Clinical Trials Market Research Report 2024-2030 By Players, Regions, Types & Applications

 

Clinical Trials Industry Overview

The global clinical trials market size was valued at USD 80.7 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 6.49% from 2024 to 2030. 

The market growth spiked in 2020 owing to the COVID-19 pandemic. This growth pattern was witnessed by both virtual clinical trials and traditional ones. Several companies invested heavily in novel drug development to minimize COVID-19 patient burden. One such example being, in 2020, Synairgen plc and Parexel collaborated on a Phase III study of Interferon-beta (IFN-beta) treatment for COVID-19. Furthermore, rapid technological evolution, rising prevalence of chronic diseases, globalization of clinical trials, penetration of personalized medicine and a rise in demand for CROs for conducting research activities is expected to positively impact the market growth.

Gather more insights about the market drivers, restrains and growth of the Clinical Trials Market

In addition, the COVID-19 pandemic led to changing the ways of conducting upcoming or ongoing clinical trials. Regulatory agencies including the U.S. FDA, the European Medicines Agency (EMA), the National Institutes of Health (NIH), and China’s National Medical Products Administration among several others issued various guidelines for conducting trials during the pandemic to support the implementation of decentralized clinical trials and virtual services. The current scenario for research and development activities across the globe and the need for several new treatment options have also led to the adoption of fast-track clinical trials. Thus, aforementioned factors are estimated to offer new avenues to the clinical trials market growth.

Favorable government support and initiatives is another aspect boosting the market growth potential. For instance, the WHO launched Solidarity, an international clinical trial to determine effective treatment against COVID-19. [PS2]  It includes comparing four treatment options against the standard of care to evaluate their effectiveness against the coronavirus. In May 2020, the WHO also announced an international alliance for simultaneously developing multiple candidate vaccines to prevent the spread of the coronavirus disease, calling this effort the Solidarity trial for vaccines.

Furthermore, the use of CRO services helps manufacturers/sponsors pay complete attention to the production capacity and enhance their in-house processes. The availability of the vast array of services from drug discovery to post marketing surveillance has further simplified processes for mid-size & small-scale pharmaceutical and biotechnological organizations by providing them the option to outsource research and development activities to reduce infrastructure investment. For instance, in November 2023, Syneos Health signed an agreement with GoBroad Healthcare Group. This collaborative initiative extended the company’s clinical trial capabilities into a more extensive array of therapeutic areas in China.

Browse through Grand View Research's Healthcare IT Industry Research Reports.

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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

·         Rheumatoid Arthritis

·         Multiple Sclerosis

·         Osteoarthritis

·         Irritable Bowel Syndrome (IBS)

·         Others

Pain Management

·         Chronic Pain

·         Acute Pain

Oncology

·         Blood Cancer

·         Solid Tumors

·         Other

CNS Condition

·         Epilepsy

·         Parkinson's Disease (PD)

·         Huntington's Disease

·         Stroke

·         Traumatic Brain Injury (TBI)

·         Amyotrophic Lateral Sclerosis (ALS)

·         Muscle Regeneration

·         Others

Diabetes

Obesity

Cardiovascular

Others

Clinical Trials Indication Outlook (Revenue, USD Billion, 2018 - 2030)

Autoimmune/Inflammation

·         Interventional

·         Observational

·         Expanded Access

Pain Management

·         Interventional

·         Observational

·         Expanded Access

Oncology

·         Interventional

·         Observational

·         Expanded Access

CNS Condition

·         Interventional

·         Observational

·         Expanded Access

Diabetes

·         Interventional

·         Observational

·         Expanded Access

Obesity

·         Interventional

·         Observational

·         Expanded Access

Cardiovascular

·         Interventional

·         Observational

·         Expanded Access

Others

·         Interventional

·         Observational

·         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

·         US

·         Canada

Europe

·         UK

·         Germany

·         France

·         Spain

·         Italy

Asia Pacific

·         India

·         Japan

·         China

·         Australia

·         South Korea

Latin America

·         Brazil

·         Mexico

·         Argentina

·         Colombia

Middle East & Africa

·         South Africa

·         Saudi Arabia

·         UAE

Key Companies profiled:

·         IQVIA

·         PAREXEL International Corporation

·         Pharmaceutical Product Development, LLC

·         Charles River Laboratory

·         ICON Plc

·         PRA Health Sciences

·         Syneos Health

·         Eli Lilly and Company

·         Novo Nordisk A/S

·         Pfizer

·         Clinipace

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

Order a free sample PDF of the Clinical Trials Market Intelligence Study, published by Grand View Research.

 

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