Press release
Clinical Trials Market, Size, Global Forecast, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis
Expert Insights: Ask Analyst or Download Full Report with TOC and Figures: https://www.renub.com/clinical-trials-market-p.php
Key drivers of market growth include heightened demand for clinical trials in emerging markets, augmented research and development (R&D) expenditure in the pharmaceutical sector, rising disease prevalence, and a focus on rare diseases and numerous orphan drugs in development pipelines. R&D service providers have evolved from limited clinical trial facilities to conglomerates offering a wide array of services such as study design, preclinical evaluations, clinical trial management, autonomous safety data audits, biostatistical analysis, and more. Contract Research Organizations (CROs) initially focused on preclinical and clinical trial services but have now expanded into project management. In 2021, Novartis AG invested $9.54 billion, up from $8.98 billion in 2020. Similarly, Pfizer Inc. allocated $13.83 billion to R&D in 2021, compared to $9.39 billion in FY 2020. These increased investments by major market players are anticipated to fuel market growth.
In 2023, the global clinical trials market reached US$ 55.20 Billion. It is projected to grow at a CAGR of 6.03% from 2024 to 2030
The increasing prevalence of diseases, such as diabetes, drives the demand for more advanced treatments, boosting market growth. For example, according to IDF Atlas 2021, the global diabetic population aged 20-79 was 536.6 million in 2021 and is projected to reach 783.7 million by 2045. Government initiatives also play a significant role. For instance, in January 2022, the European Commission, along with the Heads of Medicines Agencies and the European Medicines Agency, introduced the Accelerating Clinical Trials in the EU (ACT EU) initiative. This initiative aims to enhance Europe's role in clinical research, promoting the development of safe and effective medicines and integrating clinical research into the European health system, thereby fostering market growth.
Clinical trial data shows an expanding market driven by an increase in phase III trials with large participant pools
Phase 3 trials dominate the global clinical trials market, holding the largest market share. These trials are pivotal in assessing the safety and efficacy of potential treatments or interventions before they are approved for widespread use. Typically involving large participant groups, phase 3 trials provide crucial data on the effectiveness of the treatment compared to existing standards or a placebo. As the final phase before regulatory approval, the outcomes of phase 3 trials significantly influence the decision-making process for healthcare regulatory agencies and stakeholders in determining the adoption and availability of new medical interventions.
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The oncology sector commanded the largest market share in clinical trials industry
Oncology is poised to become the leading indication segment within the clinical trials market. With the rising prevalence of cancer and the urgent need for effective treatments, the oncology segment is expected to see significant growth. Clinical trials focusing on oncology aim to develop innovative therapies to combat various types of cancer, driving investment and research efforts in this field. As a result, oncology trials are anticipated to hold a prominent position within the clinical trials market, offering hope for improved outcomes and better quality of life for cancer patients worldwide.
Interventional research is forecasted to lead the clinical trial industry.
Interventional studies are pivotal in evaluating new medical interventions, providing insights into efficacy and safety. Their rigorous testing guides regulatory decisions and enhances patient care, driving innovation in healthcare. Despite evolving challenges, these studies remain essential for advancing medical science and fostering collaboration. Their dominance in the clinical trials market underscores their crucial role in continual progress and innovation.
The United States commands a significant portion of the clinical trials market.
The United States is poised to assert dominance in the market, fueled by extensive tech adoption and robust growth in research and development (R&D), particularly in clinical research. With a relentless focus on innovation and cutting-edge technologies, American companies are revolutionizing industries across the board. In the realm of clinical research, advancements in medical technology and methodologies are accelerating the pace of discovery and development. This relentless pursuit of progress not only enhances the nation's competitive edge but also positions it as a global leader in driving transformative change. As the nexus of technological innovation and scientific advancement, the United States is primed to shape the future landscape of the market.
Key Players
Companies such as ICON Plc, Wuxi AppTec, SGS SA, Syneos Health, PRA Health Sciences Inc., Pfizer Inc., IQVIA, Sanofi (France), and Medpace are among the participants in the worldwide clinical trials market.
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Phase - Global Clinical Trial Market breakup in 4 viewpoints:
1. Phase 1
2. Phase 2
3. Phase 3
4. Phase 4
Indication - Global Clinical Trials Market breakup in 8 viewpoints:
1. Autoimmune/Inflammation
2. Pain Management
3. Oncology
4. CNS Condition
5. Diabetes
6. Obesity
7. Cardiovascular
8. Others
Study Material - Global Clinical Trials Market breakup in 3 viewpoints:
1. Interventional
2. Observational
3. Expanded Access
Countries - Global Clinical Trials Market breakup in 25 viewpoints:
1. North America
1.1 United States
1.2 Canada
2. Europe
2.1 France
2.2 Germany
2.3 Italy
2.4 Spain
2.5 United Kingdom
2.6 Belgium
2.7 Netherlands
2.8 Turkey
3. Asia Pacific
3.1 China
3.2 Japan
3.3 India
3.4 South Korea
3.5 Thailand
3.6 Malaysia
3.7 Indonesia
3.8 Australia
3.9 New Zealand
4. Latin America
4.1 Brazil
4.2 Mexico
4.3 Argentina
5. Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.3 South Africa
All the Key players have been covered from 3 Viewpoints:
• Overview
• Recent Development
• Revenue Analysis
Company Analysis:
1. ICON Plc
2. Wuxi AppTec
3. SGS SA
4. Syneos Health
5. PRA Health Sciences Inc.
6. Pfizer Inc.
7. IQVIA
8. Sanofi (France)
9. Medpace
About the Company:
Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.
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