CLINICAL TRIALS MARKET

 With a CAGR of 5.05% over the forecast period of 2022–2027, the clinical trials market is anticipated to grow from its 2021 valuation of USD 39,710.28 million to USD 52,711.08 million by 2027. The high need for clinical trials in emerging economies, higher R&D spending in the pharmaceutical industry, rising illness prevalence, and the focus on rare diseases and numerous orphan medications in development are other important drivers of the market's growth. For instance, Novartis AG, one of the key companies in the market under study, upped their investment to USD 14,886 million in 2021 from USD 14,197 million in 2020. 

The burden of diseases and the demand for the creation of diverse medications and diagnostic tools for disease diagnosis are both significantly influenced by aging. For instance, the World Health Organization (WHO) revealed in October 2021 that population aging is occurring significantly more quickly than in the past and that by 2030, 1 in 6 individuals worldwide will be 60 years of age or older. Currently, the proportion of people 60 and older will rise from 1 billion in 2020 to 1.4 billion by 2030. In the end, the aging population will increase demand for innovative medications, which will help firms' clinical pipelines.

Furthermore, the burden of chronic diseases is rising, according to WHO data published in April 2021. This is anticipated to boost demand for clinical trials as well as the development of new medications. It has been noted that cardiovascular illnesses, obesity, and diabetes are to blame for over half of all chronic disease deaths. For instance, non-communicable diseases (NCDs) account for 41 million annual deaths, or 71% of all fatalities worldwide. Due to the high prevalence of NCDs, there is a significant need for novel medications and devices, which drives up the number of clinical studies and, ultimately, propels market expansion.

Due to their greater complexity and requirement for a bigger patient pool, phase III clinical trials continue to be more expensive than phase II and phase I trials. Furthermore, the market for phase III is anticipated to have considerable increase during the forecast period due to the abundance of exploratory medications in phase III and the presence of a sizable number of trials in phase II. Clinicaltrials.gov data show that as of July 25, 2022, there were 10,548 clinical trials registered for cancer, 6,349 for cardiology, and 947 for neurology that were in the Phase III stage. Consequently, it is anticipated that the segment will develop as a result of the large number of clinical trials that have been registered under phase III of clinical trials.

Due to the high R&D spending by the pharmaceutical industry, the presence of well-established players, the robust regulatory environment, the rising prevalence of diseases, and the sizeable contribution of the United States, the North American region is expected to significantly contribute to the market growth during the study period. Due to factors like the rising prevalence of chronic diseases like cancer, cardiovascular disease, and diabetes, among others, and an increase in research and development (R&D) spending for drug development, the clinical trials market in the United States is anticipated to grow during the forecast period.

Due to the intense competition in the market, large pharmaceutical corporations are seen making sizable investments in R&D, particularly in emerging markets, in order to seize chances for market expansion in developed nations. Strategic alliances between pharmaceutical firms and CROs are anticipated to have a substantial effect on market expansion. In the upcoming years, not many new players are anticipated to join the industry.


The rapid adoption of cutting-edge technology for better healthcare is another important issue that has an impact on the competitive nature. Major players frequently engage in mergers, acquisitions, and the introduction of new products in order to maintain market share and broaden their product line.

Major Players: Clinipace, Laboratory Corporation of America, ICON PLC, Eli Lilly and Company, Novo Nordisk AS

To Get The Market Report Click Here: CLINICAL TRIALS MARKET 

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