Global $69.5 Billion Clinical Trials Market to 2028: Increasing R&D Promoting Outsourcing & Adoption of New Technology in Clinical Research
DUBLIN, June 8, 2021 /PRNewswire/ -- The "Clinical Trials Market Size, Share & Trends Analysis Report by Phase (Phase I, Phase II, Phase III, Phase IV), by Study Design (Interventional, Observational, Expanded Access), by Indication, by Region, and Segment Forecasts, 2021 - 2028" report has been added to ResearchAndMarkets.com's offering.
The global clinical trials market size is expected to reach USD 69.5 billion by 2028.
The market is expected to expand at a CAGR of 5.7% from 2021 to 2028. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and other products.
Also, clinical studies have become increasingly costly ventures, adding to the overall cost of developing a drug. Hence, big pharmaceuticals as well as small biotechnology firms are looking for innovative ways to improve research outcomes and decrease research costs.
The increasing need to develop new therapeutics for chronic diseases such as cancer, respiratory disorder, diabetes, cardiovascular disease, and others is creating immense pressure on healthcare. The global pandemic caused due to COVID-19 and the increasing demand for developing a suitable treatment for the same is driving the market's growth.
The number of people affected by the coronavirus has reached one million, which further depicts an increasing need for therapeutics and vaccines. Currently, there are 288 therapeutics and 106 vaccines in development. Out of this, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, 43.0% & 13.0% in Phase II & Phase I respectively.
The pandemic has also resulted in the global disruption of traditional onsite clinical studies. Hence, regulatory bodies all over the world have launched various initiatives for fast-tracking clinical studies for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the WHO to find effective treatment against COVID-19.
Though COVID-19 is forcing many medical device and drug developers to revise the approach they prepare for these types of crises, integrating best practices within clinical trial procedures and adapting to virtual studies can support the continuous development of therapeutics even in the presence of this pandemic.
Clinical Trials Market Report Highlights
- Phase III clinical trials dominated the market with a share of 53.2% in 2020. This is attributed to the complexity level associated with this phase.
- Interventional design segment accounted for the largest share of 45.6% in 2020 in the study design segment owing to the increasing demand for the intervention for clinical studies by researchers.
- North America held 51.0% of the market share in 2020. Favorable government initiatives and the presence of large numbers of players in the U.S. offerings advanced services are responsible for market growth.
- In Asia Pacific, the market is expected to witness the fastest CAGR of 6.7% over the forecast period owing to the increasing patient pool and cost efficient services.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Clinical Trials Market Variables, Trends & Scope
Market Lineage outlook
Penetration & Growth Prospect Mapping
Product Pipeline Analysis, by Stage
- Therapeutics in development
- Vaccines in development
Fast track of clinical trials
- FDA initiative - CTPA
- U.K. initiative - ACCORD
- ASIA Pacific initiative - DCGI
- University of Pittsburgh School of Medicine - UPMC
Solidarity clinical trials
- Participation in solidarity trials
- Solidarity clinical trial for vaccines
Virtual clinical trials
- In - home clinical services
COVID - 19 impact on clinical trials
Market Dynamics
Market Driver Analysis
- Increasing research and development promoting outsourcing
- Adoption of new technology in clinical research
- Increasing prevalence of chronic disease
- Globalization of clinical trials
Market Restraint Analysis
- Stringent regulatory policies for patient enrollment
- Lack of skilled workforce in clinical research
Industry Challenges
- Rising cost of clinical trial
Clinical Trials: Market Analysis Tools
- Industry Analysis - Porter's
- PESTEL Analysis
- Major Deals & Strategic Alliances Analysis
Chapter 4. Clinical Trials Market: Segment Analysis, By Phase, 2016 - 2028 (USD Million)
- Phase I
- Phase II
- Phase III
- Phase IV
Chapter 5. Clinical Trials Market: Segment Analysis, By Study Design, 2016 - 2028 (USD Million)
- Interventional
- Observational
- Expanded Access
Chapter 6. Clinical Trials Market: Segment Analysis, By Indication, 2016 - 2028 (USD Million)
- Autoimmune/inflammation
- Pain management
- Oncology
- CNS condition
- Diabetes
- Obesity
- Cardiovascular
Chapter 7. Clinical Trials Market: Regional Market Analysis, By Phase, 2016 - 2028 (USD Million)
Chapter 8. Clinical Trials Market - Competitive Analysis
- IQVIA
- PAREXEL International Corporation
- Pharmaceutical Product Development, LLC
- Charles River Laboratory
- ICON Plc
- Wuxi AppTec Inc
- PRA Health Sciences
- SGS SA
- Syneos Health
- Chiltern International Ltd
- Eli Lilly and Company
- Novo Nordisk A/S
- Pfizer
- Clinipace
For more information about this report visit https://www.researchandmarkets.com/r/p92xxt
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