The global Clinical Trials Market is anticipated to augment at a flourishing CAGR of 4.41% over the forecast period from 2023 to 2033. The global market is expected to enjoy a valuation of US$ 115.4 Billion by the end of the year 2023 and reach a valuation of US$ 177.7 Billion by the year 2033. According to the historical analysis held by FMI, the global clinical trials market expanded at a CAGR of 4.10% from 2017 to 2022. As per the recent FMI study, the industry sponsors are predicted to lead the market with an exponential share of about 54.7% in the year 2023, within the global market.
Various state governments and private players are closely examining the economic benefits of novel treatments as healthcare expenditures. Since there is a surge in the proportion of GDP in every country, the growth of clinical trials is also anticipated to bolster globally. Furthermore, regulations are increasingly expecting clinical studies to show not only safety and efficacy but also a significant influence on patients’ lives. This is especially true for expensive, specialized therapies for smaller patient populations. In addition to that, the higher complexity of clinical study development and design is rising as a result of the regulators’ and payers’ increased expectations for the quality and amount of evidence produced during clinical trials.
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It has been estimated that about 30% of all studies were based on clinical trials for various cancer additions. It also happens to be the therapeutic area with the most drug launches. Few of the top industry clinical trial sponsors dedicated a sizeable amount of their research and development budget to the cancer medicine portfolio. In addition to that, several new businesses presently employ predictive analytics tools including artificial intelligence and machine learning, to build models and inform choices.
Key Takeaways
- Clinical trial sponsors have been recently outsourcing the clinical trials business to various countries such as China, India, Russia, and Brazil for the past few years. Irrespective of the fact that a third of the global clinical trials market is registered in the United States.
- The emerging economies are favorable as they offer a substantial patient pool, an established healthcare system in urban areas, and an abundance of qualified clinical staff for coordinating clinical trials.
- Governments in various nations also offer incentives for clinical trial sponsors to conduct these trials overseas, because they are typically shorter and thus more affordable. Offshoring clinical trials have been hampered by a number of ethical concerns identified concerning clinical trials in developing countries.
- With a strong pipeline of therapeutic molecules paving the path, new pharmaceutical and biotechnology businesses are continuing to have an impact on the clinical trials market. In addition to that, several drugs without prior marketing clearance are a bigger priority for major companies like Johnson & Johnson and GlaxoSmithKline, among others.
- Non-small cell lung cancer (NSCLC) and breast cancer were primarily targeted for clinical development among the numerous oncology indications. However, the oncology market clinical trials are progressively getting more complicated based on patient recruitment, clinical trial design elements like outcomes, and more stringent eligibility requirements, among other things.
- Predictive analytical techniques have proven to be effective in clinical trial design in order to discover patient features. They are more inclined to respond to a specific therapeutic regimen, hence raising the success rates and lowering the risk too big, multi-center clinical studies. This is because clinical trial investigators presently have access to a wide range of health data.
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Competitive Landscape
Key players in the global clinical trials market are increasing activities related to contract research and contract manufacturing of novel biopharmaceuticals, as well as the growing expansion of key players into emerging economies of India and China are the key drivers within the overall market.
Rapid enhancements in the fields of depersonalized and genomic medicine are anticipated to drive market growth. Additionally, the propensity to adopt software including Laboratory Information Management for laboratory sample tests has also been accelerating market expansion.
More Insights into the Clinical Trials Market
The North American market is anticipated to dominate the global clinical trials market. The U.S. is estimated to share about 47.8% of revenue in 2023 and is expected to continue to experience the same growth throughout the forecast period.
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Key Players:
- Johnson & Johnson,
- AstraZeneca,
- Merck & Co.,
- Roche
- Bristol-Myers Squibb
Key Market Segments Covered in Clinical Trials Industry Research
Sponsor:
- Industry
- Government Organizations
- Non-Government Organizations
- Others
- Associations
Area:
- Oncology
- Infectious Diseases
- Metabolic Diseases
- Cardiovascular Diseases
- Neuroscience
- Respiratory Diseases
- Others
Phase:
- Phase 1
- Phase 2
- Phase 3
- Phase 4
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
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