Clinical Trials Market to Grow with a CAGR of 6.49% through 2029
Rising research and development is expected to drive the
Global Clinical Trials Market in the forecast period.
According to TechSci Research report, “Clinical Trials Market– Global
Industry Size, Share, Trends, Competition Forecast & Opportunities,
2029”, the Global
Clinical Trials Market was valued at USD 84.85 billion in 2023 and is
anticipated to grow with a CAGR of 6.49%
through 2029.The thriving healthcare and biopharmaceutical sectors worldwide are driving factors behind this trend. The expanding elderly demographic and the escalating prevalence of various communicable and non-communicable illnesses have intensified the demand for pioneering treatments, consequently spurring the need for clinical trials. Technological progressions, including genomic research, precision medicine, and digital health innovations, are amplifying the necessity for groundbreaking clinical trials to evaluate these novel treatments and diagnostic instruments. As a result, the global clinical trials market is poised to witness substantial growth opportunities in the coming years.
The globalization of clinical trials has engendered a rise in multinational trial initiatives, propelled by factors such as cost-effectiveness, access to diverse patient cohorts, and endeavors toward regulatory standardization. Moreover, the burgeoning emphasis on rare diseases and orphan drug development, bolstered by regulatory incentives, patient advocacy initiatives, and advancements in genomic technologies, is anticipated to further bolster the expansion of the global clinical trials market.
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Global Clinical Trials Market”
The Global Clinical Trials Market is segmented into type,
phase, study design, indication, end user, regional distribution, and company.
Based on Study Design, the Market is
divided into Interventional, Observational, Expanded Access. Interventional dominated the Market
in 2023. Interventional trials involve actively administering treatments or
interventions to participants to assess their efficacy and safety. These trials
are crucial for evaluating the effectiveness of new drugs, devices, or
therapies in controlled settings, providing essential data for regulatory
approval and market access. The focus on developing innovative treatments and
therapies drives the demand for interventional trials, making them the
predominant type of clinical research conducted worldwide. Additionally,
interventional trials play a pivotal role in advancing medical knowledge and
improving patient care, further solidifying their dominance in the global
clinical trials landscape.
Based on indication, the Market is divided into Autoimmune/Inflammation,
Oncology, CNS, Diabetes, Cardiovascular, Others. Oncology dominated
the Market in 2023. This can be ascribed to the pressing need for innovative cancer treatments amid
rising cancer incidence worldwide. Oncology trials involve testing novel drugs,
immunotherapies, and targeted therapies to combat various cancers, driving
extensive research and development efforts. Moreover, the complexity and
diversity of cancer types necessitate a significant number of clinical trials
to evaluate treatment efficacy and safety. As a result, oncology trials
represent a substantial portion of the global clinical trials market,
reflecting the urgency to address the challenges posed by cancer.
Based on region, the Global Clinical Trials Market is
divided into North America, Europe, Asia Pacific, South America, Middle East
& Africa. North America dominated the Market in 2023. Asia Pacific is expected to register the highest growth in the global clinical trials market through 2029. This can be ascribed to the availability of large pool of population especially in countries like China, India, Indonesia, among others. This in turn facilitates easy recruitment. Also, favourable regulatory environment in the region helps in fast tracking the overall trial process leading to quicker turnaround time.
Major companies operating in Global Clinical Trials Market are:
- SGS SA
- ACM Global Laboratories
- Medpace, Inc.
- ICON plc.
- Charles River Laboratories International, Inc.
- Parexel International (MA) Corporation
- F. Hoffmann-La
Roche Ltd
- ІQVІА, Іnс.
- Syneos Health Inc.
- Thermo Fisher
Scientific, Inc.
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“There is a growing emphasis on patient-centricity, involving patients in trial design, incorporating patient-reported outcomes, and focusing on improving the overall patient experience throughout the trial process are some of the key trends revolutionizing the global clinical trials market. Adaptive trial designs, including adaptive randomization, sample size re-estimation, and adaptive treatment allocation are gaining popularity for their ability to efficiently modify trial parameters based on accumulating data. AI and Machine Learning are being used to optimize various aspects of clinical trials, including patient recruitment, trial design, predictive analytics, and data analysis, leading to faster and more cost-effective trials.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Clinical Trials Market-
Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Pharmaceutical Trials, Medical Device Trials), 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 End User (Clinical
Research Organizations, Pharmaceutical and Biotechnological Companies, Clinical
Testing Laboratories, Others), By Region and Competition 2019-2029F”, has evaluated
the future growth potential of Global Clinical Trials Market and provides
statistics & 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 Global Clinical Trials Market.
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