According to the Market Statsville Group (MSG), the global Clinical Trials Market size is expected to grow from USD 37,892.4 million in 2021 to USD 62,406.1 million by 2030, at a CAGR of 5.7% from 2022 to 2030.
The rising prevalence of skin infections such as eczema and psoriasis, as well as minor ailments such as acne, as well as an increase in preference for clinical trials due to their non-invasive nature, are expected to drive the clinical trials market in the coming years. The high prevalence of skin diseases and burn injuries, the deep penetration of drugs in the body, and the rise in the geriatric population are the major factors driving the Clinical Trials Market. However, the adverse effects of topical drugs, such as allergies and rashes, as well as the slow onset of action, limit the market growth. Factors such as transdermal biologic delivery and the acquisition of small market players are expected to present numerous opportunities for market growth in the forecast period.
Global Clinical Trials Market Definition
Clinical trials are also used to try to invent ways to detect a disease in its early stages, sometimes before its symptoms affect the body. Clinical trials are also used to test ways to prevent a health problem. Clinical trials may also assess the efficacy of methods to improve the physical condition of people suffering from a potentially fatal disease or a chronic health problem. It also investigates the role of caregivers or support groups on occasion. Prior to the U.S. Food and Drug Administration (FDA) approved clinical trials, scientists conducted laboratory tests and studies on animal models to test the safety and efficacy of a potential drug. The FDA may approve the intervention to be tested in humans based on the success rate of these preliminary results.
The COVID-19 pandemic has significantly impacted the clinical trial market, as there has been a growing emphasis on developing new therapeutics or vaccines to prevent or treat the disease. Furthermore, COVID-19 has caused a minor shift in how clinical trials are conducted. In the clinical trial space, there has been increased interest in virtual/decentralized trials, which have been featured on conference agendas and in magazine articles for a long time. Despite this, most businesses continue to use the same processes. However, COVID-19 has forced some trials to switch to a virtual model to stay on track during the pandemic.
Most biopharmaceutical and medical device companies continue to make significant investments in developing new drugs and devices. Pharmaceutical companies invest in R&D in order to bring high-quality, innovative products to market. According to trends, top pharma companies are increasing their R&D efficiencies through heavy R&D investments (for long-term returns) and collaborative R&D efforts. The aforementioned issues are driving businesses to look for fully integrated or operational outsourcing services for drug research and development, from the early stages of research through the late-stage development phase, thereby accelerating market expansion.
Opportunities: Novel clinical trial designs for complex cell and gene therapies are required
In the treatment of various diseases, cell and gene therapies have the potential to meet unmet medical needs due to their great specificity. Many pharmaceutical investors and companies have dedicated extensive resources to developing and marketing these medicines due to their remarkable therapeutic potential. More than six gene therapy products were approved in various countries as of 2018. The US FDA had approved 16 cell and gene therapies as of April 2021. Around 362 cell and gene therapies were in clinical trials by 2020. The increasing number of cell therapy candidates, combined with their rapid progression through the various stages of clinical development, is driving up demand for facilities that provide R&D services for these therapies.
The study categorizes the clinical trials market based on phase, services, therapy area, and application at regional and global levels.
By Phase Outlook (Sales, USD Million, 2017-2030)
By Service Outlook (Sales, USD Million, 2017-2030)
By Therapy Area Outlook (Sales, USD Million, 2017-2030)
By Application Outlook (Sales, USD Million, 2017-2030)
North America accounted for the largest market share by Region
Based on the regions, the global clinical trials market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America accounts for the highest market share in 2021 and is expected to maintain its dominance throughout the forecast period. Due to increased R&D investments and increased adoption of new technologies in clinical trials in this region. Market participants, such as IQVIA and PRA Health Sciences, for instance, are implementing virtual services at different stages of clinical trials, which is anticipated to drive regional market growth. Furthermore, favorable government support for clinical trials in the US market is expected to boost demand. In March 2020, the FDA launched the Coronavirus Treatment Acceleration Program (CTAP) for potential therapies to accelerate the development of treatments for coronavirus-caused global diseases. The program uses every available method to get novel treatments to patients as soon as possible while determining whether they are harmful or beneficial.
The global clinical trials market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
Key major players in the global clinical trials market are:
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