The global clinical trials market size is expected to reach USD 123.5 billion by 2030, expanding at a CAGR of 6.49% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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 products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug.
The increasing need for developing new drugs for chronic diseases, such as cancer, respiratory disorders, diabetes, cardiovascular diseases, and others, is creating immense pressure on the healthcare industry. The COVID-19 pandemic and the increasing demand for developing a suitable treatment are driving the market. The high number of people affected by the disease further depicts an increasing need for therapeutics & vaccines. Currently, there are 288 therapeutics and 106 vaccines under development, out of which, nearly 7.0% of therapeutics are in Phase IV, 21.0% in Phase III, and 43.0% & 13.0% in Phase II & Phase I, respectively.
Gather more insights about the market drivers, restrains and growth of the Clinical Trials Market
Detailed Segmentation:
Market Concentration & Characteristics
The industry growth stage is moderate, and the pace of the growth is accelerating. The clinical trials market is characterized by a moderate-to-high degree of growth owing to increasing investment in R&D programs, growing preference for outsourcing activities to minimize time, curtail clinical trial cost and patent expiration of blockbuster drugs. With increasing clinical trial privatization, there is a surge in outsourcing to developing countries, and many CROs are enhancing their global research network to provide better customer services.
Phase Insights
Phase III segment led the market and accounted for 53.3% of the total revenue share in 2023. clinical trial statistics indicate market growth due to rising phase III trials, involving a large number of subjects. The median cost for a single-phase III trial is over USD 19.0 million. Also, phase III requires a higher number of patients and often a longer treatment period. According to a clinical trial logistics survey by Nice Insights, 35.0% of phase III clinical trials are outsourced and the number is likely to increase owing to the growing number of investigational drugs advancing to the next phase.
Study Design Insights
The interventional studies segment dominated the market in 2023. It is one of the most prominent methods used in clinical trials. Interventional studies comprised over 75.0% of the total registered studies in 2022,ut of which most were for drug or biologics, followed by clinical procedure, behavioral, and device interventional studies. These studies contribute to 94.0% of the total studies that posted results, out of which drug or biologics contribute the most, followed by behavioral, devices, and Clinical procedure intervention studies.
Indication by Study Design Insights
The interventional trials market for autoimmune/inflammation accounted for the largest revenue share in 2023. This can be attributed to large number of interventional studies on autoimmune/inflammation worldwide. Numerous advantages of interventional studies, such as minimization of confounding effects, avoidance of bias in allocation to exposure groups, and efficient detection of small to moderate clinically important effects. There are over 8,900 interventional studies listed on Clinicaltrails.gov related to autoimmune/inflammation.
Indication Insights
Oncology segment accounted for the largest revenue share in 2023. As per the U.S. FDA and various other sources, more than USD 38.0 billion is currently being spent by the pharmaceutical industry on the pre-clinical and clinical development of oncology therapy products. The cardiovascular condition segment is also anticipated to witness lucrative growth over the forecast period. The growing prevalence and increased demand for cost-effective medications worldwide have led to significant investment in R&D in this segment with more than 190 drugs in the pipeline. The majority of the drugs in the pipeline are indicated for heart failure, lipid disorders, vascular diseases, and stroke. Growing demand for cost-effective medicines in low- and middle-income countries is expected to boost the R&D investment by the government, thereby strengthening the industry growth.
Sponsors Insights
Pharmaceutical & biopharmaceutical companies accounted for the largest revenue share in 2023. This can be attributed to the greater interest of the pharmaceutical industry in the research field. In addition, there has been an increase in the number of clinical trials funded by pharmaceutical & biopharmaceutical companies. The pharmaceutical industry plays a vital role in financing the research for the development of new drugs.
Regional Insights
North America accounted for 50.3% of the global market in 2023 and is expected to continue its dominance over the forecast period. This can be attributed to an increase in R&D investments and a rise in the adoption of new technologies in clinical trials in this region. For instance, the implementation of virtual services in various stages of clinical trials by market players, such as IQVIA and PRA Health Sciences, is anticipated to further propel the North American market growth.
