As per our research report, the global Clinical Trials market size is estimated to be growing at a CAGR of 5.06% from 2023 to 2030.
Clinical Trials are conducted in medical research to evaluate the safety and efficacy of new medical interventions like drugs and their effect on human health. Clinical Trials play a major role in medical research activities and innovations. Well-established pharmaceutical and biopharmaceutical companies frequently conduct specialized medical research with an expert team. These companies also ensure that clinical trials are conducted within the regulatory guidelines. The Clinical Trials market is expected to grow significantly in the coming years due to scientific advancements and increasing disease prevalence. The rising prevalence of rare diseases, demand for specialized testing, outsourcing to CROs, and adoption of AI-based tools are the main drivers for the Clinical Trials market .
The COVID-19 lockdown has had a remarkable impact on the Global Clinical Trials market. There was an immense need for vaccines, treatments, and other spreading preventive measures. Research institutions, pharmaceutical companies, and CROs conducted trials for effective vaccines to prevent the deadly COVID-19 disease. The pandemic caused challenges in conducting clinical trials due to COVID-19 restrictions and lockdown. The fast-tracking of clinical trials is achieved due to the urgency of addressing covid 19 pandemic. World Health Organization (WHO) launched “Solidarity” an international clinical trial program to develop multiple vaccines for effective treatment against Covid 19. Also, Governments all over the world increased funding for clinical research. Post-pandemic the market for Clinical Trials market witnessed an increase in the adoption of AI, big data, and machine learning algorithms.
Charles River Laboratories International, Inc. in March 2021, solidified its position in Clinical Trials market size by the acquisition of Cognate BioServices, Inc. for approximately USD 875 million.
The restraints to the Clinical Trials market mainly include regulatory challenges and the high cost of clinical trials.
Based on market segmentation by Phase, the Phase III segment holds the highest share of the market. It has a global share of 53.4%. This is mainly due to large-scale testing. Also, there is a high demand to evaluate new treatments with already existing ones. It ensures drug safety and efficacy.
Based on market segmentation by Indication, oncology holds the highest share in the market. It has a global share of 23.5%. This is mainly due to the rising number of cancer cases. This demands more clinical trials and new drug innovations for treatment. Cardiovascular is the segment that is growing at the fastest pace during the forecast period. This is mainly due to the increasing demand for pharmaceuticals that are cost-effective.
Based on market segmentation by application, the vaccine segment holds the highest share of the market. The pandemic demands more clinical trials for vaccines. COVID-19 boosted the Clinical Trials Market very significantly.
Based on market segmentation by Study Design, Interventional studies hold the highest share of the market. It has a global share of 45.7%. It has the largest percentage of medicines, clinical procedures, and other study research. The success rate of these studies is about 94.0% of the total studies.
Based on market segmentation by Sponsor Outlook, Pharmaceutical & Biopharmaceutical Companies hold the highest share of the market. It has a global share of 70%. This is mainly due to the rising clinical trials by established Pharmaceutical & Biopharmaceutical Companies for new drugs and research studies.
Based on market segmentation by region, North America holds the dominant share of the global market. It has the largest share of 50.7%. This is due to many factors. North America is a developed region having advanced hospital infrastructure and well-established pharmaceutical companies. Pharmaceutical research is conducted here frequently for the treatment of various chronic diseases. Also, the U.S. is known as a global hub for clinical trials. Asia Pacific is the region that is growing the fastest during the forecast period. This is mainly due to the increasing number of diseases and focusing on developing medicines for them. In countries like China, India, and Australia, the Clinical Trials Market is growing rapidly due to its low-cost clinical operation trial facilities.
Companies playing a leading role in the Global Clinical Trials Market profiled in this report are – Laboratory Corporation of America Holdings, C.R. Bard, Eli Lilly and Company, Baxter, Charles River Laboratories, IQVIA, Pharmaceutical Product Development and PRA Health Science, and PAREXEL International.
Phase I
Phase II
Phase III
Phase IV
Oncology
Autoimmune/Inflammation
Diabetes
Central Nervous System
Cardiovascular
Ophthalmology
Infectious Disease
Pain Management
Others
Vaccine
Small Molecules
Cell & Gene Therapy
Other Applications
Interventional
Expanded Access
Observational
Pharmaceutical & Biopharmaceutical Companies
Medical Device Companies
Others
North America
Europe
Asia Pacific
Middle East and Africa
South America
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