CHICAGO, Sept. 8, 2023 /PRNewswire/ -- In the near future, the clinical trials industry is poised to undergo a transformative evolution, marked by unprecedented advancements in technology, streamlined regulatory processes, and a heightened emphasis on patient-centric approaches. Emerging technologies like artificial intelligence, machine learning, and blockchain are set to revolutionize trial design, patient recruitment, and data analysis, vastly improving efficiency and reducing costs. Decentralized trials and virtual monitoring solutions will become commonplace, allowing for greater inclusivity and diversity in participant demographics. Furthermore, precision medicine and biomarker-driven trials will take center stage, enabling more targeted and effective treatments tailored to individual patients' genetic profiles.
Regulatory bodies will adopt agile frameworks, fostering faster approvals and adaptive trial designs, while ensuring robust safety measures. Collaboration between industry stakeholders, including pharmaceutical companies, academic institutions, and patient advocacy groups, will intensify, fostering a more cooperative and innovative ecosystem. Overall, the future of the clinical trials industry promises a paradigm shift towards more efficient, patient-centric, and scientifically rigorous research methodologies, ultimately leading to accelerated advancements in medical science and improved healthcare outcomes for patients worldwide.
The global clinical trials market is projected to reach USD 73.2 billion by 2028 from USD 48.2 billion in 2023, at a CAGR of 8.7% during the forecast period of 2023 to 2028. The global clinical trials market is growing owing to factors such as increased R&D spending, increasing outsourcing of R&D operations, and an increase in clinical trials conducted globally. In addition to this, the growing biosimilars and biologics development and launches, increasing demand for specialized testing services, and emerging Asian markets also offer lucrative growth opportunities for players operating in the market. The market growth could be hampered by a lack of qualified professionals to conduct clinical trials in line with the regulatory guidelines.
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Browse in-depth TOC on "Clinical Trials Market"
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Clinical Trials Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $48.2 billion |
Estimated Value by 2028 | $73.2 billion |
Growth Rate | Poised to grow at a CAGR of 8.7% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Phase, Service Type, Therapeutic Area, Application |
Geographies Covered | North America, Europe, Asia Pacific, Latin America (LATAM), and Middle East and Africa (MEA) |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growth opportunities in emerging economies |
Key Market Drivers | Increasing drugs in the pipeline and rising investments in pharmaceutical R&D |
The laboratory services segment accounted for the largest share by service type in the clinical trials market in 2022.
By service type, the clinical trials market has been further categorized as patient recruitment, protocol designing, site identification, analytical testing, laboratory services, bioanalytical testing, decentralized clinical services, clinical trial supply & logistic services, medical device testing services, clinical trial data management services, and other clinical trial services. The laboratory services segment held the largest share of the global clinical trials market in 2022, owing to the increasing preference of clinical research experts to outsource laboratory testing services. The outsourcing rate for laboratory services has been significantly high in recent years compared to other services.
The oncology segment accounted for the largest share of the therapeutic area segment in the clinical trials market in 2022.
Based on therapeutic areas, the global clinical trials market has been segmented into infectious diseases, oncology, neurology, metabolic disorders, immunology, cardiology, genetic diseases, women's health, and other therapeutic areas. The oncology segment held the largest market share in 2022. The large share of this segment can be attributed to the rising prevalence of cancer worldwide and the high number of oncology clinical trials conducted globally.
The Small molecules segment accounted for the largest share of the application segment in the clinical trials market in 2022.
The clinical trials market is segmented into small molecules, monoclonal antibodies, vaccines, cell & gene therapy, and other applications based on application. Small molecules are the largest application segment of the clinical trials market due to increasing demand for early-phase development outsourcing services as well as clinical & laboratory testing services for small molecules, the presence of a large number of service providers operating in this segment, and the robust demand for small molecule drug candidates. The majority of the patented drugs marketed in the past five years have been small molecules and generics.
The North American region catered for the largest share of the clinical trials market in 2022.
The clinical trials market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). North American region held a substantial share of the clinical trials market owing to the strong presence of the pharmaceutical industry, the ongoing development of clinical trial investigations, increased research and development (R&D) spending, the expansion of biosimilars and generics markets, and the increasing trend of outsourcing preclinical, clinical, and laboratory testing services by pharmaceutical and biopharmaceutical companies within the region.
