Clinical Trials Market to Witness 8.7% CAGR by 2031 | SkyQuest Technology
Westford, USA, Sept. 23, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Clinical Trials Market will attain the value of USD 102.12 Billion by 2031, with a CAGR of 8.7% during the forecast period (2024-2031). With the growing middle class and rapid urbanization, people are becoming more sedentary. As a result, diseases such as genetic mutations, diabetes, malaria, HIV, tuberculosis and obesity are high. Other factors contributing to the increase in market share are high prevalence of targeted diseases and genetic abnormalities. The biopharmaceutical industry is focused on personalized therapies. This will help create personalized health care standards and help cure some genetic diseases.
Clinical Trials Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 52.39 Billion |
| Estimated Value by 2031 | USD 102.12 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.7% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Phase, Disease and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunities | Increasing Focus on Personalized Medicine |
| Key Market Drivers | Rising Prevalence of Chronic Diseases |
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Clinical Trials Market Segmental Analysis
Global Clinical Trials Market is segmented on the basis of phase, service type, therapeutic area, application, and region.
By phase, market is segmented into Phase III Clinical Trials, Phase II Clinical Trials, Phase IV Clinical Trials, and Phase I Clinical Trials.
By service type, market is segmented into Laboratory Services, Bioanalytical Testing Services, Decentralized Clinical Trial Services, Patient Recruitment Services, Site Identification Services, Analytical Testing Services, Supply & Logistics Services, Protocol Designing Services, Data Management Services, Medical Device Testing Services, and Other Services.
By therapeutic area, market is segmented into Oncology, Infectious Diseases, Neurology, Metabolic Disorders, Immunology, Cardiology, Genetic Diseases, Women’s Health, and Other Therapeutic Areas.
By application, market is segmented into Small Molecules, Monoclonal Antibodies, Vaccines, Cell & Gene Therapy, and Other Applications.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Phase III Segment to Dominate Due to Larger Patient Population
The Phase III segment accounted for the largest market share in 2021. The most important and extensive testing is in Phase III. With 59 new therapies approved by the FDA between 2015 and 2016, the median price of a single-Phase III trial is approximately US$19.0 million. Furthermore, Phase III requires a larger number of patients and often involves longer treatments. In terms of market share, the Phase II segment ranked second with 19.4% in 2021.
Oncology Segment to Drive Market Due to Huge Investment in R&D
The oncology segment is expected to register the fastest CAGR of 6.3% during the forecast period. According to the FDA and several other sources, the pharmaceutical industry is currently investing more than $38.0 billion for preclinical development of oncology therapeutic commodities and the cardiovascular condition. More than 190 drugs are currently under development due to the huge investment in R&D in this region.
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North America is Dominating Due to Rising Aging Population
North America dominates the global clinical trials market. The growth in the sector is driven by the pharmaceutical industry’s focus on developing new drugs to treat a variety of the chronic conditions. For example, the population over the age of 65 in the United States was estimated at 54 million in 2019 and will increase to approximately 98.2 million by the end of 2060 according to the U.S. Census Bureau. As a result, businesses are generally investing more in research and development, according to the Census Bureau.
Asia-Pacific accounted for the second largest market share in 2021. One of the major factors affecting the industry is global epidemics. The largest, most experienced biotechnology CRO in Asia-Pacific is "Novotech" which has increased the interest of clinical trial sponsors to study COVID-19 due to the quality and rapid turnaround of this research.
Drivers
- Rising Prevalence of Chronic Diseases
- Advancements in Technology
- Growing Outsourcing of Trials
Restraints
- High Cost of Clinical Trials
- Strict Regulatory Requirements
- Patient Recruitment Challenges
Prominent Players in Clinical Trials Market
- Thermo Fisher Scientific, Inc.
- IQVIA, Inc.
- ICON plc
- Laboratory Corporation of America Holdings
- Syneos Health
- WuXi AppTec
- Charles River Laboratories
- PAREXEL International Corporation
- Fortrea, Inc.
- Medpace
- SGS
- Frontage Labs
- ACM Global Laboratories
- Advanced Clinical
- PSI
- BioAgile
- Clinical Trial Service
- Worldwide Clinical Trials
- Pepgra
- CTI Clinical Trial and Consulting Services
- Dove Quality Solutions
- Firma Clinical Research
- Celerion
- Novotech
- Linical Americas
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Key Questions Answered in Clinical Trials Market Report
- How big is the Global Clinical Trials Market?
- What are the key restraints of Global Clinical Trials Market size?
- Which is the fastest growing region in the Global Clinical Trials Market?
This report provides the following insights:
Analysis of key drivers (advancements in technology, growing outsourcing of trials), restraints (high cost of clinical trials, strict regulatory requirements), opportunities (increasing focus on personalized medicine), influencing the growth of Clinical Trials Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the Clinical Trials Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Clinical Trials Market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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