Clinical trials market size in US to grow by USD 5.9 billion from 2022 to 2027, The rise in the number of clinical trials of drugs is the key factor driving market growth, Technavio

NEW YORK, March 6, 2024 /PRNewswire/ -- The clinical trials market in US  size is expected to grow by USD 5.9 billion from 2022 to 2027. In addition, the momentum of the market will progress at a CAGR of  5.3% during the forecast period, according to Technavio Research. The market has been segmented by type (phase III, Phase I, phase II, and phase IV), service type (interventional studies, observational studies, and expanded access studies), indication (oncology, CNS, autoimmune/inflammation, and cardiovascular and others)

 This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. 

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Key Company

Medpace Holdings Inc., Laboratory Corp. of America Holdings, Sanofi, CTI Clinical Trial and Consulting Inc., ICON plc, Syneos Health Inc., IQVIA Holdings Inc., Charles River Laboratories International Inc., Parexel International Corp., Pfizer Inc., Thermo Fisher Scientific Inc., Caidya, Accell Clinical Research LLC, Clinipace Inc., eResearchTechnology GmbH, Apex Medical Research Inc., WuXi AppTec Co. Ltd., Novartis AG, Novo Nordisk AS, and Eli Lilly and Co.

• CTI Clinical Trial and Consulting Inc.: The company offers clinical trials to find new therapies, devices, and treatments for medical conditions.

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Segmentation Analysis

The market has been segmented by type (phase III, Phase I, phase II, and phase IV), service type (interventional studies, observational studies, and expanded access studies), indication (oncology, CNS, autoimmune/inflammation, and cardiovascular and others)

The market share growth by the phase III segment will be significant during the forecast period. The phase III segment plays an important role in testing the safety and effectiveness of new drugs or medical treatments before they can be authorized for public use. 

 Learn about the contribution of each segment summarized in concise infographics and thorough descriptions.

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The rise in number of clinical trials of drugs is the key factor driving market growth. 

Significant rise in clinical trials is attributed to several factors such as advancements in medical research, the rising need for new and enhanced treatments, and regulatory modifications that have made the process more accessible. Furthermore, the FDA has implemented measures to streamline the approval process, allowing for more efficient and timely evaluation of drugs.

• Advancement in technology and scientific research is the primary trend shaping market growth.

 Identify key trends, drivers, and challenges in the market. 

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Analyst Review

In the healthcare, the US remains a pivotal hub for clinical trials, serving as a cornerstone for pioneering research and groundbreaking discoveries. With a steadfast commitment to pushing the boundaries of medical knowledge, the US clinical trials market stands as a beacon of innovation and progress.

The landscape of clinical trials in the US is characterized by its dynamism and scale. Spanning diverse therapeutic areas such as oncology, cardiology, neurology, and beyond, these trials play a crucial role in advancing medical treatments and improving patient outcomes. In recent years, the market has witnessed a surge in clinical trial activities, driven by factors like increasing prevalence of chronic diseases, technological advancements, and growing demand for personalized medicine.

One of the defining features of the US clinical trials market is its robust infrastructure and regulatory framework. Regulatory bodies like the Food and Drug Administration (FDA) uphold stringent standards to ensure the safety and efficacy of clinical interventions, instilling confidence among researchers, sponsors, and participants alike. This commitment to regulatory excellence fosters an environment conducive to clinical trial excellence.

Moreover, the US boasts a vast network of top-tier research institutions, academic medical centers, and Contract Research Organizations (CROs), all of which contribute to the vibrancy of the clinical trials ecosystem. These entities collaborate seamlessly to design, conduct, and oversee clinical studies, leveraging cutting-edge technologies and methodologies to streamline processes and enhance efficiency.

In parallel, the emergence of innovative approaches such as adaptive clinical trial designs and real-world evidence integration has further enriched the landscape, enabling researchers to glean valuable insights and accelerate the pace of discovery.

Looking ahead, the future of the US clinical trials market appears promising, with continued investments in research and development, expanding patient populations, and a growing emphasis on precision medicine. As stakeholders across the ecosystem continue to collaborate and innovate, the US is poised to maintain its leadership position in clinical research, driving advancements that will shape the future of healthcare on a global scale.

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Related Reports:

The global clinical trial supplies market size is estimated to grow by USD 1,194.52 million at a CAGR of 8.48% between 2022 and 2027. 

The clinical trial management system (CTMS) market is estimated to grow at a CAGR of 12.81% between 2022 and 2027. The size of the market is forecast to increase by USD 1,449.16 million.

ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio