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Clinical Trials Market - Growth, Trends, COVID-19 Impact, and Forecast(2022 - 2027)

  • ID: 4703371
  • Report
  • April 2022
  • Region: Global
  • 165 Pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Charles River Laboratory
  • ClinDatrix Inc
  • Clinipace
  • Eli Lilly and Company
  • F. Hoffmann-La Roche Ltd
  • ICON PLC

The clinical trial market was valued at USD 39,710.28 million in 2021, and it is expected to reach USD 52,711.08 million by 2027, with a CAGR of 5.05% over the forecast period.



The major factors propelling the market's growth include the high demand for clinical trials in emerging markets, increased R&D spending in the pharmaceutical industry, an increasing prevalence of diseases, and the focus on rare diseases and multiple orphan drugs in the pipeline.



The COVID-19 pandemic has tremendously impacted the market for clinical trials, as there has been a rising focus on developing new therapeutics or vaccines to curb or treat the disease. Also, COVID-19 has brought a slight shift in terms of the way clinical trials were performed. There has been an increased interest in virtual/decentralized trials in the clinical trial space, and those have been featured on conference agendas and in magazine articles for a long time. Despite that, most companies are still opting for the same processes. However, COVID-19 has forced some of the trials to move to a virtual model to keep the trials on track during this pandemic.



Aging is also the major factor driving the burden of diseases and demand in the market studied. With the increasing burden of diseases, there has been a rising focus of the market players on developing new therapeutics for rare or genetic disorders that need specialization and focused clinical trials, which is expected to boost the market growth.



As per the World Health Organization (WHO) 2021, the burden of chronic diseases is increasing. This is expected to increase the demand for the development of new drugs and further raise the demand for clinical trials. It has been observed that almost half of the total chronic disease deaths are attributable to cardiovascular diseases, obesity, and diabetes, which are showing increasing trends. For instance, non-communicable diseases (NCDs) kill 41 million people each year, equivalent to 71% of all deaths globally.



The market is growing robustly, owing to the advancements in healthcare and patented new chemical entities (NCE) indicated for various health conditions. There are also government initiatives that have motivated the small, medium, and large players to enter drug development. Thus, there are multiple drugs in the pipeline. As a result, Novartis, GlaxoSmithKline, and Pfizer (among others) have entered this field. It has been found that the clinical trials market has taken bigger strides in the developing countries of Asia-Pacific and the Middle East, and there is still very less development in the market.



There are also stringent regulations for countries like China and India that are currently working on overcoming this issue and are successful to a considerable extent. Most emerging countries still suffer from poor regulatory infrastructure. Hence, these stringent regulations in the emerging markets are hindering the growth of the market studied.



Key Market Trends


Phase III is the Largest Segment Under Phases that is Expected to Grow During the Forecast Period


The market is expected to be dominated by Phase III, with Phase I expected to witness the fastest growth. Phase III is one of the most critical phases in assessing the effectiveness of the new intervention, as well as its value in clinical practice.



The COVID-19 pandemic has also brought significant changes in the clinical trials industry and shifted the focus of many research and commercial organizations to focus on the development of new therapies and vaccines for COVID-19. For instance, in August 2020, China-based Sinopharm commenced a Phase III clinical trial of its COVID-19 vaccine candidate at the Bahrain International Exhibition and Convention Centre (BIECC).



These Phase III clinical trials are done to evaluate the comparative effect of the new medication over the previous medications available or conducted to confirm and expand on safety and effectiveness results from Phase I and II trials. Due to their greater complexity and need for a larger patient pool, these clinical trials remain a comparatively higher need for outsourcing services than Phase II and Phase I trials.



The government initiatives in emerging economies to promote drug discovery and continuous technological innovations are also expected to propel market growth.





