The global clinical trials market size is expected to reach USD 78.3 billion by 2030, registering a CAGR of 5.8% during the forecast period, according to a new report by Grand View Research, Inc. 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 products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug.
The increasing need for developing new drugs for chronic diseases, such as cancer, respiratory disorders, diabetes, cardiovascular diseases, and others, is creating immense pressure on the healthcare industry. The COVID-19 pandemic and the increasing demand for developing a suitable treatment are driving the market. The high number of people affected by the disease further depicts an increasing need for therapeutics & vaccines. Currently, there are 288 therapeutics and 106 vaccines under development, out of which, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, and 43.0% & 13.0% in Phase II & Phase I, respectively.
The pandemic has resulted in the global disruption of traditional onsite clinical trials. Hence, regulatory bodies worldwide have undertaken 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. Although the pandemic has forced many medical device & drug developers to revise the approach to such crises, integrating best practices within clinical trial procedures & adapting to virtual trials, which can support the continuous development of therapeutics.
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The phase III clinical trials segment dominated the market with a 53.4% share in 2021. This can be attributed to the complexity of this phase
The interventional design segment accounted for the largest share of 45.7% in 2021 in the study design segment owing to the increasing demand for the intervention for clinical trials by researchers
North America held 50.7% of the market share in 2021. Favorable government initiatives and the presence of a large number of players in the U.S. that offer advanced services are responsible for market growth
The Asia Pacific region is expected to grow at the fastest CAGR of 6.8% over the forecast period owing to the increasing patient pool and cost-efficient services.
Grand View Research has segmented the global clinical trials market based on phase, study design, indication, indication by study design, sponsor, and region:
Clinical Trials Phase Outlook (Revenue, USD Million, 2017 - 2030)
Clinical Trials Study Design Outlook (Revenue, USD Million, 2017 - 2030)
Clinical Trials Indication by Study Design Outlook (Revenue, USD Million, 2017 - 2030)
Irritable Bowel Syndrome (IBS)
Parkinson's Disease (PD)
Traumatic Brain Injury (TBI)
Amyotrophic Lateral Sclerosis (ALS)
Clinical Trials Indication Outlook (Revenue, USD Million, 2017 - 2030)
Clinical Trials Sponsor Outlook (Revenue, USD Million, 2017 - 2030)
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Clinical Trials Regional Outlook (Revenue, USD Million, 2017 - 2030)
Middle East & Africa
List of Key Players in the Clinical Trials Market
PAREXEL International Corporation
Pharmaceutical Product Development, LLC
Charles River Laboratory
PRA Health Sciences
Eli Lilly and Company
Novo Nordisk A/S
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