles. COVID-19 has also forced some trials to move to a virtual model to ensure their progress during the pandemic. As of November 8, 2022, a total of 8,397 studies have been registered for COVID-19 on the ClinicalTrials.gov website. Europe alone accounted for 2,932 studies, followed by 2,290 studies in North America. This increase in the number of clinical trials registered to find an effective treatment for the disease is expected to drive market growth. Therefore, COVID-19 is predicted to have a significant impact on the market.
Segmental Analysis:
Phase III Segment is Expected to Witness Significant Growth Over the Forecast Period.
Phase III clinical trials are conducted to evaluate the comparative effect of new medications over previously available ones or to confirm and expand on safety and effectiveness results from Phase I and II trials. These trials typically involve up to 3,000 participants with the condition that the new medication is meant to treat and may last for many years. The number of Phase III clinical trials is generally higher than Phase II and Phase I trials due to their greater complexity and the need for a larger patient pool. Factors such as increasing research activities, the growing burden of diseases, and the presence of many investigative drugs in Phase III are driving the growth of this market segment. The high number of clinical trials in Phase III is contributing to the growth of the market segment. For example, as of November 8, 2022, there were 9,137 clinical trials in Phase III for cancer, 5,069 for cardiology, and 5,217 for respiratory studies, according to data from clinicaltrials.gov. Such a significant number of clinical trials registered under Phase III is expected to contribute to the growth of this segment.
Additionally, Phase III trials conducted by market players are also driving the growth of the market segment. For instance, Lipidor AB reported that half of the patients have been enrolled in the Phase III study of AKP02 skin spray for mild to moderate psoriasis as of May 2022. In August 2022, Wockhardt Ltd initiated a global Phase III clinical study of its new antibiotic candidate WCK 5222, which belongs to an entirely new class of antibiotics known as “β-lactam ENHANCER” and is targeted for the treatment of hospitalized adults with complicated urinary tract infections, including acute pyelonephritis. The high number of studies in Phase III reflects the growth of this segment.
Therefore, the factors mentioned above are expected to drive the growth of the Phase III clinical trials market segment over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American region is expected to make a significant contribution to the market growth during the study period. This is due to several factors, including the high R&D expenditure of the pharmaceutical industry, the presence of well-established players, a robust regulatory framework, and the rising prevalence of diseases. The United States plays a significant role in this growth. The American Cancer Society estimated that around 1,918,030 new cancer cases are expected to be registered in the United States in 2022. This high burden of cancer is expected to drive the demand for the development of drugs and devices for disease diagnosis and treatment, thereby contributing to market growth.
The support from the governments of the countries in the region is also contributing to the growth of the market. For example, in June 2022, the Government of Canada launched the Clinical Trials Fund (CTF) with an investment of USD 250 million over three years for the Canadian Institutes of Health Research (CIHR). This funding aims to improve health outcomes for Canadians and strengthen the clinical trials infrastructure in Canada, supporting the training of new clinical researchers. In addition, major market players in the region are actively involved in the innovation of new drugs and devices, which is expected to further contribute to the market growth. For instance, Janssen initiated a Phase III trial for an investigational respiratory syncytial virus (RSV) vaccine among older adults in September 2021. This study evaluates the efficacy, safety, and immunogenicity of Janssen’s investigational adult vaccine against lower respiratory tract disease (LRTD) in North America and other countries. Such trials are anticipated to drive the growth of the market in the region.
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Clinical Trials Market Competitive Landscape:
The clinical trials market is moderately competitive. Strategic partnerships between pharmaceutical companies and CROs are expected to impact the market's growth significantly. Also, the quick adoption of advanced technology for improved healthcare contributes to the growth of the market. Some of the key players are:
Key Players :
- Clinipace
- Eli Lilly and Company
- Laboratory Corporation of America
- ICON PLC
- Novo Nordisk AS
Recent Developments:
1. July 2022: An early-stage clinical trial investigating an investigational vaccine to stave off Nipah virus infection was started by the National Institute of Allergy and Infectious Diseases (NIAID), a division of the National Institutes of Health (NIH) of the United States.
2. May 2022: The International AIDS Vaccine Initiative (IAVI) and Moderna Inc. started a Phase I clinical trial of an mRNA vaccine antigen in Rwanda and South Africa.
Frequently Asked Questions (FAQ) :
Q1. What is the current Clinical Trials Market size?
The Clinical Trials Market is currently valued at USD 47.83 billion.
Q2. What is the Growth Rate of the Clinical Trials Market?
Clinical Trials Market is expected to register a CAGR of 6.2% over the forecast period.
Q3. Which Region is expected to hold the highest Market share?
North American region is expected to hold the highest Market share.
Q4. What segments are covered in the Clinical Trials Market Report?
By Phase, By Design & Geography these segments are covered in the Clinical Trials Market Report.
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Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
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