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Clinical Trials Market Dynamics:
Drivers:
- Increasing drugs in pipeline and rising investments in pharmaceutical R&D
- Increasing number of clinical trials
- High cost of in-house drug development
- Rising prevalence of orphan and rare diseases
Restraints:
- Need for unique testing approaches for innovative molecules
Opportunities:
- Favorable outlook for biologics and biosimilars
- Rising demand for specialized testing services
- Need for novel clinical trial designs for complex cell and gene therapies
Key Market Players:
Key players in the clinical trials market include IQVIA Inc. (US), Laboratory Corporation of America Holdings (US), Syneos Health (US), WuXi AppTec (China), Charles River Laboratories (US), Parexel International Corporation (US), Thermo Fisher Scientific Inc. (US), ICON plc (Ireland), Medpace (US), ACM Global Laboratories (US), Advanced Clinical (US), SGS (Switzerland), Frontage Labs (US), PSI (Switzerland), Bioagile (India), Fortrea Inc. (US), Clinical Trial Service (Netherlands), Worldwide Clinical Trials (US), Pepgra (UK), CTI Clinical Trial & Consulting (US), Dove Quality Solutions (UK), Firma Clinical Research (US), Celerion (US), Novotech (Australia), and Linical Americas (Japan).
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Clinical Trials Market Advantages:
- Medical Advancements: Clinical trials are at the forefront of medical research, driving innovation and the development of new treatments, therapies, and interventions that can improve patient outcomes and quality of life.
- Evidence-Based Medicine: They provide crucial data and evidence that informs medical practice and policy, ensuring that treatments are effective, safe, and backed by rigorous scientific research.
- Patient Access to Cutting-Edge Therapies: Participation in clinical trials gives patients access to potentially life-saving treatments that may not yet be widely available to the general public.
- Improved Drug Development Process: Clinical trials play a pivotal role in the drug development process, allowing pharmaceutical companies to evaluate the safety and efficacy of new drugs before they reach the market.
- Regulatory Approval and Market Access: Positive results from clinical trials are often a prerequisite for regulatory approval and market access, enabling healthcare providers to offer new treatments to their patients.
- Health Economics and Cost Savings: Successful clinical trials can lead to cost-effective interventions, reducing the economic burden of disease on healthcare systems in the long run.
- Innovation and Technological Advancements: The demand for clinical trials fosters the development and adoption of cutting-edge technologies, such as AI-driven analytics, wearable devices, and telemedicine platforms.
- International Collaboration and Standardization: Clinical trials often involve collaboration between researchers, healthcare professionals, and institutions across different countries, leading to the standardization of research practices and the pooling of global expertise.
- Expanded Knowledge of Diseases: They contribute to a deeper understanding of diseases, their underlying mechanisms, and the identification of potential biomarkers, which can inform future research and treatment strategies.
- Ethical and Legal Frameworks: Clinical trials are conducted under strict ethical and legal guidelines to protect the rights and well-being of participants, ensuring that research is conducted with integrity and transparency.
- Professional Development and Training: They provide opportunities for healthcare professionals, including doctors, nurses, and researchers, to gain valuable experience in conducting clinical research and staying updated on the latest medical advancements.
- Public Health Impact: Ultimately, successful clinical trials have the potential to positively impact public health by advancing our knowledge of diseases, improving treatment options, and reducing the overall burden of illness on society.
These advantages collectively contribute to the continued growth and importance of the clinical trials market in advancing healthcare and improving patient outcomes.
Recent Developments:
- In March 2023, Syneos Health entered into a multiyear agreement with Microsoft to create a platform that uses machine learning to elevate biopharma companies' commercial performance and speed up clinical trial analysis, planning, and operation.
- In September 2022, Parexel International established a new clinical trial supplies and logistics facility in Suzhou, China. This facility provides both local and international biopharmaceutical clients with quick access to clinical trial materials and medications for sites and patients, thus expediting the progress of clinical trials in the region.
- In April 2021, CRL and Valence Discovery entered an alliance to provide AI-enabled drug design capabilities. The partnership will grant access to Valence's ML platform.
Related Reports:
Drug Discovery Services Market - Global Forecasts to 2028
Contract Research Organization (CRO) Services Market - Global Forecasts to 2028
Next Generation Sequencing (NGS) Market - Global Forecasts to 2027
Clinical Trial Supplies Market - Global Forecasts to 2027
Bioanalytical Testing Services Market - Global Forecasts to 2025
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