Clinical Trials Market to be Worth $78.3 Billion by 2030: Million Insights
FELTON, Calif., Nov. 23, 2022 /PRNewswire/ -- The global clinical trials market valued USD 47.0 billion in 2021 and is anticipated to exhibit growth at a CAGR of 5.8% from 2022 to 2030. The growth of the market is attributed to the growing technological advancements and a rise in demand for clinical trials for carrying out research activities. Moreover, the increasing population coupled with growing chronic diseases is building demand for clinical trials. To access new treatments and medications for surging new diseases, clinical trials are crucial in the healthcare systems.
Key Industry Insights & Findings from the report:
- Based on phase insights. the Phase III segment accounted for 53.4% of the total market share in 2021, contributing to the largest revenue share. The Phase III trials contain huge projects and are the most expensive.
- Phase II segment accounts for 19.4% of the total market share. As per the FDA, over 33% of total medications are carried out under Phase II trials.
- Based on study design insights, the interventional design segment accounted for 45.7% of the total market share in 2021. These studies contribute around 94% of total studies which showcased results.
- The expanded access trials segment is expected to expand at a CAGR of 6% during the forecast period. The growth of the segment is attributed to the rising innovations in clinical trials.
- Based on the indication by study design insights, the interventional trials market for autoimmune/inflammation accumulated 82% of the total market revenue share in the year 2021.
- The observational trials market for autoimmune/inflammation is the second largest segment based on the indications.
- Based on sponsor insights, the pharmaceutical & biopharmaceutical companies account for 70% of the total market revenue share.
- Based on indication insights, the oncology segment accumulated 23.5% of the total market revenue share in 2021.
- Based on regional insights, North America accounted for 50.7% of the total market revenue share in 2021.
Read 120 page full market research report for more Insights, "Clinical Trials Market Size, Share & Trends Analysis Report By Phase, By Study Design, By Indication, By Region And Segment Forecasts From 2022 To 2030", published by Million Insights.
Clinical Trials Market Growth & Trends
During the COVID-19 pandemic, the ways of conducting clinical trials have changed. The regulatory authorities have gained different guidelines for clinical trials during the pandemic virtual trials. The authorities include the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China's National Medical Products Administration. The need to develop and enhance the methods and the scenarios of treatment options are changing which include fast trials with accurate results. The government's support to conduct clinical trials for effective treatments during COVID-19 has boosted the market growth.
For instance, the WHO has launched a new clinical trial named Solidarity, including four treatment options against COVID-19. Moreover, the WHO has declared an international alliance for developing multiple vaccines to prevent the coronavirus disease spread. These factors have managed to help in driving the clinical trials market growth.
Clinical Trials Market Segmentation
Million Insights has segmented the global clinical trials market based on phase, study design, indication, indication by study design, sponsor, service type and region:
Clinical Trials Market - Phase Outlook (Revenue, USD Million, 2017 - 2030)
- Phase I
- Phase II
- Phase III
- Phase IV
Clinical Trials Market - Study Design Outlook (Revenue, USD Million, 2017 - 2030)
- Interventional
- Observational
- Expanded Access
Clinical Trials Market - Indication by Study Design Outlook (Revenue, USD Million, 2017 - 2030)
- Autoimmune/Inflammation
- Rheumatoid arthritis
- Multiple Sclerosis
- Osteoarthritis
- Irritable Bowel Syndrome (IBS)
- Others
- Pain Management
- Chronic Pain
- Acute Pain
- Oncology
- Blood Cancer
- Solid Tumors
- Other
- CNS Condition
- Epilepsy
- Parkinson's Disease (PD)
- Huntington's Disease
- Stroke
- Traumatic Brain Injury (TBI)
- Amyotrophic Lateral Sclerosis (ALS)
- Muscle Regeneration
- Others
- Diabetes
- Obesity
- Cardiovascular
- Others
Clinical Trials Market - Indication Outlook (Revenue, USD Million, 2017 - 2030)
- Autoimmune/Inflammation
- Interventional
- Observational
- Expanded Access
- Pain Management
- Interventional
- Observational
- Expanded Access
- Oncology
- Interventional
- Observational
- Expanded Access
- CNS Condition
- Interventional
- Observational
- Expanded Access
- Diabetes
- Interventional
- Observational
- Expanded Access
- Obesity
- Interventional
- Observational
- Expanded Access
- Cardiovascular
- Interventional
- Observational
- Expanded Access
- Others
- Interventional
- Observational
- Expanded Access
Clinical Trials Market - Sponsor Outlook (Revenue, USD Million, 2017 - 2030)
- Pharmaceutical & Biopharmaceutical Companies
- Medical Device Companies
- Others
Clinical Trials Market - Service Type Outlook (Revenue, USD Million, 2017 - 2030)
- Protocol Designing
- Site Identification
- Patient Recruitment
- Laboratory Services
- Bioanalytical Testing Services
- Clinical Trial Data Management Services
- Others
Clinical Trials Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Spain
- Italy
- Asia Pacific
- India
- Japan
- China
- Australia
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Clinical Trials Market
- IQVIA
- PAREXEL International Corporation
- Pharmaceutical Product Development, LLC
- Charles River Laboratory
- ICON Plc
- PRA Health Sciences
- Syneos Health
- Eli Lilly and Company
- Novo Nordisk A/S
- Pfizer
- Clinipace
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