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Key Companies & Market Share Insights
The global clinical trials market is highly competitive. Some of the players operating in the market include IQVIA, PAREXEL International Corporation, Pharmaceutical Product Development, LLC, and Charles River Laboratory. The major factor influencing the competitive nature is the quick adoption of advanced technology for improved healthcare. In addition, to retain their market share and expand their product portfolio, major players are often involved in mergers and acquisitions as well as initiating new product launches.
Key Clinical Trials Companies:
• Pharmaceutical Product Development, INC. (Thermo Fisher Scientific, Inc.)
• ICON plc
• Charles River Laboratories International, Inc.
• IQVIA
• SYNEOS HEALTH
• SGS SA
• PAREXEL International Corporation
• Wuxi AppTec, Inc
• Chiltern International Ltd (Laboratory Corporation of America)
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace (Caidya)
Clinical Trials Market Segmentation
Grand View Research has segmented the global clinical trials market based on phase, study design, indication, sponsor, indication by study design, and region:
Clinical Trials Phase Outlook (Revenue, USD Billion, 2018 - 2030)
• Phase I
• Phase II
• Phase III
• Phase IV
Clinical Trials Study Design Outlook (Revenue, USD Billion, 2018 - 2030)
• Interventional
• Observational
• Expanded Access
Clinical Trials Indication by Study Design Outlook (Revenue, USD Billion, 2018 - 2030)
• Autoimmune/Inflammation
o Rheumatoid Arthritis
o Multiple Sclerosis
o Osteoarthritis
o Irritable Bowel Syndrome (IBS)
o Others
• Pain Management
o Chronic Pain
o Acute Pain
• Oncology
o Blood Cancer
o Solid Tumors
o Other
• CNS Condition
o Epilepsy
o Parkinson's Disease (PD)
o Huntington's Disease
o Stroke
o Traumatic Brain Injury (TBI)
o Amyotrophic Lateral Sclerosis (ALS)
o Muscle Regeneration
o Others
• Diabetes
• Obesity
• Cardiovascular
• Others
Clinical Trials Indication Outlook (Revenue, USD Billion, 2018 - 2030)
• Autoimmune/Inflammation
o Interventional
o Observational
o Expanded Access
• Pain Management
o Interventional
o Observational
o Expanded Access
• Oncology
o Interventional
o Observational
o Expanded Access
• CNS Condition
o Interventional
o Observational
o Expanded Access
• Diabetes
o Interventional
o Observational
o Expanded Access
• Obesity
o Interventional
o Observational
o Expanded Access
• Cardiovascular
o Interventional
o Observational
o Expanded Access
• Others
o Interventional
o Observational
o Expanded Access
Clinical Trials Sponsor Outlook (Revenue, USD Billion, 2018 - 2030)
• Pharmaceutical & Biopharmaceutical Companies
• Medical Device Companies
• Others
Clinical Trials Service Type Outlook (Revenue, USD Billion, 2018 - 2030)
• Protocol Designing
• Site Identification
• Patient Recruitment
• Laboratory Services
• Bioanalytical Testing Services
• Clinical Trial Data Management Services
• Others
Clinical Trials Regional Outlook (Revenue, USD Billion, 2018 - 2030)
• North America
o U.S.
o Canada
• Europe
o U.K.
o Germany
o France
o Spain
o Italy
• Asia Pacific
o India
o Japan
o China
o Australia
o South Korea
• Latin America
o Brazil
o Mexico
o Argentina
o Colombia
• Middle East & Africa
o South Africa
o Saudi Arabia
o UAE
Order a free sample PDF of the Clinical Trials Market Intelligence Study, published by Grand View Research.
Recent Developments
• In August 2023, Parexel & Partex entered a strategic partnership aimed at utilizing Artificial Intelligence (AI)-driven solutions to expedite the process of drug discovery and development for biopharmaceutical clients globally. The collaboration aimed to reduce risks associated with the assets in their respective portfolios.
• In August 2023, Novo Nordisk announced to acquire Inversago Pharma. This acquisition was part of Novo Nordisk's strategic efforts to develop new therapies targeting individuals with obesity, diabetes, and other significant metabolic diseases
• In April 2022, Charles River Laboratories International, Inc. disclosed its acquisition of Explora BioLabs Holdings, Inc., a leading provider of contract vivarium research services.