Clinical Trials Market Research Report- Forecast till 2027

Clinical Trials Market Research Report: by Phase (Phase I, Phase II, Phase III) by Study Design (Interventional, Observational and Expanded Access), Indication (Autoimmune/Inflammation) by End User (Medical Institutes, Hospitals)-Forecast Till 2027

ID: MRFR/HC/6317-HCR | February 2021 | Region: Global | 110 pages

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Clinical Trials Market Overview


The clinical trials market has grown due to globalization and a surge in new product development in the healthcare industry. Over the forecast period, the clinical trials market is expected to rise at a high CAGR of 5.7% during the forecast period.


Developing innovative treatment modalities such as personalized medicine, increased technological advancement, and the rising need for contract research organizations (CROs) to conduct clinical trials are also driving expansion. Outsourcing has emerged as a strategic alternative to overcome the shortage of in-house resources required for new product development, given the immense pressure on these organizations to reduce fixed costs. Big pharmaceutical businesses, in particular, are shifting to a leaner business strategy that mainly relies on outsourcing.


As the need for breakthrough pharmaceuticals and advanced medical technologies grows, so does the need for a clinical trials program that is efficient, fast-paced, and dependable. Furthermore, the medication development process is exceedingly dangerous for biotech/pharmaceutical businesses, with lower approval rates and huge expenses. Clinical trial service providers confront issues in attracting and maintaining highly competent individuals since they compete for qualified and experienced scientists with pharmaceutical, biotechnology, and medical device businesses, as well as academic and research organizations. Companies must give higher compensations and other incentives to compete effectively; this may impact players' finances and operational outcomes, particularly small-scale analytical testing providers.


 Figure 1: - Clinical Trials Market Share, By Region


Global Clinical Trials Market Share, By Region


Sources: WHO, Centres for Medicare & Medicaid Services, annual reports, press release, white paper, and company presentation


Clinical Trials Market Segmentation


The clinical trials industry is segmented on the basis of phase, study design, indication and end users. On the basis of the phase, the clinical trials market is categorized into phase I, phase II, phase III, and phase IV. On the basis of study design, the clinical trials market is segmented into interventional, observational and expanded access. On the basis of indication, the clinical trials market is segmented into autoimmune/inflammation, pain management, oncology, central nervous system (CNS) condition, diabetes, obesity, cardiovascular and others. On the basis of the end-user, the clinical trials market is segmented into dental hospitals & clinics, dental institutes and dental academic and research institutes.


Clinical Trials Market Regional Analysis


The Americas dominate the clinical trials market owing to presence of large number of pharmaceutical companies, huge patient population and growing innovation to develop new products. Also, the increasing cases of patients suffering from cancer, diabetes and other life-threatening diseases promotes the clinical trial methods to develop treatment options. According to the American Cancer Society in 2018, 63,340 new cases of kidney cancer are estimated in the U.S which increases the demand for innovative drugs. The National Cancer Institute is involved in clinical trials on different types of cancer to develop treatment methods on it. The clinical trials market in Europe is the second largest market. Factors such as high R&D spending of the pharmaceutical industry and increasing prevalence of disease and new disease cases is predictable to give further boost to the clinical trials market. In Europe has introduced new regulations in clinical trials in which the European Commission has wished to give a strong motivation to scientific research and industrial progress. The introduction of new favourable regulations for clinical trials and increasing demand for new products across the Europe would boost the clinical trials market growth.

Asia Pacific region is the fastest growing market owing to the increasing prevalence of diseases, growing focus on developing medication for rare diseases and growing government support with regards to development of the outsourcing hubs enhances the clinical trials market. In countries like India, China and Australia the developing economy and low cost to operate clinical trial facilities supplies the clinical trials market growth in this region. On the other hand, the Middle East & Africa has the least share in the clinical trials market. This can be attributed to the presence of poor economies, less technical facilities, lack of scientific knowledge and a smaller number of clinical trials centers especially in the African region decreases the clinical trials market growth. It is estimated that a majority of the clinical trials market in the Middle East & Africa region is held by the Middle East due to the presence of a well-developed healthcare sector and huge healthcare expenditure the economies like Saudi Arabia, Kuwait, and Qatar within the region.
 


Key Players 
some of the major players for clinical trials market are 


  • Charles River Laboratories

  • Paraxel International Corporation

  • Quintiles IMS

  • ICON plc

  • SGS SA

  • Eli Lilly and Company

  • Novo Nordisk A/S

  • Clinipace

  • Laboratory Corporation of America

  • Pfizer


Recent Development

ObvioHealth and 1nHealth have teamed up to make the shift to hybrid and decentralized clinical research as painless as possible. The project aims to assist clinical trials experiencing difficulties due to poor protocol design, sloppy recruitment techniques, outdated technology, or ailing site personnel. According to clinicaltrials.gov, there are now roughly 1,600 experiments that have been halted.


Lyra Therapeutics, Inc., a clinical-stage pharmaceutical company that uses its proprietary XTreoTM platform to deliver medications to the ENT passages and other diseased tissues, has announced the enrollment of the first patient in Phase 3 ENLIGHTEN I clinical trial of LYR-210 in adult patients with chronic rhinosinusitis (CRS). For the millions of CRS patients who remain symptomatic despite treatment, LYR-210 is being developed as an alternative to sinus surgery.


Intended Audience



  • Pharmaceutical Companies

  • Biotechnological Institutes

  • Research and Development (R&D) Companies

  • Medical Research Laboratories

  • Market Research And Consulting Service Providers





Report Scope:
Report Attribute/Metric Details
  Market Size   Significant Value
  CAGR   2018-2023: 5.7%
  Base Year   2019
  Forecast Period   2027
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Phase, Study design, Indication and End users
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Charles River Laboratories,Paraxel International Corporation, Quintiles IMS, ICON plc, SGS SA, Eli Lilly and Company, Novo Nordisk A/S, Clinipace, Laboratory Corporation of America, Pfizer and Others
  Key Market Opportunities   New product development
  Key Market Drivers

  • Development of new treatments methods such as personalized medicine
  • Growing evolution in technology
  • Rising demand for contract research organization (cros) to conduct clinical trials.


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    Frequently Asked Questions (FAQ) :

    Clinical trials market is expected to exhibit a solid 5.7% CAGR over the forecast period.

    The growing demand to find effective cures to chronic and infectious diseases is the major driver for the clinical trials market.

    By indication, the global clinical trials market is segmented into autoimmune disorders, pain management, oncology, CNS conditions, diabetes, obesity, CVDs, and others.

    The Americas dominate the global clinical trials market, followed by Europe.

    Leading players in the global clinical trials market include Eli Lilly, Novo Nordisk, Quintiles IMS, Charles River Laboratories, and others.