Clinical Trials Market to Reach Around USD77.20 Billion By 2026
Increasing prevalence of chronic diseases and the need for personalized medicines is expected to drive the global clinical trials market through 2026.
According to TechSci Research report, “Global Clinical Trials Market By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional, Observational, Expanded Access), By Indication (Autoimmune/Inflammation, Oncology, CNS, Diabetes, Cardiovascular, Others), By Type (Pharmaceutical Trials Vs Medical Device Trials), By End User (Clinical Research Organizations, Pharmaceutical and Biotechnological Companies, Clinical Testing Laboratories, Others), By Company, By Region, Forecast & Opportunities, 2026”, the global clinical trials market was valued at around USD51.25 billion in 2020 and is anticipated to reach USD77.20 billion in 2026 by registering a growing CAGR of 7.10%. Key factors propelling the growth of the global clinical trials market include growing prevalence of chronic diseases around the world and increasing need for personalized and orphan drugs. The demand for new medical equipment and increase in the number of biologics are further anticipated to accelerate the growth of this market. Additionally, the occurrence of tropical and infectious diseases such as COVID-19 has also led to extensive clinical trials around the world in order to find the suitable treatment and vaccine. With increasing investments in R&D activities and growing focus of governments to find a cure for deadly diseases such as coronavirus, the global clinical trials market is expected to grow substantially through 2026.
Moreover, increasing prevalence of nеurоlоgісаl dіѕеаѕеѕ such as Раrkіnѕоn’ѕ, dерrеѕѕіоn, Аlzhеіmеr’s and еріlерѕу coupled with rising geriatric population is also supporting the growth of global clinical trials industry. In addition to this, the digitization of сlіnісаl trіаlѕ, in an effort to еnhаnсe рrоduсtіvіtу and gather data from multірlе ѕоurсеѕ is anticipated to propel the market growth in the coming years. Furthermore, rising аdорtіоn of virtual сlіnісаl trіаlѕ that facilitate efficient and safe data gathering from раrtісіраntѕ without the requirement for trаvеlіng tо thе lаb оr hospital is augmenting the growth of the global clinical trials market.
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The global clinical trial market is segmented based on phase, study design, indication, type, end user and region. Based on phase, the market can be segmented into phase I, phase II, phase III and phase IV. Among these, the phase III segment dominated the global clinical trials market in 2020 by holding 44.36% market share as they involve huge subjects and are the most expensive out of all four phases. However, the phase II segment is expected to register the highest CAGR during the forecast period as it is conducted for safety and efficiency. Also, there are various therapeutic drug and vaccine trials currently undergoing phase II clinical trials for the treatment of coronavirus.
Based on study design, the global clinical trial market can be segmented into interventional, observational and expanded access. Among them, the interventional design segment accounted for the largest market share in 2020. They are further expected to dominate the global market in terms of revenue during the forecast period. Interventional treatment studies are one of the most prominent methods used in clinical trials and are mainly used for drug or biologics, clinical procedure, behavioral and device intervention studies.
Major players operating in the global clinical trials market include Еlі Lіllу аnd Соmраnу, Ѕun Рhаrmасеutісаl Іnduѕtrіеѕ Ltd., Nоvо Nоrdіѕk А/Ѕ, Рfіzеr Іnс., GlaxoSmithKline plc, ІСОN рlс, Pharmaceutical Product Development LLC, Ноffmаnn-Lа Rосhе Ltd., ІQVІА Ноldіngѕ Іnс., Covance Inc., Syneos Health Inc., PRA Health Sciences Inc., Medpace Holdings, Inc., WuXi Apptec Company Ltd., Thermo Fisher Scientific Inc. The companies are engaging in mergers and acquisitions along with new product launches to strengthen their position in the global market.
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“North America accounted for the largest market share in global clinical trial market in 2020 owing to increasing adoption of new and advanced healthcare technologies in the region. The region is further expected to dominate the global market during the forecast period as governments in countries such as the United States and Canada are providing favorable support and infrastructure regarding clinical trials. However, Asia-Pacific is expected to register the fastest CAGR through 2026 owing to the increasing number of biotechnological firms undergoing COVID-19 vaccine trials,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Clinical Trials Market By Phase (Phase I, Phase II, Phase III, Phase IV), By Study Design (Interventional, Observational, Expanded Access), By Indication (Autoimmune/Inflammation, Oncology, CNS, Diabetes, Cardiovascular, Others), By Type (Pharmaceutical Trials Vs Medical Device Trials), By End User (Clinical Research Organizations, Pharmaceutical and Biotechnological Companies, Clinical Testing Laboratories, Others), By Company, By Region, Forecast & Opportunities, 2026”has evaluated the future growth potential of global clinical trials market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global clinical trials.
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