North America Reported the Largest Growth and Expected to Follow the Same Trend over the Forecast Period


North America has been dominating the overall market due to big outsourcing firms and increasing R&D in the region. This is mainly due to factors such as increasing R&D investments and increasing demand for drug development, which are the major factors responsible for the market emergence in the United States.



With the rising COVID-19 pandemic, an increased burden has shifted the focus of many organizations to the development of new therapeutics for COVID-19 with the support of the government and non-government organizations. Hence, with the rising number of COVID-19 infections, there are increasing investments in R&D activities that have led to a growing market for clinical trials.



There are also favorable government initiatives regarding clinical trials in the United States that are anticipated to boost market growth. For instance, in March 2020, the FDA launched a Coronavirus Treatment Acceleration Program (CTAP) for possible therapies to speed up the development of treatment for the global disease caused by the coronavirus.



In the United States, pharmaceutical companies spend more money, time, and energy on R&D than most organizations. According to the National Institute of Health data, in the fiscal year 2020, clinical research funding by the NIH was around USD 17.6 billion compared to USD 15 billion in 2019. Also, the R&D budgets of the pharmaceutical companies have increased in the past few years, owing to the rising burden of diseases, complex molecules, and therapy segments. Moreover, with the increasing of diseases, the number of clinical trials is expected to rise in the coming few years.





Competitive Landscape


The market is highly competitive, and therefore, the major pharmaceutical companies are found making enormous investments in R&D, especially in the emerging nations, to gain opportunities for market growth in the major regions. The strategic partnerships between pharmaceutical companies and CROs are expected to impact the market's growth significantly. Few other players are expected to enter the market in the coming years.



Also, a significant factor affecting the competitive nature is the quick adoption of advanced technology for improved healthcare. Also, to retain shares and expand the product portfolio, major players are often involved in mergers, acquisitions, and new product launches.



Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support


This product will be delivered within 2 business days.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Charles River Laboratory
  • ClinDatrix Inc
  • Clinipace
  • Eli Lilly and Company
  • F. Hoffmann-La Roche Ltd
  • ICON PLC

1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Demand for Clinical Trials in the Emerging Markets
4.2.2 High R&D Expenditure of the Pharmaceutical Industry
4.2.3 Rising Prevalence of Diseases
4.3 Market Restraints
4.3.1 Lack of Skilled Workforce in Clinical Research
4.3.2 Stringent Regulations for Patient Enrollment
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Phase
5.1.1 Phase I
5.1.2 Phase II
5.1.3 Phase III
5.1.4 Phase IV
5.2 By Design
5.2.1 Treatment Studies
5.2.1.1 Randomized Control Trial
5.2.1.2 Adaptive Clinical Trial
5.2.1.3 Non-randomized Control Trial
5.2.2 Observational Studies
5.2.2.1 Cohort Study
5.2.2.2 Case Control Study
5.2.2.3 Cross Sectional Study
5.2.2.4 Ecological Study
5.3 Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle-East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle-East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Clinipace
6.1.2 Laboratory Corporation of America
6.1.3 Eli Lilly and Company
6.1.4 ICON PLC
6.1.5 Novo Nordisk AS
6.1.6 PAREXEL International Corporation
6.1.7 Pfizer Inc.
6.1.8 Pharmaceutical Product Development LLC
6.1.9 IQVIA
6.1.10 F. Hoffmann-La Roche Ltd
6.1.11 Sanofi SA
6.1.12 Syneos Health
6.1.13 ClinDatrix Inc
6.1.14 Charles River Laboratory
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Clinipace
  • Laboratory Corporation of America
  • Eli Lilly and Company
  • ICON PLC
  • Novo Nordisk AS
  • PAREXEL International Corporation
  • Pfizer Inc.
  • Pharmaceutical Product Development LLC
  • IQVIA
  • F. Hoffmann-La Roche Ltd
  • Sanofi SA
  • Syneos Health
  • ClinDatrix Inc
  • Charles River Laboratory
Note: Product cover images may vary from those shown

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