The global clinical trials market size is expected to reach USD 69.9 billion by 2027. It is projected to exhibit a CAGR of 5.1% during the forecast period. 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 trials 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 trial outcomes and decrease trial 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 growth. Currently, there are 288 therapeutics and 106 vaccines in development. Out of this, nearly 7.0% 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 global disruption of traditional onsite clinical trials. Hence, the regulatory bodies all over the world have launched various initiatives for fast-tracking clinical trials for the development of innovative solutions. One such instance is Solidarity, an international clinical trial launched by the World Health Organization (WHO) to find effective treatment against COVID-19.
Though COVID-19 is forcing many medical device & drug developers to revise the approach they prepare for these types of crises, integrating best practices within clinical trial procedures and adapting to virtual trials can support 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 revenue share of 53.0% in 2019. This is attributed to the complexity level associated with this phase
Interventional design segment accounted for the largest market share of 45.6% in 2019 in the study design segment owing to the increasing demand for the intervention for clinical trials by researchers
North America held 51.2% of market share in 2019. Favorable government initiatives and the presence of large numbers of players in U.S. offerings advanced services are responsible for the growth
Asia Pacific is expected to expand at the fastest CAGR of 6.1% over the forecast period owing to the increasing patient pool and cost efficient services
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