Clinical Trials Market Size to Reach $73.33 Billion By 2031 | CAGR 6.8%: The Insight Partners
Clinical Trials Market Experiences Growth Due to Preference for Outsourcing Manufacturing Operations, full analysis by Product, Application, Source, Manufacturing, and Geography
NEW YORK, Oct. 28, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, the Global Clinical Trials Market is observing significant growth owing to the practice of outsourcing clinical studies with a massive rise in the number candidates entering the trials, which signifies flourishing pharmaceutical research & development. The report runs an in-depth analysis of market trends, key players, and future opportunities. The clinical trials market analysis focuses on various platforms and services required for the development of drugs and medical devices, which are expected to contribute to market strength in the coming years.
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Overview of Report Findings
Market Growth:
- Market Growth: The clinical trials market value is expected to reach US$ 73.37 billion by 2031 from US 43.37 billion in 2023 at a CAGR of 6.8%. Clinical trials are research studies that involve testing a medical, surgical, or behavioral intervention in human subjects. These trials are the primary way of determining if a new form of treatment or prevention, including a drug, a diet, or a medical device (for example, implantable devices), is safe and effective in humans. Clinical trials are commonly planned to evaluate if a new candidate, a procedure, or a device is more effective or has less harmful side effects than its existing or pre-approved counterparts.
- Practice of Outsourcing Clinical Studies with Massive Rise in Number of Trials: The trials are mainly a part of the overall drug development process. According to the National Library of Medicine (NLM), ~52,000 new studies were registered with NLM (ClinicalTrials.gov) in 2020, and the number increased to ~58,000 in 2023. In January 2023, the NLM reported 38,837 active clinical trials in the US and 105,172 active trials worldwide. According to the European Medicine Agency, in the European Union (EU), ~4,000 clinical trials are authorized annually, of which nearly 60% of studies are associated with the pharmaceutical industry. An upsurge in the number of clinical trials can be attributed to the rising prevalence of chronic diseases worldwide, which creates an immense demand for more effective treatments. According to a blog published by Thermo Fisher Scientific, in 2022, CROs executed ~3 out of 4 clinical trials to reassure the clinical programs of drug developers, provide a wealth of expertise, drive time and cost efficiencies, and deliver customized, high-quality data. Thus, the increasing number of clinical trials, and the practice of outsourcing trials to CROs to boost cost-effectiveness and reduce errors are the major factors driving the clinical trials market growth.
- AI-Driven Clinical Trials: The adoption of artificial intelligence (AI) offers innovative ways to collect and manage clinical trial data, along with reducing dependency on manual operations. Thus, AI acts as a game changer for life science companies involved in the drug development process. AstraZeneca has collected oncology data, including clinical and imaging data, of more than 100,000 consenting patients for different clinical studies. The Oncology Data Science team at AstraZeneca feeds this data into a system that utilizes AI and other statistical tools to generate novel hypotheses for oncology drug development. To transform the process of oncology data feed, the team is adopting complex datasets for accessibility, interoperability, and reusability of data as per the GO FAIR principles, which emphasize on making data findable, accessible, interoperable, and reusable. Such integration empowers data collection from specific clinical trials and projects to be accessible across the company's drug development teams in compliance with data protection laws. Thus, AI-driven clinical trials are expected to drive the clinical trials market toward growth in the future.
- Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and APAC. Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on study design, the clinical trials market is bifurcated into interventional trials and expanded access trials. The interventional trials segment held a larger market share in 2023.
- By indication, the market is segmented into cardiovascular diseases, oncological conditions, neurological disorders, autoimmune diseases/inflammation, pain management, diabetes, obesity, metabolic disorders, and others. The oncological conditions segment held the largest market share in 2023.
- Based on phase, the clinical trials market is divided into Phase I, Phase II, and Phase III. The Phase II segment held the largest market share in 2023.
- The clinical trials market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the clinical trials market include IQVIA Holdings Inc, Parexel International Corporation, IXICO Plc, Charles River Laboratories Inc, ICON Plc, WuXi AppTec Co Ltd, SGS SA, Syneos Health Inc, SIRO Clinpharm Private Limited, Thermo Fisher Scientific Inc, Laboratory Corp of America Holdings, CliniRx, Caidya, Oracle Corp, and Medpace.
- Trending Topics: Electronic Patient-Reported Outcomes, Contract Research Organizations, ADMET Testing, and Pre-Clinical Trials
Global Headlines on Organoid Market
- Charles River and Rznomics Announce RNA-based Anticancer Gene Therapy Manufacturing Alliance
- Syneos Health and Haystack Health Partner to Accelerate Clinical Trials with AI
- Labcorp Unveils New Name for Future Independent Clinical Development Business – Fortrea
- CROs dMed and Clinipace Merge to Accelerate Customer Success
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Conclusion
Advancements in technologies, burgeoning demand for innovative therapies, and growing focus on patient-centric care and approaches bolster the clinical trial market progress. The clinical trial market landscape is becoming more competitive and complex with continuously transforming regulatory environments and growing collaborations. Increasing focus on using decentralized and hybrid clinical trials over traditional clinical trial methods is expected to generate valuable opportunities in the clinical trials market during the forecast period.
The report from The Insight Partners provides several stakeholders—including drug manufacturers, medical device manufacturers, contract research organizations, medical device component manufacturers, and API manufacturers—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Check out more related reports by The Insight Partners:
Argentina and Global Clinical Trials Market Analysis Report & Growth Outlook 2028
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