U.S. Clinical Trials Market Size, Share & Trend Analysis Report By Phase (Phase I, II, III, IV), Study Design (Interventional, Observational), By Indication (Oncology, Diabetes), And Segment Forecasts, 2021 - 2028

U.S. Clinical Trials Market Growth & Trends

The U.S. clinical trials market size is expected to reach USD 32.4 billion by 2028, registering a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. The shift towards personalized medicine, increasing R&D investments, and growing disease variation, as well as prevalence, are favoring the market growth. There has been a rise in the prevalence of diseases due to which, pharmaceutical companies are increasing their R&D expenditure to launch new therapeutics in the market. That has, in turn, increased the clinical trial value and complexity. Furthermore, the lower cost of clinical trials as a result of outsourcing services has strengthened clinical trial services in the U.S. As the number of people affected by the coronavirus has reached one million, the rapid spread of the virus around the globe is causing significant challenges to clinical trials and may forever change the way future trials are conducted.

The hospitals & clinics are less accessible, and it is unsafe and extremely difficult for patients enrolled in clinical trials to travel to sites. The current pandemic has placed a huge strain on the industry and is also likely to affect data analysis and interpretation. But that has also led to discoveries of conducting clinical trials effectively and efficiently. One such approach is to use Artificial Intelligence (AI) technology for clinical trials. Artificial intelligence uses software apps, data analytics, virtual monitoring, and online platforms to conduct every step of the clinical trial process, including patient recruitment, counseling, and consent. It helps in increasing precision and focuses on the efficiency of clinical trials. Thus, AI-generated technology has been gaining momentum as a healthcare offering, and the COVID-19 is adding more fuel to this initiative.

U.S. Clinical Trials Market Report Highlights

• The phase III segment accounted for the largest revenue share in 2020. However, the phase I segment is estimated to register the fastest CAGR from 2021 to 2028
• Patent expirations of blockbuster drugs and global financial crisis are factors expected to propel the market growth over the forecast period
• The interventional design segment accounted for the largest share in 2020 and will expand further at a steady CAGR retaining the leading position over the forecast period
• The oncology segment dominated the market in 2020 owing to the increasing number of cancer cases
• The cardiovascular segment is also expected to witness significant growth over the forecasted period