According to a research report “Clinical Trials Market is projected to reach USD 52.0 billion by 2026 from USD 38.7 billion in 2021, at a CAGR of 6.1% during the forecast period. The growing demand for biosimilars and biologics, rising adoption for specialized testing services, and increasing preference for outsourcing clinical trials from emerging Asian markets offer significant growth opportunities for players operating in the market.
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Key Market Players:
- IQVIA (US),
- LabCorp (US),
- Charles River Laboratories (US),
- WuXi AppTec (China),
- Syneos Health (US),
- PPD (US), &
- ICON Plc (US).
Driver: Increase in number of clinical trials
This significant growth in the number of clinical trials across the globe is expected to drive the demand for clinical trial services and, in turn, propel market growth. According to the clinical trials registry of the WHO, as of June 2021, North America and Europe accounted for the largest number of clinical trials. US registered more than 30% of the clinical trials by February 2023. Additionally, the frequency of decentralised clinical trials has increased by more than 25% in 2022. Decentralisation of clinical trial elements have offered significant momentum to the number of clinical trials conducted each year.
Challenge: Requirement of unique analytical testing approaches for innovative drug molecules
Over the years, competition in the pharmaceutical and biopharmaceutical market to develop cutting-edge therapies and gain patent exclusivity through quick drug development has increased significantly. In all phases of pharmaceutical and biopharmaceutical development, bioanalytical testing plays a major role and is the most outsourced process among all the chemistry, manufacturing, and control (CMC) activities. CMC data is also pivotal to meet regulatory expectations and acquire Investigational New Drug (IND) approval. The diversity of CMC requirements for biopharmaceutical IND and the development of novel drug delivery systems pose a variety of challenges and require a myriad of analytical methods for testing new drug molecules.
Laboratory services segment accounted for the largest share of the clinical trials market
Based on service type, the clinical trials market is segmented into protocol designing, site identification, patient recruitment, laboratory services, bioanalytical testing, analytical testing, clinical trial supply & logistic services, decentralized clinical services, clinical trial data management services, medical device testing services, and other services. Laboratory services is the leading segment of clinical trial services market, this can be attributed to the increasing preference of clinical research professionals to outsource such services. Among all the aspects of conducting clinical trials (such as protocol designing, site identification, and patient recruitment, among others), laboratory services have witnessed comparatively high outsourcing rates in the past few years, thus contributing to the growth of this segment.
Oncology segment accounted for the largest share of the clinical trials market
Based on the therapy area, the clinical trials market is segmented into oncology, infectious diseases, cardiology, neurology, womens health, genetic diseases, immunology, and other therapeutic areas. The large share of oncology segment is primarily attributed to the increasing number of drug discovery activities for oncology and the rising prevalence of cancer worldwide.
Small molecules segment accounted for the largest share of clinical trials market
The clinical trials market is segmented into small molecules, vaccines, cell & gene therapy, and others based on application. Small molecules is the key driver of the clinical trials application market, regardless of the synthetic method and materials used, small molecules are able to retain their chemical identity as opposed to sensitive biologics candidates, which has contributed to the robust demand for small molecule drug candidates. The majority of the patented drugs marketed in the past five years have been small molecules and generics of these patented drugs.
North America accounted for the largest share of the clinical trials market
The clinical trials market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the clinical trials market, followed by Europe. The large share of the North American regional segment can be attributed to presence of a well-established base of pharmaceutical & biopharmaceutical companies, and high investments in the biosimilars & biologics market space.
This research report categorizes the clinical trials market to forecast revenue and analyze trends in each of the following submarkets:
By Service Type:
- Protocol Designing
- Site Identification
- Patient Recruitment
- Laboratory Services
- Bioanalytical Testing Services
- Analytical Testing Services
- Clinical Trial Supply & Logistic Services
- Decentralized Clinical Services
- Clinical Trial Data Management Services
- Medical Device Testing Services
By Therapy Area:
- Oncology
- Infectious Diseases
- Cardiology
- Neurology
- Women & Health
- Genetic Diseases
- Immunology
- Other Therapy Areas
By Application:
- Vaccine
- Cell & Gene Therapy
- Small Molecules
- Other Applications
North America accounted for the largest share of the clinical trials market
The clinical trials market is segmented into North America, Europe, the Asia Pacific (APAC), Latin America (LATAM), and the Middle East and Africa (MEA). In 2020, North America accounted for the largest share of the clinical trials market, followed by Europe. The large share of the North American regional segment can be attributed to presence of a well-established base of pharmaceutical & biopharmaceutical companies, and high investments in the biosimilars & biologics market space.
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Recent Developments:
- In November 2022, Calit Health Services (Israel) collaborated with IQVIA (US) to work on clinical trial delivery.
- In October 2022, PPD (business of Thermo Fisher Scientific) introduced Decentralized Clinical Trials Network to facilitate participation in decentralized clinical trials.
- In September 2021, Syneos Health collaborated with Ride Health to co-develop non-emergency medical transportation (NEMT) for clinical trial participants.
Report Link: Clinical Trials Market
Table of Contents:
1 INTRODUCTION (Page No. – 27)
- OBJECTIVES OF THE STUDY
- MARKET DEFINITION
- MARKET SCOPE
- CURRENCY
- LIMITATIONS
- STAKEHOLDERS
- RESEARCH METHODOLOGY (Page No. – 31)
- RESEARCH DATA
- MARKET SIZE ESTIMATION
- GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
- MARKET BREAKDOWN AND DATA TRIANGULATION
- INSIGHTS FROM PRIMARIES
- EXECUTIVE SUMMARY (Page No. – 43)
- PREMIUM INSIGHTS (Page No. – 47)
- CLINICAL TRIALS MARKET OVERVIEW
FIGURE 17 RISING INVESTMENTS IN THE PHARMACEUTICAL INDUSTRY TO DRIVE THE MARKET GROWTH
- NORTH AMERICA: MARKET SHARE, BY PHASE & COUNTRY (2020)
FIGURE 18 PHASE III SEGMENT ACCOUNTED FOR THE LARGEST SHARE OF THE NORTH AMERICAN MARKET IN 2020
- MARKET, BY BIOANALYTICAL SERVICE TYPE, 2021 VS. 2026
FIGURE 19 CELL-BASED ASSAY SEGMENT CONTINUES TO DOMINATE THE MARKET DURING THE FORECAST PERIOD
- MARKET OVERVIEW (Page No. – 50)
- INTRODUCTION
- 2 MARKET DYNAMICS
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