Clinical Trials Market Revenue Will Reach US$ 82.5 Billion By 2030

The clinical trials market size is projected to reach a revenue of US$ 82.5 billion by 2030 from USD 48.4 billion in 2020 and is expected to register a CAGR of 5.7% from 2021 to 2030, According to Precedence Research. The research report contains 150+ pages with detailed analysis.

The report provides the overall revenue of the global clinical trials market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. This research report evaluates the clinical trials market on a global and regional level.

Clinical Trials are a type of clinical research that are performed in people and are intended at assessing a behavioral, surgical, or medical intervention. Clinical Trials act as the prime way employed by the scientists to investigate if a new therapy, a medical device or a novel drug is secure and efficient in individuals. A clinical trial is also regularly used to study if a new therapy is more competent and presents less detrimental side effects than the conventional treatments.

In order to get the approval of U.S. FDA for the initiation of clinical trials, the scientists first have to perform laboratory tests and examinations in animals in order to test a probable therapy’s efficacy and safety. If these research studies display favorable outcomes, the U.S. FDA grants approval for the therapy to be assessed in humans. After the necessary approvals, Individuals can volunteer to participate in clinical trials in order to test medicinal interventions that include drugs, devices, biological products, radiological procedures, surgical procedures, and preventive care. Clinical trials comprise of five phases.

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The phase 0 trials are the initial clinical trials performed among humans. These trials aim to study how a medication is handled in the human body and in what way it influences the body. The objective of phase I trials is to identify the best dosage of a new medication with minimal side effects. Phase II clinical trials further evaluate safety along with the working of a medication. Phase III trials corelate a new medication to the standard-of-care medication. Phase IV trials examine new drugs permitted by the FDA. The medication is evaluated in several thousands of patients.

Growth Factors:

Factors such as growing prevalence of chronic disorders, increasing number of clinical trials in developing regions, growing number of biologics, increasing demand for advanced treatments such as personalized medicines, outbreak of viral diseases, increasing cases of cancer globally, growing geriatric population and growing research and development expenditure are propelling the clinical trials market expansion across the globe. Additional aspects that are anticipated to fuel this industry are increasing popularity of contract research organizations (CROs) and technological innovations. Constant collaborations and partnerships between major market players in order to launch new and innovative technologies have enhanced the demand for overall market for the clinical trials market.

Contract research organizations (CROs) are vital to the biotech, pharmaceutical, and medical devices industries as they support efforts of the client company to test, enhance, and market the modern pharmaceutical products and medical devices.

Market Scope:

The clinical trials market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenarios and forecasts (revenue/volume) and categorizes the market by players, type, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Report Highlights:

Among the phase segment, phase 3 dominated the overall market in 2020. Involvement of large number of participants and high cost is the major reason for high market share of phase 3 clinical trials.

The interventional study accounted for the largest revenue in the study design segment with more than 46% share in 2020. Factors such as high use in drug and biologics studies and technological innovations drive the growth of interventional study.

Oncology accounted for the largest revenue in the indication segment. High prevalence of cancer in developing regions is the key reason for high market share of oncology.

The key companies included in the analysis are Parexel, IQVIA, Charles River Laboratory, Omnicare, Kendle, Chiltern, and Pharmaceutical Product Development, LLC. Among others. IQVIA accounted for a significant share of the global clinical trials market.

Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 52%. U.S. represented the highest share in the North American region primarily due to presence of latest healthcare infrastructure and early adoption of new technologies in clinical research. Furthermore, high investment by major market players also contributed to the high market share of the United States.

Europe was the second important market chiefly due to presence of skilled researchers and increasing research and development activities. High incidence of chronic disorders in the European region is also expected to boost the demand for clinical trials market in the near future. Asia Pacific is anticipated to grow at the maximum CAGR of around 6.7% in the forecast period due to high incidence of viral disorders. Latin America and the African and Middle Eastern region will display noticeable growth.

Key Market Players and Strategies:

The major companies operating in the worldwide clinical trials market are Parexel, IQVIA, Charles River Laboratory, Omnicare, Kendle, Chiltern, and Pharmaceutical Product Development, LLC. among others.

High investment in the research and development along with acquisition, mergers, and collaborations are the key strategies undertaken by companies operating in the global clinical trials market. Clinical trials are fundamental to the development of new treatment and vaccinations methods. The outbreak of SARS CoV-2 prompted many companies to undertake clinical trials in order to develop vaccines as well treatments against the viral disease. Ampio Pharmaceuticals, for example, undertook global clinical trials for the development of intravenous (“IV”) treatment of novel corona virus disease (COVID-19).

Market Segmentation

By Phase

Phase 1
Phase 2
Phase 3
Phase 4

By Study Design

Observational
Interventional
Expanded Access

By Indication

Oncology
Autoimmune/Inflammation
Diabetes
Central Nervous System
Cardiovascular
Pain Management
Others

Regional Segmentation

North America (U.S. and Canada)

Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)

Latin America (Brazil and Rest of Latin America)

Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Why should you invest in this report?

If you are aiming to enter the global clinical trials market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for clinical trials are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

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