Clinical Trials Market Outlook 2031
The global clinical trials market size was valued at nearly USD 41.06 Billion in 2022 and is anticipated to reach USD 69.96 Billion by 2031, expanding at a CAGR of 6.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to the rising focus on developing new therapeutics for rare or genetic disorders that require specialization and focused clinical trials.
Clinical trials are studies that are conducted under clinical research and follow a regulated protocol. It is basically the research studies performed on people for evaluating a medical, surgical, or behavioral intervention. Clinical trials are primarily performed to obtain data regarding the safety and efficacy of newly developed drugs.
Clinical trial data is mandatory for drug approval and are also used to understand the effectiveness of a new treatment. These trials are used to detect a disease in its early stages and may also test the effectiveness of methods for improving the physical condition of people suffering from a life-threatening disease or a chronic health problem.
Depending on the preliminary results, the food and drug administration (FDA) may approve for the intervention to be tested in humans. Clinical trials possess four phases. A Phase I trial experiment involves treatment on a small group of 20-80 majorly healthy to evaluate its safety and side effects. A Phase II trial is performed between 100 to 300 participants to evaluate effectiveness, safety, and side effects of drug.
This phase aims to obtain data on the efficacy of the drug in people, while a Phase III trial studies the effect of the drug with different races, levels of dosages, and in combination with other drugs on thousands of subjects. A Phase IV trial for drugs or devices takes place after the FDA approval. A device or drug is administered on large amd diverse subject with the purpose of studying its effectiveness and safety.
Clinical Trials Market Trends, Drivers, Restraints, and Opportunities
- High demand for clinical trials in emerging economies is anticipated to boost the market growth during the forecast period.
- Increasing prevalence of diseases and rising focus on rare disease treatment are projected to drive the market expansion in the coming years.
- Increasing studies on multiple orphan drugs is estimated to spur the market expansion.
- Rising demand for development of new drugs is one of the major factors pushing the market growth.
- Ongoing advancements in the healthcare and growing patented new chemical entities (NCE) for various health conditions are anticipated to propel the market expansion.
- Government initiatives to encourage small pharmaceutical players to enter the drug development process are driving the growth of the market.
- Stringent regulations in the emerging markets are hindering the market growth during the forecast period.
- High cost and time consuming clinical trials process are expected to restrict the market expansion.
- Increasing R&D investment in the pharmaceutical industry to offer immense opportunities for the market growth during the forecast period.
Scope of Clinical Trials Market Report
The report on the global clinical trials market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Clinical Trials Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Phases (Phase I, Phase II, Phase III, and Phase IV), Designs (Treatment Studies [Randomized Control Trial, Adaptive Clinical Trial, and Non-randomized Control Trial], and Observational Studies [Cohort Study, Case Control Study, Cross Sectional Study, and Ecological Study])
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Clinipace, Laboratory Corporation of America, ICON PLC, Eli Lilly and Company, and Novo Nordisk AS
Clinical Trials Market Segment Insights
Phase III segment to constitute a large market share
Based on phases, the market is segmented into Phase I, Phase II, Phase III, and Phase IV. The phase III segment is expected to account for a key market share during the forecast period. This phase evaluates the comparative effect of the new medication over the previous medications as well as it is conducted to confirm and expand on safety and effectiveness results from Phase I and II trials. Phase III clinical trials are highly outsourced than Phase II and Phase I trials, spurring the market segment growth.
Treatment studies segment to register at a high CAGR
On the basis of designs, the market is bifurcated into treatment studies and observational studies. The treatment studies segment is further segmented into randomized control trial, adaptive clinical trial, and non-randomized control trial.
On the other hand, the observational studies segment is divided into cohort study, case control study, cross sectional study, and ecological study. The treatment studies segment is projected to register a high CAGR during the forecast period due to large number of studies conducted on autoimmune/inflammation.
In terms of regions, the market is categorized as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to owing to the presence of huge number of outsourcing firms. In the US, pharmaceutical companies are spending more money, time, and energy on R&D than most organizations, driving the market growth in the region.
The global clinical trials market has been segmented on the basis of
- Phase I
- Phase II
- Phase III
- Phase IV
- Treatment Studies
- Randomized Control Trial
- Adaptive Clinical Trial
- Non-randomized Control Trial
- Observational Studies
- Cohort Study
- Case Control Study
- Cross Sectional Study
- Ecological Study
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the clinical trials market include Clinipace, Laboratory Corporation of America, ICON PLC, Eli Lilly and Company, and Novo Nordisk AS.