PUBLISHER: SkyQuest | PRODUCT CODE: 1165269
PUBLISHER: SkyQuest | PRODUCT CODE: 1165269
Global Clinical Trials Market was valued at US$ 48.07 billion in 2021, and it is expected to reach a value of US$ 80.53 billion by 2028, at a CAGR of more than 5.9% over the forecast period (2022- 2028).
Clinical trials are a method of conducting clinical research that is governed by a detailed protocol that has been carefully created to address a specific patient care question. Five phases can be used to categorize clinical trials, each of which serves a specific function. Every trial follows a protocol that specifies which people may take part in the study.
Along with describing the duration of the study, trials also detail the precise order of steps, tests, medications, and doses within the study. Since the costs of developing new drugs have significantly increased in recent years, pharma and biotech companies have been searching for modernizations and more efficient ways to run their operations.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Clinical Trials Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global Clinical trials Market is segmented based on the phase, disease and region. Based on Phases global clinical trials market is segmented into Phase I, Phase II, Phase III, Phase IV. Based on diseases the global clinical trials market is segmented into Autoimmune/Inflammation, Pain management, Oncology, CNS condition, Diabetes, Obesity, Cardiovascular, Others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Driver
About 30% of all trials were clinical trials for various oncology indications, which also happens to be the therapeutic area with the most drug launches. The majority of the top industry clinical trial sponsors dedicated a sizeable portion of their R&D budget to the oncology drug portfolio.
Non-small cell lung cancer (NSCLC) and breast cancer were primarily targeted for clinical development among the various oncology indications. However, the oncology clinical trial market is steadily becoming more complicated in terms of patient recruitment, clinical trial design elements like endpoints, and more stringent eligibility requirements, among other things.
Restraint
The focus has shifted to genetic and rare diseases, making it difficult to find the right patient population. Additionally, the lack of patient knowledge about clinical trials creates a difficult environment for CROs. The scientific and financial viability could be impacted by improper patient recruitment. The Tufts Center for the Study of Drug Development reports that 11% of clinical trial sites in 2013 were unable to sign up even one patient.
Patient fear of side effects, illiteracy, language barriers for region-specific clinical trials, and documentation of the consent process are additional causes of low patient recruitment.
Market Trends
For businesses in the clinical trials market, the proliferation of digital innovations made possible by wearables and sensors is translating into value-grabbing opportunities. ICON plc, a company that conducts clinical research, is looking into how digital endpoints, such as digital biomarkers, can enhance trial outcomes. As a result, digital health technologies that facilitate sensible device selection and data strategies have been adopted.