How is the Clinical Trials segment contributing towards market expansion?

The global clinical trials market size is expected to reach USD 78.3 billion by 2030, registering a CAGR of 5.8% during the forecast period, according to a new report by Grand View Research, Inc. An increase in the volume and complexity of clinical trials has been witnessed lately, which plays an important role in the R&D of new drugs and products. The market witnessed a decline of 6% in 2020 owing to the COVID-19 pandemic. However, the market is projected to recover from 2021 onwards. In addition, clinical trials have become increasingly costly, adding to the overall cost of developing a drug.

Clinical Trials Market Segmentation

Grand View Research has segmented the global clinical trials market based on phase, study design, indication, indication by study design, sponsor, and region:

Based on the Phase Insights, the market is segmented into Phase I, Phase II, Phase III and Phase IV.

• The Phase III segment accounted for the largest revenue share in 2021, contributing to 53.4% of the global market.
• Phase II plays a crucial role, especially in oncology-related studies.
• The FDA estimates that about 33.0% of the medications are usually under Phase II trial.

Based on the Study Design Insights, the market is segmented into Interventional, Observational and Expanded Access.

• The interventional design segment dominated the market and accounted for the largest revenue share with 45.7% in 2021.
• The expanded access trials segment also referred to as compassionate use trials, is anticipated to register a CAGR of 6.0% during the forecast period.
• Currently, there are 20 COVID-19 drugs in expanded access trials/compassionate use in Phase II/III.

Based on the Indication by Study Design Insights, the market is segmented into Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular and Others.

• The interventional trials market for autoimmune/inflammation accounted for the largest share with 82.0% in 2021.
• There are over 7,000 interventional studies listed on clinicaltrails.gov related to autoimmune/inflammation.
• The observational trials market for autoimmune/inflammation accounted for the second-largest share in 2021.

Based on the Indication Insights, the market is segmented into Autoimmune/Inflammation, Pain Management, Oncology, CNS Condition, Diabetes, Obesity, Cardiovascular and Others.

• The oncology segment accounted for the largest revenue share with 23.5% in the global market in 2021.
• The segment is also anticipated to witness the fastest CAGR of 6.3% over the forecast period.
• The cardiovascular condition segment is also anticipated to witness lucrative growth at a CAGR of 6.1% over the forecast period.
• Growing demand for cost-effective medicines in low- and middle-income countries is expected to boost the R&D investment by the government, thereby strengthening the market growth.

Based on the Sponsor Insights, the market is segmented into Pharmaceutical & Biopharmaceutical Companies, Medical Device Companies and Others.

• The report further provides a deep dive into the sponsors of the industry, wherein it was identified that pharmaceutical & biopharmaceutical companies accounted for the largest share with 70.0% in 2021.
• Clinical studies account for the major portion of the estimated cost, ranging from USD 266 million to USD 802 million for bringing each new drug to the market.

Clinical Trials Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global clinical trials market is highly competitive. Some of the players operating in the market include IQVIA, PAREXEL International Corporation, Pharmaceutical Product Development, LLC, and Charles River Laboratory. The major factor influencing the competitive nature is the quick adoption of advanced technology for improved healthcare. In addition, to retain their market share and expand their product portfolio, major players are often involved in mergers and acquisitions as well as initiating new product launches.

Some prominent players in the global Clinical Trials market include:

• IQVIA
• PAREXEL International Corporation
• Pharmaceutical Product Development, LLC
• Charles River Laboratory
• ICON Plc
• PRA Health Sciences
• Syneos Health
• Eli Lilly and Company
• Novo Nordisk A/S
• Pfizer
• Clinipace

Order a free sample PDF of the in Clinical Trials Market Intelligence Study, published by Grand View Research.