Global Clinical Trials Market - 2022-2029

Global Clinical Trials Market - 2022-2029

Market Overview

The global clinical trials market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of YY% during the forecast period (2022-2029).

Clinical trials are research studies that test the compatibility of new medical/treatment approaches with people of different age groups and categories. They help to find a better way to find, diagnose, prevent or treat a disease. Clinical trials are also used to compare the results of a new treatment over the existing treatment methods.

Market Dynamics

The growing application of clinical trials data in personalized medicine, Drug repurposing, and new drug or medical device developments propels the growth of the Clinical Trials market.

The favorable regulatory guidelines and the presence of many drug candidates under investigation are fueling the global clinical trial market growth.

The favorable regulatory agencies fuel the global market growth during the forecast period. Various regulatory agencies that govern clinical trials, such as the U.S. FDA, China’s National Medical Products Administration, the National Institutes of Health (NIH) and the European Medicines Agency (EMA), have modified the existing guidelines for carrying out clinical studies in the light of the pandemic and these guidelines has considered the implementation of virtual methods to increase the efficiency of the trials. Furthermore, the growing need for new treatment options for various emergencies has created the need for fast-track clinical trials.

Moreover, the increasing number of drug candidates under development for various ailments drives the global market growth. For example, as per the International Federation of Pharmaceutical Manufacturers & Associations, over 1,213 drug candidates are under development for infectious diseases, 2,740 drug candidates for cancer treatment, around 1,498 drug candidates for neurological disorders, and approximately 1,535 drug candidates are for immunological diseases. In addition, the growing spending on R&D is another factor pushing the global market growth. According to UNESCO, global spending on R&D has reached around US$ 1.7 trillion. About 10 countries account for 80% of spending. Thus, these factors are driving the growth of the market in the forecast period.

The high cost and low success probability will restrain the global clinical trial market growth.

However, the high cost of carrying out clinical trial and low success rate hinders the growth of the global clinical trial market. According to the NIH, the average cost of a new drug or medical device development, including clinical trials, is around $314 million to $2.8 billion. In addition, the low probability of drug candidates or medical devices successfully passing clinical trial testing and regulatory approval, i.e., only one product of 10 undergoing clinical trials, also discourages clinical trial market growth.

COVID-19 Impact Analysis

COVID-19 has immensely impacted the clinical trials market as there was an absence of any diagnostic modality and treatment, which called for increased research and development as the virus was spreading at a very high rate, which led to increasing in the emergency approvals of clinical studies and products to fight against the pandemic. For instance, per a study based on data available in the public domain, there were around 60 COVID-19-related clinical trials in India in January 2020, which rose to about 4000 in the first week of July 2020. Thus, positively impacting the global clinical trial market growth.

Segment Analysis

The oncology clinical trials are predicted to have the largest share of the global clinical trial market during the forecast period (2022-2029).

Oncology clinical trials are expected to dominate the global clinical trials market during the forecast period (2022-2029). Since there is a rapidly growing number of cancer cases worldwide and a doctor can rarely be certain that cancer will never reappear after the cancer treatment has created the need for a complete cure fueling the growth of the oncology clinical trial segment. In most cases, it takes time to know if cancer might come back. According to the WHO, cancer caused over 10 million deaths in 2020, making it one of the major reasons for death worldwide. In addition, as per clinical tirlas.gov, around 5972 active interventional studies are going on, nearly 976 observational studies are currently active, and over 99 patient registry studies are present. Thus, the above mention data implies that oncological clinical trials will hold a major share of the global clinical trial market throughout the forecast period.

Geographical Analysis

The North American region dominates the global clinical trials market during the forecast period (2022-2029).

North America holds a large part of the global clinical trial market. It is predicted to dominate the global clinical trial market throughout the forecast period (2022-2029). The US is popular with clinical sponsors because of its large population pool, well-developed network of investigators and large healthcare market. Moreover, the existence of key market players such as IQVIA, parexel, Covance, Pfizer, Paidion Research, Inc., CenterWatch, Thermofisher, Duke Clinical Research Institute, and TriWest Research Associates holding a large part of the global market ensures the dominance of North America over the global clinical trial market. Furthermore, this region's large spending on healthcare R&D is among the many factors contributing to its market dominance. For instance, NIH invests most of its $45 billion budget in medical research. In addition, the National Center for Science and Engineering Statistics within the National Science Foundation indicates that research and experimental development (R&D) performed in the United States totaled around $708.0 billion in 2020. Department of Defense FY 2021 R&D spending Medical Research accounted for $2,393 million per the American Association for the Advancement of Science. Thus, many pharmaceutical and biopharmaceutical companies are involved in clinical research. The increasing spending by different government and non-government entities in medical research fuels North America's hold over the global clinical trial market.

Competitive Landscape

The growing focus on clinical trials with the advancements in the products keeps the market moderately competitive. Some key players are IQVIA, Parexel, Covance, Pfizer, Paidion Research, Inc., CenterWatch, Thermofisher, Duke Clinical Research Institute, TriWest Research Associates, and ICON plc. These key players hold the major share of the market through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in December 2021, Thermo Fisher Scientific Inc. acquired Pharmaceutical Product Development LLC, a leading global provider of clinical research services to the biopharma and biotech industry.

ICON plc.

Overview:

ICON plc. is an American Irish intelligence and clinical research organization. Founded in 1990 and headquartered in Dublin, Irland. ICON delivers consulting, clinical development and commercialization assistance for the pharmaceutical and biopharmaceutical industries. Approximately 38,000 employees were working in 2021 in 147 different locations in 46 countries.

Product Portfolio:

ICON plc. Offers a vast clinical trial service in Oncology, CNS, Vaccine Development, Cell and Gene Therapy, Cardiovascular Diseases, Endocrine and Metabolic Disorders, Rare and Orphan Diseases and many more.

Key Development:

In July 2021, ICON plc. acquired PRA Health Sciences, a contract research organization.

The global clinical trials market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.